District provides information on tax impact issues

Information provided upon request by district financial advisers and Superintendent Jeff Bertrang sheds some extra light on tax impact issues.

Residential homestead properties account for 34.3 percent of property tax collections. Non-homestead residential properties account for 5.2 percent. Agricultural properties make up 40.7 percent. Commercial and industrial properties make up 18.4 percent; seasonal properties 0.4 percent; and personal property 1 percent.

The state sets tax rates for different classifications of property. Each property has a different calculation to figure the net tax capacity for that property.

A residential homestead property has a rate of 1 percent up to $500,000. The rate changes to 1.25 percent of the taxable market value above $500,000.

Commercial/industry property has a rate of 1.5 percent up to $150,000, and the rate changes to 2 percent above $150,000.

Agriculture Classes 2a and 2b properties have two tax calculations.

The first calculation is for the house and one acre. That is 1 percent of the first $500,000 and moves up to 1.25 percent above $500,000.

The second calculation is for the ag land. Homestead value is 0.5 percent of the bare land and other buildings up to a taxable market value of $1.5 million. It moves to 1 percent above $1.5 million. Non-homestead agricultural land is figured at 1 percent of the taxable market value.

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