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I > <br />Key components include: ^ <br />■ Various economic factors have resulted in commercial/industrial property <br />values becoming flat, while the value of many residential properties has <br />increased. The result is a 4.7 percent increase in tax liability for residential <br />properties. <br />■ A reduction in state aid to the county (Homestead and Agricultural Credit <br />Aid) and a reduction in revenue because of the state’s takeover of Hennepin <br />District Court begLming in July 2003 together total 2.8 percent, which has to <br />be made up at the county level. <br />■ And, the portion of the Hennepin County levy paid with Fiscal Disparities <br />dollars has changed, resulting in an increase in the local tax levy of 2.7 <br />percent. <br />« <br />Added together, these factors result in an increase of 13-14 percent in the county's <br />portion of 2003 property taxes for many homeowners. <br />In addition to the count>'s share, a homeowner ’s total tax bill is affected by <br />taxpayer-approved levies, city and school district budgets, and the budgets of special <br />taxing districts, such as the Metropolitan Council. <br />Hennepin Taxpayer Services Department officials said that the good news is that <br />a property tax refund program for homeowners, often called the "circuit breaker," <br />provides relief to persons who meet certain guidelines in 2003. <br />For example, if a homeowner has an income of S70,000 and property taxes of <br />$3,000, the refund would be SlOO; for an income of 540,000 and taxes of 52.000, the <br />refund would be $488; and, for an income of $20,000 and taxes of $2,000, the refund <br />would be $990, or almost half of the total tax. <br />The targeted portion of the circuit breaker pro^m offers relief, no matter what <br />the person ’s income. If property taxes rose more than 12 percent and at least $100, the <br />. 1