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New Homestead Credit for Taxes Payable 2002 <br />(and a comparison to Educational Homestead Credit for taxes payable 2001) <br /> <br /> Taxes Payable 2002 <br />Market Value Homestead Credit <br /> <br />Home Value Credit <br /> <br />Taxes Payable 2001 <br />Actual Educational <br />Homestead Credit <br /> <br />$ 50,000 $ 200.00 $ 132.68 <br />76,000 304.00 201.67 <br />100,000 282.40 306.74 <br />125,000 259.90 390.00 <br />150,000 237.40 390.00 <br />200,000 192.40 390.00 <br />300,000 102.40 390.00 <br />400,000 12.40 390.00 <br />414,000 390.00 <br /> <br />This credit applies only to homestead residential and agricultural <br />property. The credit for homestead agricultural property is <br />equal to 0.2 percent of the first $115,000 of market value with <br />a maximum credit of $230.00. <br /> <br /> <br />