12-02-2002 Truth In Taxation - Laserfiche WebLink

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Hennepin Hennepin County News Public Affairs • 612-348-3848 * 3005.6* St, Minneapolis, NIN 55487-0011 Nov. 8,2002 Draft Contact: Jim Ufcr, Office of Budget & Finance, 612'348-4989 Pat O'Connor, Taxpayer Services, 612-348-4084 Truth-ln-Taxation statements being sent to Hennepin residents Hennepin County will soon begin mailing notices to all property owners in the county showing the impact of various factors, including the county’s maximum property tax levy and rising residential property values, on each parcel of land for 2003. % The Truth-in-Taxation statements, which are required by state law, also indicate the impact of taxes proposed by other local units of government, such as cities, school districts and special taxing districts. The Hennepin County Board is considering a 2003 county budget which includes a proposed property tax levy of S511 million (Gret Pertiek to provide Itnat which is actually less than the 3-percent maximum levy set by the board in September for Truth-in-Taxation purposes. Tax statements, however, show that the county's portion of property taxes for many homeowners will increase by more than 10 percent. For example, owners of most median-valued homes (about $146,000 in the City of Minneapolis and $188,000 in the suburbs) will see increases of 13-14 percent in the county portion of their tax bills. A number of factors create the discrepancy between the 3-percent maximum increase in the county tax rate and the double-digit increases shown on Truth-in-Taxation statements, according to Heanqiin officials. i I 1