field_block:node:page:title
Glossary: N
field_block:node:page:body
field_block:node:page:field_paragraph
The change in Estimated Market Value due to construction.
A property’s net tax is the sum of its referendum market value based taxes and local net tax capacity based taxes, minus eligible credits, plus the state general property tax. The net tax amount is the final amount of tax to be paid by the property owner, except in cases where there is a special assessment or an economic development tax abatement.
The basic formula to determine net tax is:
Estimated Market Value
- Deferrals
- Exclusions
= Taxable Market Value
x Class Rate
= Tax Capacity
x Local Tax Rate
= Base Tax
- Credits
+ Referendum Tax (if applicable)
+ State General Tax (if applicable)
= Net Tax
Class 4c(8) property is privately-owned, non-commercial aircraft storage hangars and the land on which they are located, provided the following conditions are met:
- the land abuts a public airport
- the owner does not use the hangar for commercial activity
Class 4c(3)(ii) is property owned by a non-profit community service oriented organization that meets the following criteria:
- has revenue-producing activities for more than six days in a calendar year
- makes annual charitable contributions and donations at least equal to the property’s previous year’s property taxes paid (excluding state general taxes)
The property must be available to be used for public and community meetings or events at no charge. A maximum of three acres is eligible for this classification.
Class 4c(3)(i) is property owned by a non-profit community service oriented organization provided the following criteria are met:
- the property is not used for a revenue-producing activity for more than six days in the calendar year preceding the year of assessment
- the property is not used for residential purposes on either a temporary or permanent basis
A maximum of three acres is eligible for this classification.