Sec. 16-103. - Calculation steps.

(a)

The city assessor shall calculate all eligible live/workspaces exemptions as follows:

Step 1: Calculate full commercial tax (also the gross tax).

Full commercial tax = (Total assessed value ÷ 1000) X Commercial rate.

Step 2: Calculate mixed classification tax.

Residential tax = (Residential assessed portion minus the applicable homestead exemption, if any ÷ 1000) x Residential rate.

Commercial tax = (Commercial assessed portion ÷ 1000) x Commercial rate.

Mixed classification tax = Residential tax + Commercial tax.

Step 3: Calculate exemption credit.

Exemption credit = Full commercial tax (step 1) - Mixed classification tax (step 2).

Step 4: Net taxable value: The exemption credit is then subtracted from the gross tax, and subtracting any additional owner eligible exemptions, to arrive at the net taxable property tax due.

(b)

The exemption credit will be recalculated annually based on the current tax rate.

(Ch. 959, § I, 2-17-26)