I misspoke slightly regarding the disparity of "homesteaded" property.
Rental property with less than four units is taxed at the same tax capacity
rate as a homesteaded property: 1% for the first $76,000 in value and 1.65%
above that. For buildings of more than four units, the tax capacity rate is
2.4%. (This is the amount that each property "puts into" the property tax
base.)
Carol Becker
Longfellow
----- Original Message -----
From: Carol Becker <[EMAIL PROTECTED]>
To: Multiple recipients of list <[EMAIL PROTECTED]>
Sent: Thursday, October 26, 2000 5:58 PM
Subject: Re: "homesteading" - has been changed
> The Legislature changed the property tax classification rates such that
> rental property and homesteaded property are now taxed at the same tax
> classification rates. (that means the same amounts regardless of rental
or
> homesteaded classification) I can't speak to the issue of cabin owners
as
> there are no cabins in Minneapolis.
>
> Carol Becker
> Longfellow
>
>
> > ----- Original Message -----
> > From: Richard Chandler <[EMAIL PROTECTED]>
> > To: Multiple recipients of list <[EMAIL PROTECTED]>
> > Sent: Thursday, October 26, 2000 2:23 PM
> > Subject: "homesteading"
> >
> >
> > > This homesteading bit on our property taxes is a machiavellian plot
> > between
> > > the cities and the rural counties to plump the revenues from renters
and
> > > cabin owners. Apparently the office holders feel pretty safe about
> this.
> > >
> > > The renters in the cities pay their property taxes indirectly and
never
> > see
> > > the bill. Even if they are aware the places they live in are taxed at
a
> > > higher rate they may not vote anyway. The cabin owners are probably
> aware
> > > they are being taxed at a higher rate than their neighbors as they do
> see
> > > the bill, but they usually don't live in the county their cabin is in
> and
> > > can't vote for against anything where their cabins are.
> > >
> > > I'd like to see this stripped out when the legislature looks at
property
> > > taxes with the legislature next year. Similar properties should be
> taxed
> > at
> > > the same rate regardless of who lives there and how often.
> > >
> > > Rich Chandler - Ward 9
> > >
> > > > -----Original Message-----
> > > > From: craig miller
> > > > Note the following facts.
> > > > 1. If a $200,000 4 - plex non-homestead sits across the street
from
> > my
> > > > house (valued @ $200, 00 ) we can observe that the 4 plex will pay
> about
> > > > $6,000 in property taxes. The homesteaded house will pay about
$2,200
> > in
> > > > prop taxes.
> > > >
> > > > 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%
> > >
> >
>
