Instructions For Form L-4025 (And L-4025 Sev) (Page 5 of 8) in pdf

Instructions For Form L-4025 (And L-4025 Sev) Page 5

SPECIAL INSTRUCTIONS FOR FORM L-4025 SEV LOSSES

(This

form is still needed for units that received an equalization factor greater or lesser than 1.0000 for

2004 because sometimes the Taxable Value of a LOSS is the same as the SEV.)

FOLLOWING ARE SOME SPECIAL INSTRUCTIONS FOR REPORTING LOSSES FOR A

TOWNSHIP OR CITY THAT WAS NOT EQUALIZED AS ASSESSED IN 2004. A city or

township is equalized as assessed when the assessed value of a separately equalized classification

of property exactly equals the unit's State Equalized Valuation for the class. If the assessor

reports the LOSSES based on the assessed value (on Form L-4025) of those LOSSES which ARE

required to be at 50% of the prior year's true cash value and received an equalization factor

greater or lesser than 1.0000 in the prior year, it is necessary to report the prior year's LOSSES

based on the SEV of those LOSSES on Form L-4025 SEV. The Taxable Value of LOSSES

which are NOT required to be at 50% of the prior year's True Cash Value must be reported on

Form L-4025 SEV but shall NOT be factored up or down on the Form L-4025 SEV.

NOTE - The Taxable Valuations reported on form L-4025 and L-4025 SEV (when needed) will

provide the information needed to determine the "Headlee" and "Truth in Taxation" millage

rollbacks.

DO NOT REPORT ON THIS FORM THE PLUS OR MINUS ADJUSTMENTS RECORDED ON

STC FORM L-4022

INSTRUCTIONS FOR LOCAL SCHOOL DISTRICTS

(These

instructions do NOT apply to Intermediate School Districts and Community Colleges.)

"Headlee" and "Truth in Taxation" roll back fractions shall be separately calculated for 2 categories of

properties for local school districts under certain circumstances (See the chart that follows). The first

category consists of NON-HOMESTEAD AND NON-QUALIFIED AGRICULTURAL PROPERTIES.

Except in rare circumstances (see the chart that follows), it will always be necessary to calculate the

rollback fractions for the category of NON-HOMESTEAD AND NON-QUALIFIED AGRICULTURAL

PROPERTIES. These are the properties which DO NOT qualify for the Homeowner's Principal

Residence or Qualified Agricultural Property Exemptions from the 18 mills of LOCAL school operating

tax. The second category is ALL PROPERTIES IN THE LOCAL SCHOOL DISTRICT. It will also

frequently be necessary to calculate the rollback fractions for ALL PROPERTIES IN THE LOCAL

SCHOOL DISTRICT.

2005 Forms L-4025, L-4025 SEV, L-4028, L-4028IC

Page 5

March 1, 2005

Instructions For Form L-4025 (And L-4025 Sev) Page 5