Referendums are based on a dollar amount. For the library referendum, the
City got authority to levy debt payments for $140 million in bonds. The
City will levy the dollar amount needed to pay for that bond payment in any
given year, regardless of the size of the tax base. The amount that any
individual pays is determined by the size of the tax base, which is what the
legislature is making changes to.
Carol
----- Original Message -----
From: craig miller <[EMAIL PROTECTED]>
To: Carol Becker <[EMAIL PROTECTED]>
Sent: Tuesday, May 29, 2001 6:32 PM
Subject: Re: [Mpls] Mn property tax reform & Minneapolis
> What I can't figure is this. What happens to the voter approved levees?
Do
> they get collected and then sent back in the buy down?
>
> Craig A. Miller
> Camdens 3rd Largest Landlord
> [EMAIL PROTECTED]
> -----Original Message-----
> From: Carol Becker <[EMAIL PROTECTED]>
> To: [EMAIL PROTECTED] <[EMAIL PROTECTED]>
> Date: Tuesday, May 29, 2001 6:27 PM
> Subject: Re: [Mpls] Mn property tax reform & Minneapolis
>
>
> >Yes, in the past, cutting the tax classification rate has resulted in a
> >smaller tax base for the City of Minneapolis. This is how we have had
the
> >conundrum that folks were talking about six months ago, why in this era
of
> >wildly increasing property values, the City was working from a cutting
back
> >budget. The last year I was involved with the budget, the City itself
took
> >a $9 million hit from changes in classification rates. This was
mitigated
> >for the schools, I believe, through higher state aides. I don't know the
> >impact on the counties.
> >
> >The class rate reductions put in place over the last several years have
> been
> >basically for all property types except middle and lower value homes.
> >Higher values homes, commercial, and rental properties have all had
> >reductions in their property taxes (if you hold constant for value).
> Once
> >again, the debate at the legislature is how to cut taxes even more for
> >higher value homes, commercial and rental. The Strib had a table a while
> >back showing the reductions. The result of this is to shift more of the
> >tax burden to lower and middle value residential property.
> >
> >If anyone wants me to go into more detail about how this exactly works,
> drop
> >me a line and I'll drop you back a little primer on the details of the
> >property tax.
> >
> >Carol Becker
> >Longfellow
> >
> >
> >----- Original Message -----
> >From: David Brauer <[EMAIL PROTECTED]>
> >To: Mpls list <[EMAIL PROTECTED]>
> >Sent: Tuesday, May 29, 2001 8:06 AM
> >Subject: [Mpls] Mn property tax reform & Minneapolis
> >
> >
> >> I'm curious how the property tax deal cut between the governor and
> >> legislative leaders affects Minneapolis finances. Reports characterize
> the
> >> deal as "lowering & flattening" property tax rates - particularly for
> >> apartments and businesses, but also a dramatic cut for higher-valued
> >homes.
> >> Currently, homeowners pay 1 percent of assessed value up to $76,000,
and
> >> 1.65 percent of assessed value over that. In the new deal, everyone
pays
> 1
> >> percent up to $500,000 and 1.25 percent above that.
> >>
> >> My question: if the rates are property tax rates are sliced, and the
city
> >> treasury relies quite a bit on property taxes, doesn't this the city
> >> treasury takes a big hit? Perhaps the city's property tax slice is
> >> independent of the doings at the capitol. Can someone in the know
explain
> >> how it all fits together?
> >>
> >> David Brauer
> >> King Field - Ward 10
> >>
> >> _______________________________________
> >> Minneapolis Issues Forum - Minnesota E-Democracy
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> >> http://e-democracy.org/mpls
> >>
> >
> >_______________________________________
> >Minneapolis Issues Forum - Minnesota E-Democracy
> >Post messages to: [EMAIL PROTECTED]
> >Subscribe, Unsubscribe, Digest option, and more:
> >http://e-democracy.org/mpls
> >
>
>
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