Annual Income/Source of Exemption
|
Percentage of Assessed Valuation Exempt
from Taxation
|
---|---|
Up to and including $24,000
|
50%
|
More than $24,000 but less than $25,000
|
45%
|
$25,000 or more but less than $26,000
|
40%
|
$26,000 or more but less than $27,000
|
35%
|
$27,000 or more but less than $27,900
|
30%
|
$27,900 or more but less than $28,800
|
25%
|
$28,800 or more but less than $29,700
|
20%
|
$29,700 or more but less than $30,600
|
15%
|
$30,600 or more but less than $31,500
|
10%
|
$31,500 or more but less than $32,400
|
5%
|
Exemption = Assessed Value x [n/N x (I.E.)]
| |||
Where:
| |||
n
|
=
|
Number of shares owned by eligible persons.
| |
N
|
=
|
Total number of corporation shares.
| |
I.E.
|
=
|
Percent of exemption due to income eligibility determined in Subsection A(1) above.
|