October 8, 2015 1 Property Reappraisal Update League of Cities and Towns October 8, 2015.

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Property Reappraisal Update League of Cities and Towns

October 8, 2015

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Overview

• Reappraisal Basics• 2014 Reappraisal• Request for Informal Review and Appeals• 2017 Reappraisal Timeline

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Why do reappraisal?

Constituti

on

• Requires all property to be valued by the state• Equalization-the state is required to value similar

property in the same manner

The Law

• The law requires the state to value residential, commercial agricultural and forest property every six years

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Reappraisal Basics

All taxable property is required to be valued at 100% market value except as determined otherwise

All property is periodically revalued:• Agricultural (class 3) – every 2 years• Residential and Commercial real property (class 4) – every 2 years• Forest Lands (class 10) – every 6 years• All other property – every year

• E.g. centrally assessed and business equipment

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Reappraisal Basics

Historical look at reappraisal cycles for residential, commercial, agricultural and forest lands:

• 1972 through 1977 – 6 year cycle• 1978 through 1985 – 8 year cycle• 1986 through 1992 – 7 year cycle• 1993 through 1996 – 4 year cycle• 1997 through 2002 – 6 year cycle• 2003 through 2008 – 6 year cycle• 2009 through 2014 – 6 year cycle• 2015 through 2017 – 2 year cycle

• (except for forest lands which is on a 6 year cycle)

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2014 Reappraisal Status

• Total number of parcels 934,665 Appraised• Classification and Appraisal Notices

• Approximately 28,000 personal property (business equipment) and 46,000 mobile home notices were mailed in May

• Approximately 740,000 real property notices have been being mailed statewide

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SALES MTAB

County A C TOTAL DATA A C TOTAL ABeaverhead 77 57 134 18 1 1 135 292 -54% 16664 0.81%Big Horn 11 59 70 11 0 70 247 -72% 17114 0.41%Blaine 76 10 86 0 86 214 -60% 13514 0.64%Broadwater 101 36 137 0 137 558 -75% 7760 1.77%Carbon 111 111 0 111 369 -70% 15696 0.71%Carter 4 4 0 4 40 -90% 8327 0.05%Cascade 691 717 1408 122 8 14 22 1430 1236 16% 46218 3.09%Chouteau 190 86 276 0 276 163 69% 14723 1.87%Custer 55 142 197 8 0 197 296 -33% 12701 1.55%Daniels 39 38 77 0 77 496 -84% 6070 1.27%Dawson 66 159 225 3 0 225 228 -1% 9912 2.27%Deer Lodge 168 54 222 63 0 222 158 41% 8048 2.76%Fallon 1 37 38 2 0 38 157 -76% 5489 0.69%Fergus 16 148 164 18 0 164 294 -44% 21965 0.75%Flathead 715 335 1050 164 11 1 12 1062 8074 -87% 70297 1.51%Gallatin 152 658 810 29 21 10 31 841 4453 -81% 57206 1.47%Garfield 10 10 0 10 563 -98% 9538 0.10%Glacier 54 114 168 0 168 94 79% 15795 1.06%Golden Valley 6 32 38 0 38 45 -16% 2626 1.45%Granite 108 62 170 45 0 170 140 21% 7908 2.15%Hill 327 56 383 0 383 345 11% 15628 2.45%Jefferson 96 114 210 17 0 210 396 -47% 13726 1.53%Judith Basin 29 29 0 29 87 -67% 7468 0.39%Lake 238 252 490 102 11 10 21 3 514 2361 -78% 24851 2.07%Lewis & Clark 773 211 984 229 12 4 16 1000 1623 -38% 43441 2.30%Liberty 5 70 75 50 0 75 230 -67% 5028 1.49%Lincoln 17 37 54 0 54 691 -92% 24337 0.22%Madison 176 85 261 45 4 4 265 1758 -85% 20557 1.29%McCone 1 68 69 0 69 177 -61% 7057 0.98%Meagher 46 61 107 0 107 65 65% 6367 1.68%Mineral 37 37 2 2 39 259 -85% 5904 0.66%Missoula 171 529 700 103 24 1 25 725 1910 -62% 57087 1.27%Musselshell 103 81 184 0 184 67 175% 8641 2.13%Park 45 94 139 20 13 1 14 153 465 -67% 16859 0.91%Petroleum 2 81 83 0 83 18 361% 4674 1.78%Phillips 191 191 0 191 1658 -88% 15081 1.27%Pondera 53 39 92 0 92 279 -67% 8775 1.05%Powder River 16 16 0 16 18 -11% 8116 0.20%Powell 89 56 145 49 5 5 150 292 -49% 8671 1.73%Prairie 1 21 22 2 0 22 58 -62% 3954 0.56%Ravalli 51 198 249 10 2 2 251 976 -74% 31504 0.80%Richland 390 182 572 1 0 572 50 1044% 11869 4.82%Roosevelt 7 70 77 0 77 204 -62% 13564 0.57%Rosebud 5 99 104 3 0 104 49 112% 11849 0.88%Sanders 86 29 115 12 0 115 423 -73% 15570 0.74%Sheridan 97 97 0 97 164 -41% 8845 1.10%Silver Bow 484 294 778 173 3 1 4 782 516 52% 23449 3.33%Stillwater 3 106 109 16 0 109 237 -54% 10923 1.00%Sweet Grass 38 38 1 0 38 38 0% 5769 0.66%Teton 169 96 265 29 1 1 266 889 -70% 10854 2.45%Toole 56 146 202 0 202 166 22% 9441 2.14%Treasure 2 44 46 0 46 40 15% 2244 2.05%Valley 886 224 1110 0 1110 2048 -46% 20006 5.55%Wheatland 1 30 31 2 0 31 49 -37% 4182 0.74%Wibaux 21 21 0 21 130 -84% 2455 0.86%Yellowstone 1515 931 2446 114 56 48 104 2550 2633 -3% 78321 3.26%Total 8324 7602 15926 1461 169 95 264 3 16193 39486 -59% 934638 1.73%

% OF TOTALAB26 COUNTY TAX APPEAL BOARD

TOTAL APPEALS 2015 TOTAL APPEALS 2009 % CHANGE 2009-2015 TOTAL NUMBER OR PARCELS

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Company Year Total Tax Tax ProtestedTax Not

Protested Protest % VenueAlpine Aviation 2013 150,000$ District CourtAlpine Aviation 2014 180,792$ 148,869$ 31,923$ 82.34% District CourtRichland Aviation 2014 8,599$ 8,599$ -$ 100.00% District CourtRichland Aviation (Estimated) 2015 6,609$ ODR

Airlines Total 346,000$ 157,468$ 31,923$ NorthWestern Energy (Estimated) 2015 119,752,646$ ODR

Electrics Total 119,752,646$ -$ -$ Hiland Crude, LLC 2013 884,998$ 688,617$ 196,381$ 77.81% District CourtHiland Crude, LLC 2014 3,587,391$ 3,083,345$ 504,046$ 85.95% District CourtHiland Crude, LLC (Estimated) 2015 8,784,862$ District CourtOmimex Resources, Inc. 2011 1,886,979$ 1,691,204$ 195,775$ 89.62% District CourtOmimex Resources, Inc. 2012 585,415$ 366,399$ 219,300$ 62.59% District CourtOmimex Resources, Inc. 2013 529,981$ 382,986$ 146,995$ 72.26% District CourtOmimex Resources, Inc. 2014 985,481$ 723,917$ 261,564$ 73.46% District CourtOmimex Resources, Inc. (Estimated) 2015 805,967$ ODRPhill ips 66 Pipeline LLC (Estimated) 2015 7,388,609$ ODRPlains Pipeline LP (Estimated) 2014 4,026,542$ MTABPlains Pipeline LP (Estimated) 2015 4,567,959$ MTABRocky Mountain Pipeline System LLC (Estimated) 2014 1,583,780$ MTABRocky Mountain Pipeline System LLC (Estimated) 2015 1,948,383$ MTABYellowstone Pipeline Co (Estimated) 2015 2,869,669$ ODR

Pipelines Total 40,436,016$ 6,936,468$ 1,524,061$ Charter Communications (Estimated) 2015 9,824,412$ ODRVerizon Wireless (Estimated) 2015 8,927,303$ ODRVision Net (Estimated) 2015 374,744$ ODR

Telecoms Total 19,126,459$ -$ -$ NaturEner Glacier Wind Energy 1 LLC (Estimated) 2015 1,334,908$ ODRNaturEner Glacier Wind Energy 2 LLC (Estimated) 2015 1,009,166$ ODRNaturEner Rim Rock Wind Energy LLC (Estimated) 2015 1,863,433$ ODR

Wind Total 4,207,507$ -$ -$ Centrally Assessed Total 183,868,628$ 7,093,936$ 1,555,984$

Centrally Assessed Appeals - StatewideAs of 9/30/15

All amounts are estimated

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Grand Total – Centrally Assessed and Industrial

• Total Tax: $225,391,682• Tax Protested: $15,193,878• Tax Not Protested: $7,106,096

Company Year Total Tax Tax ProtestedTax Not

Protested Protest % VenueCHS Refinery (estimated) - Bil l ings MT 2014 13,650,054$ 8,099,942$ 5,550,112$ 59.34% Informal - AB26CHS Refinery (estimated) - Bil l ings MT 2015 13,540,000$ Informal - AB26CHS Terminal (estimated) - Logan MT 2015 160,000$ Informal - AB26CHS Terminal (estimated) - Missoula MT 2015 200,000$ Informal - AB26CHS Terminal (estimated) - Glendive MT 2015 150,000$ Informal - AB26CHS Tank Farm (estimated) - Bil l ings MT 2015 70,000$ Informal - AB26CHS Asphalt Plant (estimated) - Hardin MT 2015 180,000$ Informal - AB26Phill ips 66 (estimated) - Bil l ings MT 2015 9,950,000$ Informal - AB26Montana Refining Co. (estimated) - Great Falls MT 2015 3,300,000$ Informal - AB26

Oil Refineries Total 41,200,054$ 8,099,942$ 5,550,112$ Fairfield Wind (estimated) 2015 323,000$ MTABIndustrial Total 41,523,054$ 8,099,942$ 5,550,112$ Grand Total 225,391,682$ 15,193,878$ 7,106,096$

as of 9/30/15All amounts are estimated

Industrial Property Appeals

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2017 Reappraisal Timeline

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2014:1 2014:2 2014:3 2014:4 2015:1 2015:2-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

590 - S Central; 8%

591 - Billings; 4%

592 - Northeast; 7%593 - Southeast; 7%

594 - N Central; 6%

595 - Havre; 7%

596 - Helena; 6%

597 - Bozeman/Butte; 9%

598 - Missoula; 6.35%

599 - Flathead; 10%

Changes in the Housing Price Index by 3 Digit ZIP Since 1st Qtr. 2014

590 - S Central 591 - Billings 592 - Northeast 593 - Southeast 594 - N Central 595 - Havre 596 - Helena 597 - Bozeman/Butte

598 - Missoula 599 - Flathead

590 – Big Horn, Carbon, Garfield, Golden Valley, Meagher, Musselshell, Park, Petroleum, Powder River, Rosebud, Stillwater, Sweet Grass, Treasure, Wheatland: 591 – Yellowstone: 592 – Daniels, Dawson, McCone, Phillips, Richland, Roosevelt, Sheridan, Valley: 593 – Carter, Custer, Dawson, Fallon, Garfield, Powder River, Prairie, Rosebud, Wibaux: 594 – Cascade, Chouteau, Fergus, Glacier, Judith Basin, Liberty, Pondera, Teton, Toole, Wheatland: 595 – Blaine, Chouteau, Hill, Liberty, Phillips: 596 – Broadwater, Jefferson, Lewis and Clark, Meagher: 597 – Beaverhead, Deer Lodge, Gallatin, Jefferson, Madison, Powell, Silver Bow: 598 – Granite, Mineral, Missoula, Powell, Ravalli, Sanders: 599 – Flathead, Lake, Lincoln

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19-18-503. Fund to be soundly funded. (1) Each disability and pension fund must be soundly funded. The fund is soundly funded if, subject to subsection (2):

(a) assets in the fund are maintained at a level equal to at least 0.21% but no more than 0.52% of the total assessed value of taxable property, determined as provided in 15-8-111, within the limits of the city or town; or

(b) funding is maintained at a level determined by an actuarial valuation to be sufficient to keep the fund actuarially sound.

(2) An actuarial valuation may be requested only by a city, town, or association. Once an actuarial valuation has been conducted, funding must continue to be based on actuarial determinations rather than on the total assessed value of taxable property pursuant to subsection (1)(a).

19-18-504. Special tax levy for fund required. (1) Whenever the fund contains an amount that is less than the minimum amount required to keep the fund soundly funded pursuant to 19-18-503, the city or town council shall, subject to 15-10-420, levy an annual tax on the taxable value of all taxable property within the city or town.

(2) When the fund contains an amount that is less than 0.52% but more than 0.21% of the total assessed value of all taxable property within the city or town, the city or town council may, if authorized by the voters as provided in 15-10-425, levy an annual tax.

(3) All revenue from the tax must be deposited in the fund.

Firefighter Disability and Pension Funding

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Fire Pension CalculationsTY 2014 ‘Taxable Market’ Value of Cities and Towns* $30,967,626,000

Sum of Min. Pension Amount (0.21%) $65,032,000

Sum of Max. Pension Amount (0.51%) $157,935,000

Sum of TY 2015 Market Value of Cities and Towns* $51,705,873,000

Sum of Min. TY 2014 Pension Amount ÷$65,032,000

Percent of TY 2015 Market Value 0.13%

Sum of TY 2015 Market Value of Cities and Towns* $51,705,873,000

Sum of Max. TY 2014 Pension Amount ÷$157,935,000

Percent of TY 2015 Market Value 0.31%

*Values exclude non-incorporated cities and towns

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Historical Overview of Property Values by Classification

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Overview

• Historical Comparison of Values• Taxable Value Neutral Calculation

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Market Value

19901991

19921993

19941995

19961997

19981999

20002001

20022003

20042005

20062007

20082009

20102011

20122013

20142015

0

20,000,000,000

40,000,000,000

60,000,000,000

80,000,000,000

100,000,000,000

120,000,000,000

140,000,000,000

Forest and Agricultural Land Residential CommercialCentrally Assessed Business Equipment Other

Reappraisal Year

Reappraisal Year

Reappraisal Year

Reappraisal YearReappraisal Year

SB 168, 1993 session, changed the valuation methodology and lowered the tax rate from 30% to 3.86% for agricultural lands.

HB 340, 1991 session, changed the method of valuing private forest lands from a standing in -ventory basis to a productivity basis effective for TY94. The tax rate decreased from 4% to 0.79%.

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Market Value

19901991

19921993

19941995

19961997

19981999

20002001

20022003

20042005

20062007

20082009

20102011

20122013

20142015

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2.4% 2.3% 2.2% 2.0%12.8%

12.2%12.1%

9.4% 9.2% 9.4% 9.7% 10.0%10.2%

9.6% 9.3% 8.9% 8.4% 8.0% 7.7%6.2% 6.1% 6.0% 5.8% 5.7% 5.7% 5.6%

49.5%49.1%

49.4%50.4%

45.1%45.7%

45.7%53.1%53.1%

52.8%52.8%52.9%53.7%57.7%58.3%

58.7%58.6%

58.9%61.4%65.5%67.8%67.3%

66.7%66.3%66.8%

65.2%

17.6%17.6%17.6%18.3%

15.8%16.0%16.0%

16.0%16.3%

16.5%16.4%16.4%16.4%17.3%17.3%

17.2%16.8%

16.6%13.8%16.8%14.0%

13.7%13.5%

13.5%13.6%14.4%17.9%

17.7%17.8%16.7%14.8%15.0%15.5%

12.9%12.6%

12.6%12.6%11.8%11.0%

9.1% 8.8% 8.8%9.1% 9.2%

8.9%6.1% 6.8%

7.6%7.9%

8.2% 8.0%8.7%

11.2%11.7%11.7%11.3%10.6%10.1% 9.6% 7.9% 8.2% 8.2% 8.0% 8.2% 8.0% 5.9% 5.7% 5.8%

6.1% 6.2%6.9% 4.6% 4.9% 4.8%

5.2% 5.5% 5.2% 5.5%1.3% 1.5% 1.4% 1.2% 1.0% 0.9% 1.2% 0.7% 0.6% 0.6% 0.5% 0.7% 0.6% 0.5% 0.5% 0.6% 0.9% 1.1% 1.3% 0.8% 0.4% 0.6% 0.8% 0.8% 0.6% 0.7%


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Taxable Value

19901991

19921993

19941995

19961997

19981999

20002001

20022003

20042005

20062007

20082009

20102011

20122013

20142015

0

500,000,000

1,000,000,000

1,500,000,000

2,000,000,000

2,500,000,000

3,000,000,000


Reappraisal YearReappraisal YearReappraisal Year

SB 200 - class 8 tax rate reduction and began the elimination of property tax on livestock.

HB 128 - moved telecommunication prop-erty from class 9 at 12% to a new class, 13, at a rate of 6%. Rural telecommunications ser-vice provider was moved from class 7 at a rate of 8% to class 5 with a rate of 3%.

HB 174 - moved electrical generation prop-erty from class 9 to class 13

Reappraisal Year

Reappraisal Year

Reappraisal Year

Reappraisal YearSB 96 - class 8 tax rate reduc-

tionSB 372 - class 8 tax rate reduction

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Taxable Value

19901991

19921993

19941995

19961997

19981999

20002001

20022003

20042005

20062007

20082009

20102011

20122013

20142015

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

9.5% 9.3% 9.1% 8.6% 8.4% 8.2% 8.1% 7.9% 7.8% 7.8% 8.8% 8.7% 8.5% 8.5% 8.2% 8.0% 7.6% 7.2% 7.0% 7.5% 7.0% 6.6% 6.3% 6.0% 5.9% 5.6%

31.2%31.8%

32.0%33.6%34.2%34.5%35.1%

35.6%36.3%34.4%

39.9%40.8%42.6%43.9%44.5%

44.8%44.9%

44.9%47.1%45.5%

46.9%45.8%

45.6%45.1%46.4%

44.9%

11.8%11.8%11.7%12.4%12.0%12.1%12.3%12.5%12.8%

12.6%

15.0%15.4%15.8%15.8%16.0%16.0%

15.8%15.5%13.6%

15.9%13.8%

13.4%13.5%

13.5%13.9%13.9%

30.3%29.9%30.1%28.9%

28.4%28.3%29.3%30.5%30.6%

31.7%

27.8%26.4%24.8%24.0%23.6%23.7%

23.5%24.2%

23.4%22.4%24.1%

25.8%26.4%

26.9%26.9%28.5%

15.5%15.9%15.9%15.5%

16.2%16.1%14.2%12.7%11.7%

12.5% 7.6% 7.6% 7.2% 6.8% 6.6% 6.6%7.0% 7.0%

7.6% 7.4% 7.6% 7.3% 6.8% 7.1% 5.7% 5.9%1.7% 1.3% 1.3% 1.0% 0.8% 0.8% 1.0% 0.9% 0.9% 0.9% 0.8% 1.1% 1.1% 1.0% 1.1% 0.9% 1.3% 1.2% 1.4% 1.3% 0.7% 1.1% 1.4% 1.4% 1.2% 1.2%


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Taxes Paid

19901991

19921993

19941995

19961997

19981999

20002001

20022003

20042005

20062007

20082009

20102011

20122013

20142015

0

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

1,200,000,000

1,400,000,000

1,600,000,000


Reappraisal Year

Reappraisal Year

Reappraisal Year

SB 184, 1999 session, reimbursed local governments for the loss in revenue due to the tax rate reductions. HB 124, 2001 session, created the Entitlement Share Payments, making these reimburse-ments, among others, permanent.

SB 184 created 15-10-420, MCA providing a method for calculat-ing maximum mill levies but did not include an inflation factor for revenue growth. HB 124 modified 15-10-420, MCA to allow local governments to grow property tax revenue at one-half the rate of inflation

Reappraisal Year

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Taxes Paid

19901991

19921993

19941995

19961997

19981999

20002001

20022003

20042005

20062007

20082009

20102011

20122013

20142015

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

8.5% 8.3% 8.1% 7.9% 7.8% 7.7% 7.6% 7.3% 7.2% 7.2% 7.9% 7.7% 7.6% 7.7% 7.4% 7.1% 6.7% 6.4% 6.3% 6.6% 6.1% 5.7% 5.6% 5.4% 5.4%

35.7%36.3%36.5%37.4%

37.7%37.8%38.5%

38.9%39.3%

37.4%42.3%43.4%44.7%45.5%46.2%

46.6%46.5%

47.0%48.5%49.7%48.6%

47.9%47.6%

47.2%48.3%

14.6%14.5%14.5%14.9%

14.3%14.3%14.4%14.7%14.9%

15.0%

17.3%17.8%18.2%18.1%18.4%18.4%

18.2%17.5%15.1%15.8%

15.8%15.5%

15.7%15.6%16.1%

24.5%24.1%24.3%23.7%

23.7%23.6%24.4%25.7%25.9%

26.9%

24.3%22.8%21.5%21.2%20.6%20.5%

20.3%21.3%

21.4%19.3%21.3%

22.6%23.2%

23.6%23.6%

15.2%15.5%

15.5%15.2%15.8%

15.9%14.1%12.5%11.9%12.7% 7.5% 7.4% 7.2% 6.8% 6.6% 6.6%

6.9% 6.6%7.1% 7.3% 7.4% 7.1% 6.6% 6.9% 5.4%

1.5% 1.3% 1.2% 1.0% 0.8% 0.8% 1.0% 0.8% 0.9% 0.8% 0.7% 0.9% 0.9% 0.8% 0.9% 0.9% 1.4% 1.3% 1.8% 1.3% 0.7% 1.1% 1.4% 1.4% 1.1%


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Effective Tax Rate (Taxes/MV)

199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420150

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

Forest and Agricultural Land

Residential

Commercial

Centrally Assessed

Business Equipment Other

Effective Tax Rate (Taxes/MV)


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Mills

199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420150

100

200

300

400

500

600

700

800

State County Schools Cities/Towns Average

Reappraisal Year

Reappraisal Year

Reappraisal Year

Reappraisal Year

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Mills

19901991

19921993

19941995

19961997

19981999

20002001

20022003

20042005

20062007

20082009

20102011

20122013

20142015

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

26.6%26.1%

25.8%24.8%

24.0%23.7%

23.0%22.8%

21.4%22.0%20.5%

19.5%18.3%

17.3%17.1%

16.7%16.5%

16.3%16.2%

16.2%15.9%

15.6%15.4%

15.3%15.0%

18.6%18.3%

18.2%17.2%

17.1%17.2%

17.4%17.4%22.0%

20.4%20.9%

21.8%21.6%

22.0%22.8%22.7%23.8%

24.1%24.6%

24.6%25.4%

25.8%26.9%26.2%

25.9%

28.9%30.1%

30.5%34.2%

35.4%35.9%

36.7%37.0%34.9%38.0%

37.2%37.6%

39.0%39.7%

38.6%38.4%36.9%

36.0%36.1%34.1%34.1%

33.2%32.3%32.8%

32.9%

25.9%25.5%25.4%23.8%

23.6%23.2%22.9%

22.9%21.6%19.5%21.4%

21.2%21.1%

20.9%21.5%

22.2%22.7%

23.5%23.1%25.2%24.6%

25.4%25.4%

25.7%26.2%

State County Schools Cities/Towns

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Calculating Taxable Value Neutral Tax Rate

[𝑂𝑙𝑑𝑇𝑎𝑥𝑎𝑏𝑙𝑒𝑉𝑎𝑙𝑢𝑒∗ ][𝑁𝑒𝑤𝑀𝑎𝑟𝑘𝑒𝑡𝑉𝑎𝑙𝑢𝑒 ]

=[ 𝑇𝑎𝑥𝑅𝑎𝑡𝑒 ]= $140,394,115$ 6,381,550,660

=2.2 %Calculating the Class 3 Tax Rate

[𝑂𝑙𝑑𝑇𝑎𝑥𝑎𝑏𝑙𝑒𝑉𝑎𝑙𝑢𝑒 ][𝑁𝑒𝑤𝑀𝑎𝑟𝑘𝑒𝑡𝑉𝑎𝑙𝑢𝑒 ]

=[ 𝑇𝑎𝑥𝑅𝑎𝑡𝑒 ]= $1,168,390,785$86,547,465,556

=1.35 %Calculating the

Class 4 Residential Tax Rate

[𝑂𝑙𝑑𝑇𝑎𝑥𝑎𝑏𝑙𝑒𝑉𝑎𝑙𝑢𝑒 ][𝑁𝑒𝑤𝑀𝑎𝑟𝑘𝑒𝑡𝑉𝑎𝑙𝑢𝑒 ]

=[ 𝑇𝑎𝑥𝑅𝑎𝑡𝑒 ]= $350,619,740$18,551,308,995

=1. 89 %Calculating the

Class 4 Commercial Tax Rate

[𝐶𝑜𝑚𝑚𝑒𝑟𝑐𝑖𝑎𝑙𝑇𝑎𝑥 𝑅𝑎𝑡𝑒 ][𝑅𝑒𝑠𝑖𝑑𝑒𝑛𝑡𝑖𝑎𝑙𝑇𝑎𝑥𝑅𝑎𝑡𝑒 ]

=[𝐶𝑜𝑚𝑚𝑒𝑟𝑐𝑖𝑎𝑙𝑀𝑢𝑙𝑡𝑖𝑝𝑙𝑖𝑒𝑟 ]=1.89%

1.35 %=1.4

Calculating the Class 4 Commercial

Multiplier

*Does not include the taxable value of non-qualified agricultural land

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October 8, 2015 1 Property Reappraisal Update League of Cities and Towns October 8, 2015.

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