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MIR?aa TA _►A_i VA_T14NSs_ PRQURTY_ TAXIS <br />All non-exempt property is subject to taxation by local taxing districts The <br />total tax rate is determined by dividing each taxing district's dollar levy (budget <br />less aids and revenues) by its total tax capacity. <br />At least one-fourth of all real properties are appraised yearly by local or county <br />assessors who are directed by statute to appraise cacti parcel according to its <br />estimated market value (EMV). <br />The assessors classify all property subject to the general property tax and apply <br />statutory percentages to the EMV to determine the tax capacity upon which tax <br />capacity rates are computed. Significant major classifications and the percentages <br />by which tax capacity is determined are: <br />Type of PrutElk <br />Residentia' homestead2) <br />Agricultural homestead2) <br />1987/8$1) <br />First $68,000 - 17% <br />Exr.ess - 21% <br />First $66,000 - 14% <br />Excess - 18% <br />Agricultural land nor -homestead 18% <br />Seasonal residential property <br />Residential non -homestead: <br />Having 4 or more units <br />Having 3 or less units <br />Industrial/commercial/ <br />utility3) <br />Section 8 Housing4) <br />21% <br />34% <br />28% <br />Firs`. $60,000 - 28% <br />Excess - 43% <br />Building - 20% <br />Land - 34% <br />1988/891) <br />First $68,000 - 2.17% <br />$68,000-$100;000 - 2.507- <br />Excess - 3.30% <br />First $65,000 - 1.75% <br />Excess - 2.25% <br />House/garage/l acre-2.70% <br />Land - 2.25% <br />2.3% <br />4.1% <br />3.5% <br />First $100,000 - 3.3% <br />Excess - 5.25% 5) <br />Building - 2.5% <br />Land - 3.5% <br />I)For taxes levied and collected in 1988/89, the State of Minnesota has replaced <br />the use of assessed valuation to determine taxes with the use of tax capacity. <br />2)A property qualifies as "homestead" if it is occupied by the owner on the <br />assessment date. <br />3)The estimated market value of utility property is determined by the Minnesota <br />Department of Revenue. <br />4)The 20% assessment applies only to the portion occupied by low-income, elderly <br />or handicapped persons unless the project was approved by the municipality, or <br />financing approval was approved by a state or federal agency prior to 6/30/83. <br />`)For 1990 it is proposed in current law that this will remain 5.25%, will drop <br />to 5.20% in 1991 and to 5.15% in 1992 and subsequecit years. <br />