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<br />From:AUDlTOR <br /> <br />17632412868 <br /> <br />12/01/2005 10:34 #431 P.008/011 <br /> <br />RESIDENTIAL HOMESTEAD <br />MARKET VALUE CREDIT EXAMPLES'" <br />TAXES PAYABLE 2005 <br /> <br />Total Taxable Market Value Homestead Credit'" * <br />$ 50.000 $ 200 <br /> 75,000 300 <br /> 76 000 304 <br /> 100,000 282 <br /> 200,000 192 <br /> 300,000 102 <br /> 350,000 57 <br /> 400,000 12 <br /> 413,778 0 <br /> 450,000 0 <br /> <br />" Examples are for both residential and farm homesteads. The farm homestead is comprised <br />of the house, garage and one acre. <br /> <br />*"'CREDIT PROVISIONS: Rate-OAO% of Taxable Market Value <br /> <br />Maximum-$304 (0.40% of 1 st $76,000) <br /> <br />Phase Out- Maximum Credit is reduced by 0.09% of the Taxable <br />Market Value over $76,000. Credit equals $ -0- for Taxable Market <br />Value of $413,778 and over. <br /> <br />CALCULATION PROCEDURE: <br /> <br />Taxable Market Value <br /> <br />~ <br /> <br />Up to and Including $76,000 <br />Over $76,000 but less than $413,778 <br />$413,778 and over <br /> <br />0.40% X Taxable Market Value (TMV) <br />$304 - 0.09% (Total TMV - $76,000) <br />$ -0- <br /> <br />5 <br /> <br />\ <br />