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� <br /> � <br /> � <br /> O 0 <br /> jJEAGUE oF CONI�IECTING & INNOVATING <br /> MINNESOTA sr��cF ,�,3 <br /> CITIES <br /> Property Tax Statement 101. <br /> This guide is intended to help explain the basics of the property tax system to residential taxpayers <br /> by "walking through" each section of the property tax statement. Minnesota homeowners receive <br /> the tax statenlent for their properry in March. Property taxes are derived from the property <br /> assessment, the local government levies and any voter approved referenda. Credits, refiinds and <br /> other forms of relief complicate the system. See the "Property Taxation 101" document for a more <br /> detailed description of the property tax system and a glossary of ter�ns. <br /> The Layout Tax Values & Classification <br /> The property tax statement is brief but This section contains infonllation on the <br /> contains a lot of information. The market value and classification of the <br /> property tax stateinent not only property. <br /> communicates the amount due in the <br /> current year but provides comparison The estimated market value is <br /> with the previoL�s year's valuation, detenlri�ned by an assessor and represents <br /> property classification, reductions from an estimate of how much the property <br /> state aid and credits and total tax ���ould be wortl� on the open market if <br /> amounts. sold. The taxahle lnar�ket vultre is the <br /> estiinated market value minus any <br /> Layout of the statement may vary excluded property improvements or <br /> slightly fi�oui county to counry but the other exclusions. The Caxable market <br /> content will generally be the saine. The value accounts for the limited�narltiet <br /> front page lists identifying inforination valr�e pro��ision, a limitation on�he <br /> about the cotmty auditor, the subject amount a property's value can increase <br /> property and the taxpayers. The rest of in any year. The increase is cap�ed 1t 15 <br /> the front page, which shows the taxes percent of the previous limited market <br /> due, «�ill be discussed in more detail in value or 25 percent of the difference <br /> the following sections. bet�veen the current year estimated <br /> market value and the previous year <br /> The back page of the statement contains limited marl<et value. Enacted in 1993, <br /> information about refimd programs this provision is currently being phased <br /> available to eligible homeowners. See out and will end by 2010. <br /> the"Property Tax Relief 101" docun�ent <br /> for a summary of state-paid refund Every parcel is classified based on use <br /> programs. A summary table of late and assigned a classificatio�z ��ate. <br /> payment penllties also appelrs on the Inconze-producing properties generally <br /> back page. The back page may also have higher class rates. These rates are <br /> contlin other tax related notices. set by the legislatt�re and are uot tax <br /> rates but a weighting system. In other <br /> 145 UN[VERSITY AVE. WEST eNONe:(651)281-1200 Enx:(651)281-1299 <br /> ST. PAUL, MN S$lO3-ZO4'} TOLL FRCL (F�OO)9ZS-1112 WGB:�NWW.LMC.ORG <br />