David Brauer <[EMAIL PROTECTED]> wrote:
> Limited market value is part of state law. It is capped while estimated
> market value isn't. Thus the gap in the figures above. The state is
> phasing it out, but it still existed in 2004. The phase-out is a big
> reason residential property taxes are jumping. In a few years, though,
> the two figures will be the same.
David's on point here. There is another phenomenon which is also
occurring: the gradual elimination of the homestead credit. There used to
be a substantial difference between propert taxes where the homestead
credit was applied and where it wasn't. now the difference is fairly
minimal. Elimination (or diminuation) of the homestead credit adversely
affects less affluent homeowners.
Another factor worth noting is the ratio between sales prices and appraised
value. IIRC, there's a reduction in sate aids if the variance exceeds an
established amount.
Rick Mons
Tanglewood - Shoreview
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