Market Value Credits - House Research

The credit amount is based only on the taxable market value of the property, not on the tax itself
The maximum credit amount is $304; homes valued over $414,000 receive no credit
The credit amount is shown on the tax statement as a subtraction after the gross tax has been computed
The credit is deducted from each local government’s tax on the homestead in proportion to its share of the gross tax (excluding school referendums)
For agricultural homesteads, the credit is computed on the value of the house, garage and one acre of land only
The credit amount by home value is shown in the table below
The cost of the credit for taxes payable in 2004 is $313.4 million; however, the state did not fully reimburse the credit amount for certain cities, so that the total state cost for 2004 (FY 2005) is only $294.4 million

The credit applies to agricultural homesteads only
The credit amount is based on the taxable value of the agricultural portion of the property, excluding the value of the house, garage and surrounding one acre of land
The maximum credit amount is $345; all farms valued over $345,000 receive a credit of $230
The credit amount is shown on the tax statement as a subtraction after the gross tax has been computed
The credit is deducted from each local government’s tax on the homestead in proportion to its share of the gross tax (excluding school referendums)
The credit amount by value is shown in the table below
The cost of the credit for taxes payable in 2004 (FY 2005) is $24.1 million