The calculation of Mpls property tax bills: Assessed Market Value TIMES the "Classification Rate" EQUALS "Tax Capacity" "Tax Capacity" TIMES the "Extension Rate" EQUALS "The Tax"
The following tables shows the "Tax Capacity" and "Market Value" by year: 1992 - $298,127,000 TC, $13,228,213,000 MV 1993 - $279,553,000 TC, $12,762,454,000 MV 1994 - $284,049,000 TC, $12,694,475,000 MV 1995 - $282,816,000 TC, $12,833,264,000 MV 1996 - $302,651,000 TC, $13,450,363,000 MV 1997 - $278,387,000 TC, $14,215,582,000 MV 1998 - $267,870,000 TC, $15,284,334,000 MV 1999 - $281,161,000 TC, $16,980,768,000 MV 2000 - $308,979,000 TC, $19,383,387,000 MV 2001 - $237,591,000 TC, $23,162,298,000 MV ***** Comments from Vicky: In 2001 the total market value increased by $4 billion, but the tax capacity dropped by $71 million. This is because Minneapolis is desperately trying to keep tax collections level by increasing market values - which is the only variable the City can fiddle with. The classification rates and extension rates are determined by the Legislature. Even worse: The legal DEBT LIMIT of the City is 3 1/3% of MARKET VALUE. The consequence of this is more and more debt, even though our ability to collect taxes is dropping. I wonder if Standard and Poors knows about "Tax Capacity?" In my opinion, this is a scandal equal to the current Wall Street Headlines. Vicky Heller, Cedar-Riverside Property Owner and Taxpayer North Oaks (Home) PS - I learned all of the arithmetic that I ever needed at the Eugene Field Elementary School in South Minneapolis (circa 1957) _______________________________________ 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
