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<br />Property Tax Classification Rates <br />WHAT THEY ARE, HOW THEY WORK <br /> <br />The classification rates on selected properties for taxes payable are shown below: <br /> <br />PROPERTY TYPE <br /> <br />Disabled homestead up to $32,000 <br />Residential Homestead <br />Up to $500,000 <br />Over $500,000 <br /> <br />Residential Nonhomestead 2 <br />Single unit <br />Up to $500,000 <br />Over $500,000 <br />2-3 unit and undeveloped land <br /> <br />Apartments <br />Regular <br /> <br />'06 CLASS RATE PROPERTY TYPE '06 CLASS RATE <br />0.045% Seasonal Recreational Residential <br /> Up to $500,000 1.00 <br />1.00 Over $500,000 1.25 <br />1.25 Agricultural Land & Buildings <br /> Homestead 3 <br /> Up to $600,000 0.55 <br /> Over $600,000 1.00 <br />1.00 Nonhomestead 1.00 <br />1.25 Miscellaneous Properties <br />1.25 Golf courses (open to public) 1.25 <br /> Nonprofit service organizations 1.5 <br /> Fraternity/sorority houses 1.00 <br />1.25 Manufactured home park land 1.25 <br /> Metro indoor rec. facilities 1.25 <br /> Noncommercial aircraft hangars 1.5 <br /> <br />Commercial-Industrial-Public Utility <br />Up to $150,000 1.5 <br />Over $150,000 2.00 <br />Electric generation machinery 2.00 <br /> <br />Seasonal Recreational Commercial <br />Homestead resorts 1.00 <br />Seasonal resorts <br />Up to $500,000 1.00 <br />Over $500,000 1.25 <br /> <br />1 School operating referendum levies (sometimes called "excess levy" referenda) and all county, city, and township referendum levies <br />are levied on referendum market value. School debt levies are levied against all property based on net tax capacity. <br />2 Includes dwellings located on agricultural non homestead property. <br />3 House, garage, and one acre have same class rates and are generally treated the same as residential homestead. <br /> <br />How to use classification rates: <br />Example: Suppose your home is valued at $90,000 and your local tax rate is 1.35 (135% of tax capacity) <br /> <br />Then: <br />Your Home's Tax Capacity = $90,000 times .01 =$900 <br />Your Property Tax = $900 times 1.35 = $1,215 <br />