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

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Section 9 provides that the first $60,000 of market value of an agricultural homestead b to be assessed at 14 percent. Any velue f~ excess of $60,000 is to be assessed at 19 percent. The amount of market value ~ubJeet to the 14 percent rate is to be annuaUy adjusted by the Commissioner of Revenue aeeordin~ to the method described in ~eetion 19 of this article. This section also reduces the homestead credit percentage used in calculating the homestead credit on agricultural homesteads from 58 percent to 54 percent of the tax. The maximum amount of the homestead credit remains at $650. In addition, the 240 limitation on the homestead credit for agrleulturaI homestead is removecL The homestead ereclit Is to apply to the entire acreage on a homestead farm. This section is effective for taxes levied in 1983 and later years, payable in 1984 and later years. 240 ACRE LIMIT ON HOMESTEAD CREDIT FOR FAMILY FARM , CORPORATIONS REMOVED. Section 10 provides that the homestead credit will not be Hmited to the taxes on the first 240 acres of land in the ease of e family farm corporation or partnership. The homestead credit is to apply to the tax on the entire property, except secondary homesteads located on the agricultural land which are owned by the corporation or partnership and occupied by shareholders or partners who are -12- I I I I I I I I