Laserfiche WebLink
r <br />r- <br />w <br />L, <br />k. <br />f- <br />tfr <br />m’. <br />The city portion of current aid or the new local government trust fund is between <br />75 percent and 80 percent of the total. Without city support, counties certainly will <br />expect a greater distribution when new formulae are considered. Even if cities are willing <br />to adopt the option, in the absence of county action, there is a very shon time between <br />July 1 and Aug. 1, and room for error. Huge aid Iftsscs Qf tax incre ases arc ai Slake so . <br />hesitate. (See impaci of loss on attached sheet.) <br />A final complexity to the option is a very difficult reverse referendum to rescind <br />the option. This would require an election to rescind the tax if a petition signed by a <br />number equal to 10 percent of the voters in the previous election in each city and town in <br />the county is filed with the county. <br />n. Class rate changes <br />The tax bill contains class rate changes for homestead property, C/I, apartments <br />with more than three units, residential non-homestead, cabins and vac^t land. <br />The major accomplishment is the elimination of the third t' «r homestead <br />dassification rate over a two-year period with the subsequent tax loss being paid for <br />by increased HACA payments. <br />ClassificatioB 1991 1992 1993 1994 <br />HOMESTEAD 1 percent <br />1st S68K <br />market value <br />$68K-$110K 2 percent <br />more than <br />SllOK <br />3 percent <br />1st $72K <br />market value <br />1 percent <br />S72K-S115K 2 percent <br />more than <br />S115K <br />2.5 percent <br />lst$72K <br />market value <br />more than $72K <br />1 percent <br />2 percent <br />1 percent <br />2 percent <br />C/I (large)4.95 percent 4.75 percent 4.65 percent 4.60 percent <br />ATARTMENTS <br />(four or more <br />units) <br />3.6 percent 3.5 percent 3.4 percent 3.4 percent <br />RESn>ENTUL <br />NON-HOMESTEAD <br />(1-3 units) <br />3.0 percent 2.8 pereem 2.5 percent 2.3 percent