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Class Rates for Taxes Payable in 2014

Property Type Class Rate Tax Code (a)
Disabled Homestead up to $50,000(b) 0.45 R
Residential Homestead(b)
Up to $500,000 (c) 1.0% R
Over $500,000 1.25 R
Residential Nonhomestead
Single unit:
Up to $500,000 1.0 R
Over $500,000 1.25 R
2-3 unit and vacant land 1.25 R
Apartments (4 or more units) 1.25 R
Low-income apartments 0.75 R
Agricultural Homestead
House, garage, and one acre (HGA) (d) (d)
Other land and buildings:
Up to $1,500,000 (e) 0.5  
Over $1,500,000 (e) 1.0  
Agricultural Nonhomestead 1.0  
Rural Vacant Land Nonhomestead

1.0

 
Managed Forest Land

0.65

 
Commercial-Industrial-Public Utility
Electric generation machinery 2.0 R
Other:
Up to $150,000 1.5 S1, R
Over $150,000 2.0 S1, R
Seasonal-Recreational (Cabins)
Up to $500,000 1.0 S2
Over $500,000 1.25 S2
Homestead resorts
Owner's residence (d) (d)
Other land and buildings:
Up to $600,000 0.5 R
$600,000 - $2,300,000 1.0 R
Over $2,300,000 1.25 S2, R
Nonhomestead resorts:
Up to $500,000 1.0 S2, R
Over $500,000 1.25 S2, R
Miscellaneous Properties
Homestead bed and breakfasts (first 5 units) 1.25 R
Golf courses (open to the public) 1.25 R
Nonprofit service organizations (nonrevenue) 1.5 R
Nonprofit service organizations (donations) (e) 1.5 S2, R
Fraternity/sorority houses 1.0  
Manufactured home park land (>50% owner-occupied) 0.75 R
Manufactured home park land (<50% owner-occupied) 1.0 R
Metro indoor rec. facilities 1.25 R
Noncommercial aircraft hangars 1.5 R
Seasonal restaurants on lake 1.25 R
Market Value Agricultural Credit (f)
Rate 0.3%  
Maximum $345  
Phase-out rate 0.05%  

(a) Tax Codes: S1=Subject to state general levy (commercial-industrial rate); S2=Subject to state general levy (seasonal-recreational rate); R=Subject to operating referenda (all property is subject to school bond referenda).

(b) Homesteads of disabled veterans have $300,000 of market value excluded if the disability is permanent and total (100 percent), or $150,000 excluded otherwise, provided that the disability is rated 70 percent or higher. Properties receiving a market value exclusion do not qualify for the disabled homestead classification rate.

(c) A portion of each homestead's value is excluded before determining the home's net tax capacity. The exclusion is 40 percent of the home's value to a maximum exclusion of $30,400 for a home valued at $76,000. The exclusion amount is reduced by 9 percent of the home value in excess of $76,000. There is no exclusion for homes valued at $413,800 or above.

(d) Same as residential homestead.

(e) The first-tier valuation limit for agricultural homestead property is annually adjusted by the Commissioner of Revenue. It was set to $1,140,000 for taxes payable in 2011, and then indexed to the change in the statewide average taxable market value per acre of deeded farmland.

(f) Nonprofit service organizations that generate revenue qualify for this classification by making charitable donations at least equal to the previous year's property taxes and making the facility available for public meetings at no charge.

(g) The phase-out rate reduces the credit, but will not reduce it below $230.

December 2013

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