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I <br />I <br />I <br /> <br />29. <br /> <br />TIlE FOLLOWIING EXAMPLE IS A FULL HOMESTEAD BUT IS SPLIT BECAUSE <br />TIlE OWNERS ARE RESIDING IN DIFFERENT HOUSES ON THE PROPERTY. <br /> <br />FACTS: <br /> <br />480 ACRE FARM - TWO OWNERS, JOE AND PAUL, EACH HOLDING AN <br />UNDIVIDED ONE-HALF INTEREST IN THE PROPERTY. TWO HOUSES <br />AND SETS OF BUILDINGS ARE LOCATED ON THE PROPERTY. EACH <br />OF THE TWO OWNERS OCCUPIES ONE OF THE TWO HOUSES. <br /> <br />VALUE: <br /> <br />LAND, 480 X $500/AC <br />BUILDINGS, (FIRST SET) <br />BUILDINGS, (SECOND SET) <br /> <br />= $240,000 <br />= $ 50,000 <br />= $ 40,000 <br /> <br />TOTAL EST[MATED MARKET VALUE $330,000 <br /> <br />TOTAL ASSESSED VALUE <br /> <br />$ 60,000 <br /> <br />A B C <br /> <br />160 AC <br /> <br />160 AC <br /> <br />160 AC <br /> <br /> Bldgs. <br />$ 50,000 <br />$ 80~000 <br />$130,000 <br /> <br />$ 80,000 <br /> <br /> Bldgs. <br />$ 40,000 <br />$ 80~000 <br />$120,000 <br /> <br />JOE <br /> <br />PAUL <br /> <br />Assessed Value Breakdown <br /> <br />Parcel A Class 3b <br /> Class 3b <br /> <br />Parcel B <br /> <br />Class 3 <br /> Total <br /> <br />Class 3b <br />Class 3b <br />Class 3 <br /> Total <br /> <br />$27,000 X 14%= $ 3,780 <br />$38,000X19%= :~;~7,220 <br /> <br />$65,000X 19%= $12,350 <br /> $23,350 <br /> <br />$20,000 X 19% = <br />$20,000 X 19% = <br />$40,000 X 19% = <br /> <br />$ 3,800 <br />$ 3,800 <br />$ 7,600 <br />$15,200 <br /> <br />Parcel C <br /> <br />Class 3b <br />Class 3b <br /> <br />$27,000 X 14% = <br />$33,000 X 19% = <br /> <br />Class 3 $60,000 X 19% - <br /> Total <br />Total Assessed Value <br /> <br />$3,780) = <br />$ 6,270) <br /> <br />$11,40~ <br />$21,450 <br />$60,000 <br /> <br /> JOE <br /> <br />) = $11,000 Portion <br />) (80 acres and 1/2 the bldgs.) <br /> <br />Homestead Portion (40AC) JOE <br />Homestead Portion (40AC) PAUL <br /> <br /> PAUL <br /> <br />$10,050 Homestead Portion <br />(80 acres and 1/2 the bldgs.) <br /> <br />-20- <br /> <br /> <br />