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Northview Public Schools
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May 2012 Bond Proposal Ballot
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$11,910,000
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MILLAGE IMPACT CALCULATOR
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Directions:
Complete the lines 1 through 5 highlighted in BLUE.
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Taxing
District
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1.
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Where
do you live? Choose your township or
village from the drop down
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Ada Township
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Grand Rapids Township
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Your
Estimated 2012 Total Tax Rate before this ballot proposal
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Plainfield Township
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2.
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Your
Total Annual Household Income
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Estimated Fair Market Value (FMV)
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3.
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Your
Homestead Taxable Value (50% FMV)
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4.
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Are
you or your spouse age 65 or older?
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(Enter Y for Yes)
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Y
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5.
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Do
you itemize your deductions on your federal
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tax return?
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(Enter Y for Yes)
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Your Estimated Tax Impact
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The following is an ESTIMATE of your net tax impact from the increase in millage for the
above proposed bond issue. It is an
estimate only and should not be relied upon as tax advice. You should consult your tax advisor to
determine the exact impact on your tax computations.
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Proposed
Estimated Debt Millage Increase for 2012 Proposal
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Estimated Increase in Homestead Property Tax based on your
taxable value
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(before credits)
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Estimate 2012 Tax Before Proposal
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Total
Current Property Taxes
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Federal
Income Tax Deduction (Note 6)
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State
Property Tax Credit (Notes 1-4)
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State
Property Tax Credit - Senior Citizen (Notes 1-4)
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Proposed 2012 Tax Estimate
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Total
Property Tax with Proposed Bond Issue
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Federal
Income Tax Deduction (Note 6)
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State
Property Tax Credit (Notes 1-4)
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State
Property Tax Credit - Senior Citizen (Notes 1-4)
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Estimated NET Tax Increase (Decrease)
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Monthly Cost
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NOTES
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1
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Taxpayers
with an annual household income over $50,000 are not eligible for the
Michigan property tax credit.
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2
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Homestead
property over $135,000 is no longer eligible for the Michigan property tax
credit.
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3
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The
60% credit is reduced by 10% for every $1,000 (or part of $1,000) that a
taxpayer's household income exceeds $41,000.
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4
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Senior taxpayers over 65 with an annual household income
under $21,001 are eligible for a 100% Michigan property tax credit. This credit is phased down to 60% for
income levels over $30,000 and up to the $50,000 limit.
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5
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Homestead
Property Tax Credit Claim is filed on form MI-1040CR.
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6
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Federal
Tax Impact assumes a 15% tax bracket. Your tax bracket may be higher or lower
providing a larger or smaller deduction.
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7
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The
above examples are based on certain assumptions and may be different than
your specific situation.
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There
may also be changes in tax regulations that could impact the above
calculation.
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Contact
your tax professional for specifics related to your taxes.
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8
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These estimates include the recent changes in the Michigan
Property Tax Credit to be effective January 1, 2012. Future legislation may implement additional
changes.
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9
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Assumes
no change in taxable values.
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