Homestead Property Tax Credit Worksheet
Bay City
Public School District - May 2, 2006, Bond
Proposal of $66.875 Million
Actual Property
Tax Cost of this Proposal for Seniors Age 65 and
Older After the Homestead Property Tax Credit
(Based on an Individual with an
Existing Total Property Tax Bill of 30 Mills) |
Market Value
of Your Home |
$ 75,000 |
$ 100,000 |
$ 150,000 |
$ 200,000 |
|
Estimated
Taxable Value of Your Home |
$ 28,000 |
$ 37,000 |
$ 55,000 |
$ 73,000 |
|
Initial Cost of
1.63 mill average increase
(before deduction/credit) |
$ 46 |
$ 60 |
$ 90 |
$ 119 |
Household Income |
Your Actual
Out-of-Pocket Tax Cost
After the
Homestead Tax Credit |
$ 20,000 |
0 |
0 |
0 |
$ 119 |
$ 30,000 |
$ 46 |
0 |
0 |
$ 60 |
$ 40,000 |
$ 46 |
$ 60 |
0 |
0 |
$ 50,000 |
$ 46 |
$ 60 |
$ 90 |
0 |
$ 60,000 |
$ 46 |
$ 60 |
$ 90 |
0 |
$ 70,000 |
$ 46 |
$ 60 |
$ 90 |
$ 119 |
Return to Bond Home |
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