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42.20.503    DETERMINATION OF CURRENT YEAR PHASE-IN VALUE FOR CLASS THREE, CLASS FOUR, AND CLASS TEN PROPERTY

(1) For tax years 2003 through 2008, the department is required to determine the current year phase-in value for each property in class three, class four, and class ten annually. The current year phase-in value is determined by subtracting the 2002 VBR from the 2003 reappraisal value multiplied by the applicable phase-in percentage, the product of which is added to the 2002 VBR value. The calculations of the phase-in values are represented by the following formula:

 

2003 Phase-in =

[(2003 reappraisal value - 2002 VBR value) x 16.66%]

+ 2002 VBR

 

2004 Phase-in =

[(2003 reappraisal value - 2002 VBR value) x 33.32%]

+ 2002 VBR

 

2005 Phase-in =

[(2003 reappraisal value - 2002 VBR value) x 49.98%]

+ 2002 VBR

 

2006 Phase-in =

[(2003 reappraisal value - 2002 VBR value) x 66.64%]

+ 2002 VBR value

 

2007 Phase-in =

[(2003 reappraisal value - 2002 VBR value) x 83.30%]

+ 2002 VBR value

 

2008 Phase-in =

2003 reappraisal value

 

History: 15-1-201, 15-7-111, MCA; IMP, 15-7-111, MCA; TEMP, NEW, 1997 MAR p. 1593, Eff. 9/9/97; AMD, 1999 MAR p. 2905, Eff. 12/17/99; AMD, 2002 MAR p. 3424, Eff. 12/13/02; AMD, 2007 MAR p. 119, Eff. 12/22/06.

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