Form Ms-1 Instructions For Completing Summary Inventory Of Valuation (Page 4 of 6) in pdf

ELDERLY EXEMPTION REPORT: Enter the following on the designated line.

INITIAL APPLICATIONS SECTION

The total # of applicants for each age group who made an initial application for an elderly exemption in the current year.

The amount of the exemption granted to each applicant for each age group.

TOTAL NUMBER OF INDIVIDUALS GRANTED AN EXEMPTION SECTION

The total number of individuals in each age group receiving an elderly exemption for the year including those listed in initial application section.

The maximum amount of exemptions that may be granted for each group.

The total actual amount of the exemption granted for each age group (maximum exemptions less excess amounts).

The grand total “actual” amount of exemptions granted for the whole municipality. This total must agree with the amount on page 2, Line 11.

TAX INCREMENT FINANCING DISTRICTS: Incorporates Chapter 222, Laws of 2000.

The retained captured assessed value is used to calculate the tax increment amount to pay bonds and, operations and further development. The total retained

captured assessed value is used in scenarios 1 and 3. Any captured assessed value amount that is “shared” or “‘unretained” or “excess captured

assessment” will be used in the general fund (see Scenarios 2 and 4).

Original Assessed Value: Means the assessed value of the property at the time the Tax Increment Finance District was established.

Captured Assessed Value: The amount by which the current assessed value exceeds the original assessed value.

Retained Captured Assessed Value: The portion of captured assessed value that will be used to finance the development program. This figure must not

be included in the valuations on page 2.

Unretained Captured Assessed Value: The amount of the portion of captured assessed value that will be returned to the tax lists for the purposes of setting

the tax rates. This figure must be included in the valuations listed on lines 1D and 2 C of page 2.

Current Assessed Value: The total assessed value of the property within the Tax Increment Financing District as of April 1, 2000. This figure includes the

full captured assessed value regardless of whether or not it is being retained to finance the development program.

See the following scenarios to determine which amounts will be used for equalization and for setting tax rates.

SCENARIO 1 - ALL RETAINED

[all retained for bond/operations and development RSA 162-K:10, III (a)(1)]

Current Assessed Value

$100,000

Equalization = Current Assessed

Original Assessed Value

($40,000)

Value Used ($100,000)

Captured Assessed Value

$60,000

Tax Rate (page2) = Current Assessed

Captured Assessed Value

$60,000

Value less Full Retained Captured

Retained to Pay Bonds

$30,000

Assessed Value ($100,000 - $60,000)

Retained for Operations & Maintenance

$30,000

(Assessors apply rate to current

assessed value $100,000)

ALL

Unretained (shared)

RETAINED

SENARIO 2 - SOME UNRETAINED

[some not retained for bond/operations and development RSA 162-K:10, III (a)(2)]

Equalization = Current Assessed

Current Assessed Value

$100,000

Value Used ($100,000)

Original Assessed Value

($40,000)

Captured Assessed Value

$60,000

Tax Rate (page2)=Current Assessed

Captured Assessed Value

$60,000

Value less Full Retained Captured

Retained to Pay Bonds

($30,000)

Assessed Value ($100,000 - $60,000)

Retained for Operations & Maintenance

($20,000)

(Assessors apply rate to current

assessed value $100,000)

SOME

Unretained (shared)

$10,000

UNRETAINED

MS-1

Instructions

Rev. 8/00

Form Ms-1 Instructions For Completing Summary Inventory Of Valuation Page 4

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