Mining Tax Guide - Minnesota State Legislature
Mining Tax Guide - Minnesota State Legislature
Mining Tax Guide - Minnesota State Legislature
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Figure 8<br />
Taconite Residential Homestead Credit Examples<br />
<strong>Tax</strong>es payable 2011<br />
Gross tax computation 66% Example 1 66% Example 2<br />
1. Total Market Value ....................................................$50,000.00 $100,000.00<br />
2. Net <strong>Tax</strong> Capacity. ........................................................$500.00 $1,000.00<br />
3. Local <strong>Tax</strong> Rate. ........................................................130.000% 130.000%<br />
4. Net <strong>Tax</strong> Capacity <strong>Tax</strong> (2 x 3). ..............................................$650.00 $1,300.00<br />
5. Referendum <strong>Tax</strong> Rate. ..................................................0.09500% 0.09500%<br />
6. Referendum (5 x 1). .......................................................$47.50 $95.00<br />
7. Total Gross <strong>Tax</strong> (4 + 6). ...................................................$697.50 $1,395.00<br />
Residential homestead market value credit computation<br />
8. Homestead Market Value Credit<br />
a) Initial Credit (1st $76,000 of 1 x 0.40%) ...................................$200.00 $304.00<br />
b) Credit Phase Out (0.09% x (1-$76,000)) ...................................... $0 $21.60<br />
c) Final Credit (8a-8b) ....................................................$200.00 $282.40<br />
Final net tax and taconite credit computation<br />
9. Adjusted Gross <strong>Tax</strong> (7 - 8). ................................................$497.50 $1,112.60<br />
10. Taconite Credit (9 x 66%, $315.10 maximum) ...............................$315.10 $315.10<br />
11. Net <strong>Tax</strong> (9 - 10) ..........................................................$182.40 $797.50<br />
Gross tax computation 57% Example 1 57% Example 2<br />
1. Total Market Value ....................................................$50,000.00 $100,000.00<br />
2. Net <strong>Tax</strong> Capacity. ........................................................$500.00 $1,000.00<br />
3. Local <strong>Tax</strong> Rate. ........................................................130.000% 130.000%<br />
4. Net <strong>Tax</strong> Capacity <strong>Tax</strong> (2 x 3). ..............................................$650.00 $1,300.00<br />
5. Referendum <strong>Tax</strong> Rate. ..................................................0.09500% 0.09500%<br />
6. Referendum (5 x 1). .......................................................$47.50 $95.00<br />
7. Total Gross <strong>Tax</strong> (4 + 6). ...................................................$697.50 $1,395.00<br />
Residential homestead market value credit computation<br />
8. Homestead Market Value Credit<br />
a) Initial Credit (1st $76,000 of 1 x 0.40%) ...................................$200.00 $304.00<br />
b) Credit Phase Out (0.09% x (1-$76,000)) ...................................... $0 $21.60<br />
c) Final Credit (8a-8b) ....................................................$200.00 $282.40<br />
Final net tax and taconite credit computation<br />
9. Adjusted Gross <strong>Tax</strong> (7 - 8). ................................................$497.50 $1,112.60<br />
10. Taconite Credit (9 x 57%, $289.80 maximum)................................$283.58 $289.80<br />
11. Net <strong>Tax</strong> (9-10) ...........................................................$213.92 $822.80<br />
15
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