The calculation of Minneapolis property tax bills is a 3 step process:
1. Taxable Market Value
Multiplied by.....
2. The "Classification Rate" equals "Tax Capacity"
Multiplied by......
3. The Extension Rate (mill rate) equals "The Tax"
Taxable Market Value is determined by the Minneapolis assessor:
Classification Rate is determined by the Legislature
There are 50 Classifications, but the 3 main ones are: Residential
homestead, Apartment, and Commercial
Extension Rate is determined by the Legislature and is pretty much the same
for all property
Note: The variable is the "Classification Rate." Five years ago, the rate
for commercial property was 5.5, now it is 3. Apartment rates have come
down too. This is how the "Market Values" go up, while the "Tax Capacity"
goes down.
Vicky Heller (well-behaved women don't make history)
St. Paul
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