The calculation of Mpls property tax bills is as follows: Assessed Market Value TIMES the "Classification Rate" EQUALS "Tax Capacity" "Tax Capacity" TIMES the "Extension Rate" EQUALS "The Tax"
Here is the Mpls "Tax Capacity" (TC) and "Market Value" (MV) 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 trying to keep tax collections level by increasing market values - which is the only variable the City controls. The classification rates and extension rates are determined by the Legislature. The "classification" rates have been reduced in recent years - which is why the tax capacity is falling even though the market values are increasing. 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. Vicky Heller Cedar-Riverside and North Oaks _______________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
