Alan Arthur wrote:
“MN law that provides for non-profit property tax exemptions specifically excludes nearly all affordable rental housing from the exemption. “ My response: Yes, that is true. But lets not forget that the property taxes are based on the value of the property. The value of the property is based on the income the property generates. The income of “affordable housing” is less than it would be if the property were not set aside as affordable. I suspect this is obvious to many of you. The part that is surprising (to me) is that we use TIF money to build affordable housing. The purpose of TIF is to use future property tax dollars to encourage development today. If we use TIF money to develop affordable housing, we are not getting all of the future tax dollars that the property could generate. Does anyone know if this decreased value is taken into account when the TIF allocations are calculated? I hope this makes sense. Regards, Bill Cullen Whittier landlord. -- No virus found in this outgoing message. Checked by AVG Anti-Virus. Version: 7.0.338 / Virus Database: 267.10.11/74 - Release Date: 8/17/2005 REMINDERS: 1. Be civil! Please read the NEW RULES at http://www.e-democracy.org/rules. If you think a member is in violation, contact 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 Civil City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[email protected] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
