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I <br />I <br /> <br /> I <br /> I <br /> <br />SEL[CTEO EXAJIPLES, SFU~LL BUS)HESS PROPERTY TAX CREDIT <br /> <br />MARKET VALUE: <br />X ASSESSHEHT RATE: <br />1AXA~LE VALUE: <br />X 1AX RATE: <br />eROPERTY TAX: <br /> <br />PRESENT LAW PROPOSED CREDIT <br /> <br /> $ 50,000 $ 50,000 <br /> x 34% x ~ <br /> $17,000 $14,500 <br /> x .113, x .110 <br /> $ 1,921 $1,595 <br /> -17%- <br /> <br />KARKET VALUE: <br />X RSSESSI4EHT RATES: <br /> $50;000 x 34% <br /> 50,000 x <br />TAXABLE VALUE: <br />X TAX RATE: <br />FROPERTY TAX: <br /> <br />$100,000 a ~. $100,000 <br /> <br />17,000 $50,000 x 29% ' 14,500 <br />21,500 50,000 x 38% - 19,000 <br />$ 38,500 $ 33,500 <br />x .113 x .110 <br />$ 4,350 $ 3,685 <br /> -]5% <br /> <br />HARKET VALUE: $500,000 <br />X ASSESSMENT RATES: <br /> $50,000 x 34% - 17~000 <br /> 50,000 x 43% = 21,500 <br /> 400,000 x 43% - 172,000 <br />TAXABLE VALUE: $210,500 <br />X TAX RATE: x .113 <br />PROPERTY TAX: $ 23,786 <br /> <br />$500,000 <br /> <br />'$50,000 x 29% ' 14,500 <br /> 5'0,000 x 38% = 19,000 <br /> 400,000 x 43% =172,000 <br /> $205,500 <br /> x .110 <br /> $ 22,605 <br /> <br />113 mills is the average effective tax rate on small businesses in <br />Htnnesota for tax year 1984. The mtll rate was reduced to 110 mills <br />to reflect the proposed reduction in the local school mil1 rate from <br />24 to 22 equalized mills. . <br /> <br /> <br />