Agenda - Council - 11/22/1983 - Laserfiche WebLink

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I I~EW LAWS GOVERNING ASSESSED VALUE AND HOMESTEAD CREDFI' I INCREASES HOMESTEAD BRACKET FOR'NON-AGRICULTURAL HOMESTEADS :~:HANGES CLASSIFICATION PERCENTAGES ON NON-AGRICULTRUAL CERTAIN INDIVIDUALS NOT TO LOSE 3CC CLASSIFICATION~ HOMESTEAD I CLASSIFICATION AND CREDIT EXTENDED TO CERTAIN NON-CONTIGUOUS PROPERTY. ' ' I~ u~ed on non-ag-rieultural homesteads. In assessing non-agricUltural homesteads, the first $30,000 of market value is to be assessed at 17 percent; the , ~ next $30,000 of market value ts to be assessed at 19 percent; and any value tn excel_ of $$0,000 is to be assessed at 30 pereenL The amount of market value ~ubjeet to the 17 and 19 percent rates is to be adjusted annually by the iCommissioner of Revenue according to the method deser~ed in section 19 of this article. . , .. . ' [] This section reduces the homestead ere<lit from 58 percent of the tax on a non- I lgrieultm'al homestead to 54 percent of the tax imposed on the first $6?,000 of market value, up to a maximum of $650. . The ola_~ifieation percentages and the homestead value brackets are also changed on el_~ 3ce homesteads of the blind, certain paraple.~ie veterans and totally and mpermanently disabled person~. If the 3ce homestead ~ 'agricultural property, the Ifitst $30,000 of market value ~s to be assessed at 5 percent; the next $30,000 of value is to be amazed at 14 percent and any value in exe_,~s__ of $60,000 is to be _assessed at lg percent. If the 3ce homestead ~s non-agricultural property, the f'u~t 1530,000 of mm'ket value is to be assessedat $ percent; the next $30,000 of value ia mtobe assessed at 19 percent; and any value in excess of $60,000 is to be aaa~ at 30 percent. : IThe Commf.~s'ioner of Revenue is to adjust the h~mestead va~ue brackets annua~y to determine the maximum amount of market value .sttbj .eet. to the 5, 14 and 19 Ii~rc~'at mtea. · ~ · The homestead eredit on 3ce homesteads is reduced from 58 percent of the tax to 54 percent of the tax imposed on the first $67,000 of market value, up to a maximum of $650. ~ section also makes it e. lear that i~clividuals who were receiving a disability ~annuity from Social Security, and who, became they turned age 65, now receive an old age annuity, are to continue receiving the benefita of the 3ce ela,~Lqeation. Sroperty is to be classified and e~e.~ed as class 3ce only if the Commissioner of --Revenue certifies to the assessor that the owner of the p~operty meets the requirements for the classification. (See section 20.) -13-