5. SR 12-01-2008 - Laserfiche WebLink

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PY0 eat Tc~ Class c~x~on Rcxtes y WHAT THEY ARE, HOW THEY WORK The classification rates on selected properties for taxes payable are shown below: PROPERTY TYPE '06 CLASS RATE PROPERTY TYPE '06 CLASS RATE Disabled homestead up to $32,000 0.045% Residential Homestead U p to $ 500,000 1.00 Over $500,000 1.25 Residential Nonhomestead Z Single unit Up to $500,000 1.00 Over $500,000 1.25 2-3 unit and undeveloped land 1.25 Apartments Regular 1.25 Commercial-Industrial-Public Utility U p to $150;000 1.5 Over $150,000 2.00 Electric generation machinery 2.00 Seasonal Recreational Commercial Homestead resorts 1.00 Seasonal resorts Up to $500,000 1.00 Over $500,000 1.25 Seasonal Recreational Residential Up to $500,000 1.00 Over $500,000 1.25 Agricultural Land & Buildings Homestead s Up to $600;000 0.55 Over $600,000 1.00 Nonhomestead 1.00 Miscellaneous Properties Golf courses (open to public) 1.25 Nonprofit service organizations 1.5 Fraternity/sorority houses 1.00 Manufactured home park land 1.25 Metro indoor rec. facilities 1:25 Noncommercial aircraft hangars 1.5 ' School operating referendum levies (sometimes called "excess levy" referenda) and all county, city, and township referendum levies are levied on referendum market value. School debt levies are levied against all property based on net tax capacity. z Includes dwellings located on agricultural nonhomestead property. a House, garage, and one acre have same class rates and are generally treated the same as residential homestead. I~o2v to use clc~ss~catilon rates; Example: Suppose your home is valued at $90,000 and your local tax rate is 1.35 (135% of tax capacity) Then: Your Home`s Tax Capacity = $90,000 times .01=$900 Your Property Tax = $900 times 1.35 = $1,215