> This is to add to what was posted by Colin Hamilton in reply to Tim
> Bonham's post ("the tax bite from referendums like this is entirely on the
> residents; business property is completely exempt from these additional
> taxes.") This is not true. Commercial property owners will, in fact, pay
> increased property taxes if the referendum passes. The tax levy is based
> on market value. For every $100,000 of market value (either commercial or
> residential property), owners will pay $56.71 annually in years 5-25 for
> the Library Referendum.
>
> Commercial property owners pay more than half of the property taxes
> collected in the City of Minneapolis. Based on 2000 Property Tax dollars,
> the proportion is as follows:
> Commercial & other property = 54.5%
> Single family, homesteaded = 27.3%
> Apartments (non-homesteaded) = 12%
> Multi-unit, homesteaded (e.g. duplex or fourplex, owner occupied) = 2.2%
> Multi-unit, non-homesteaded = 2.2%
> Single family, non-homesteaded = 1.8%
>
> For more information about the Library Referendum, please see "MPL Future"
> on our website, <http://www.mpls.lib.mn.us/>
>
Jan Feye-Stukas, Associate Director
Minneapolis Public Library
PH: 612-630-6208
