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<br /> -.--- <br /> . <br />(b) Specifies that a municipality that is in compliance with its housing goals may .1 <br />retain the tax revenues under paragraph (e) to maintain existing affordable and . <br />life-cycle housing. <br />(c) Requires a municipality that is not in compliance with its housing goals to either . <br />distnbute the revenues calculated under paragraph (e) to the local housing <br />incentives account or to retain the revenues to develop affordable and life-cycle <br />housing as approved by the Council. I <br />(d) States that a municipality that is already spending an amount equal to or greater <br />than the amount calculated under paragraph (e) on affordable and life-cycle . <br />housing is not required to spend an additional amount. <br />(e) 1. Requires <lach county cssessor to deterI"'.Jne each municipality's average . <br />residential homestead market value for 1993. Defines this value, multiplied by <br />two, to be each municipality's "market value base amount," . <br />2. Requires the county assessor to determine for both 1994 and the current <br />assessment year which homestead values within a municipality exceed the base I <br />amount. Defines the aggregate net tax capacity by which the municipality's <br />homestead market values exceed the base amount as the "net tax capacity excess <br />amount." -. <br />3. Requires the assessor to annually certify each municipality's average total net <br />tax capacity tax rate. . <br />4. Requires the Council to annually notify each municipality of its affordable and <br />life-cycle housing opportunities amount. Defines this amount to be equal to 40 . <br />percent of the amount by which the net tax capacity excess amount for the current <br />year exceeds the amount for 1994, multiplied by the municipality's average total <br />net capacity tax rate for the current year. . <br />Section 3. 2025 Rept>rt. Requires the Council to report to the Legislature by January 1996 <br />on the probable development patterns .in the metropolitan area by the year 2025 under . <br />various growth scenarios. Requires the report to consider impacts on counties adjacent to <br />the seven-county area. <br />Section 4. Application. Makes the article applicable in the seven-county metropolitan area. . <br />Section 5. Efl'ective Date. Makes the article effective the day after final enactment and for . <br />taxes levied in 1995 and payable in 1996 and subsequent years. <br /> I <br /> -. <br />- 3- I <br />