Jan Feye-Stukas gave us the break out on percentage of taxes from each segment
and now I'm honked. Non-homestaded rental property isn't putting much into the
kitty and if you have a 12-unit building, 12 units of residents could be using
the library. Hello?
Wizard Marks, Central
Feye-Stukas, Jan wrote:
> > 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
