Here's a small but important "what happened to my tax bill?" item to keep in mind.
Last year's tax bill included a plan to gradually phase out the limited-market-value mechanism between 2001-2006. This mechanism was meant to help homeowners make the transition into higher tax bills caused by property value increases. As one might imagine, the cap was especially important to people who live in hot property markets, e.g., lake homes and certain urban neighborhoods. While the removal of this cap is itself being proportionally phased in, by 2007 homeowners will be required to pay taxes on their new property value immediately. The old plan relied on state funds to compensate local jurisdictions for the "cap gap"--the difference between the taxes homeowners should have paid and the amount they actually paid. Someone still had to pay the bills at the end of the day, and it wasn't always clear who was paying them. Still, it's going to be a rude awakening for lots of people once the 2001 tax plan comes into its own. I doubt this plan will provide tax transparency, and I know it will not lead to more equitable taxation in Minneapolis and elsewhere, regardless of how it is defined. Dana Bacon Page neighborhood --- Dean Carlson <[EMAIL PROTECTED]> wrote: > Where's my tax cut? I guess it got caught up in the > school and library referendum and the fact that the > assessed value on my house went up $10,500. __________________________________________________ Do You Yahoo!? Yahoo! GeoCities - quick and easy web site hosting, just $8.95/month. http://geocities.yahoo.com/ps/info1 _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
