Due to some potentially confusing numbers reported in the media after my budget address yesterday, I want to point out that my proposed budget would result in an estimated increase of $26 to the property tax on a typical home in Minneapolis, valued at $211,500.
The total increase in property taxes on that same home in 2005 is estimated at $214. The remainder of the increase not impacted by the City's budget consists of: $74.00 - Caused by increased property value (the State is phasing out limited market value) and the State's decision to shift tax burden from commercial property to residential property, which leaves Minneapolis homeowners responsible for a larger percentage of tax collected.* $114.00 - Property tax revenue to the County, School District, and Watershed District. *Clarification to Star Tribune article of August 13, 2004: The $100 increase referenced in the Star Tribune is the total of the $26 and $74 above. However, due to lost commercial property tax revenue, this $74 does not represent a net increase in revenue to the City. A lot of different numbers and figures were reported on today in various media outlets. I hope this helps clarify the actual result of my proposed budget on homeowner's property taxes. R.T. Rybak REMINDERS: 1. Think a member has violated the rules? Email the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
