11.a9 2024 Tax Impact WorksheetProposed Pay 2024 Property Tax Impact Worksheet
Taxing District:
STEP 1 - Calculate the Taxing District's Tax Rate:
Actual Proposed %
Item Pay 2023 Pay 2024 Change
(A)(B)(C)
1.Levy before reduction for state aids $2,803,556 $2,976,852 6.2%
2.State Aids - $0 $0 0.0%
3. Certified Property Tax Levy = $2,803,556 $2,976,852 6.181%
4.Fiscal Disparity Portion of Levy - $123,297 $107,857 -12.5%
5.Local Portion of Levy = $2,680,259 $2,868,995 7.0%
6.Local Taxable Value 2024 is an ESTIMATE ÷ 10,129,722 $10,847,248 7.1%
7. Local Tax Rate = 26.459% 26.449%-0.0%
8.Market Value Referenda Levy $0 $0 0.0%
9.Fiscal Disparity Portion of Levy (SD only)- $0 $0 0.0%
10.Local Portion of Levy = $0 $0 0.0%
11.Referenda Market Value 2024 is an ESTIMATE ÷ 0 0 0.0%
12. Market Value Referenda Rate = 0.00000% 0.00000% 0.0%
STEP 2 - Calculate the Impact of the Taxing District's Rate on Residential Homestead Taxes:
13.Assumes a 3.1%change in market value from 2023 to 2024, which is the city median change.
(D)(E)(F)(G)(H)
Market Homestead Taxing
Value Market Taxable District
Before Value Market Tax Portion of
Exclusion Exclusion Value Capacity Tax
Actual Pay 2023
Pay 2023 76,000 @40% 500,000@1.0% (A7 x G) +
MV - rem @ 9% (D) - (E) rem @ 1.25% (A12 X D)
14.465,100 0 465,100 4,651 $1,230.62
15.500,000 0 500,000 5,000 $1,322.97
16.600,000 0 600,000 6,250 $1,653.71
17.700,000 0 700,000 7,500 $1,984.45
18.388,000 2,300 385,700 3,857 $1,020.54
Proposed Pay 2024
Pay 2024 MV 76,000 @40% 500,000@1.0% (B7 x G) +
X 1.031 - rem @ 9% (D) - (E) rem @ 1.25% (B12 x D)
19.479,500 0 479,500 4,795 $1,268.23
20.515,500 0 515,500 5,194 $1,373.76
21.618,600 0 618,600 6,483 $1,714.69
22.721,700 0 721,700 7,771 $2,055.35
23.400,000 1,200 398,800 3,988 $1,054.79
Percentage Change from 2023 to 2024
24.3.1% 0.0% 3.1% 3.1% 3.1%
25.3.1% 0.0% 3.1% 3.9% 3.8%
26.3.1% 0.0% 3.1% 3.7% 3.7%
27.3.1% 0.0% 3.1% 3.6% 3.6%
28.3.1%-47.8%3.4%3.4%3.4%
0400 Scandia
Instructions for Calculating a Residential Homestead Property Tax:
D.Market Value of Residential Homestead
Assumes that the Pay 2024 market value changed from Pay 2023 by 3.1%.
Countywide, the median change in market value from Pay 2023 to Pay 2024 is 8.1%.
E.Calculate the Homestead Market Value Exclusion
40% of the first 76,000 of market value (D), reduced by 9% on the market value over 76,000
The exclusion decreases as the market value over 76,000 increases, until a 413,300 home receives 0 exclusion.
F.Calculate Taxable Market Value
Market Value before Exclusion (D) - Homestead Market Value Exclusion (E).
G.Calculate the Net Tax Capacity of a Residential Homestead
Pay 2023: 1st 500,000 of (F) Taxable Market Value @ 1.00%, remainder @ 1.25%
Pay 2024: 1st 500,000 of (F) Taxable Market Value @ 1.00%, remainder @ 1.25%
H.Calculate the Taxing District's portion of the Tax
Pay 2023: multiply the Pay 2023 net tax capacity (G) by the Pay 2023 tax capacity local tax rate (A7), plus
multiply the Pay 2023 market value before exclusion (D) by the Pay 2023 market value tax rate (A12)
Pay 2024: multiply the Pay 2024 net tax capacity (G) by the Pay 2024 tax capacity local tax rate (B7) , plus
multiply the Pay 2024 market value before exclusion (D) by the Pay 2024 market value tax rate (B12)
19-23.Line 19 will default to the median residential homestead value for the taxing authority for taxes payable in 2024.
24-28.Calculate the % increase/decrease from 2023 to 2024
(2024 -2023) / 2023
There is no longer a homestead credit. The market value homestead credit was eliminated starting with taxes payable in 2012
and was replaced with a market value exclusion for homestead property.