CCP 08-28-1995 - Laserfiche WebLink

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I I. . Certification of Final Property Tax Levy I 1. Each city must certifY its fInal property tax levy to the county auditor no later than 5 working days after December 20 (December 28, 1995). No exceptions or extensions will be granted. I 2. Market value based referendum laXes must be certified separately from the rest of the city's final property tax levy. I 3. The fmal property tax levy certifIed by a city cannot exceed its proposed property tax levy except as the result of one or more of the allowabic "add-on" levies mentIOned above. I Penalty for Violation of Truth in Taxation I 1. A penalty is to be imposed if a city seriously violates the Truth in Taxation Law. Examples of serious violations 2l'eas follows: (a) failure to'publish a notiee prior to the public 'hea:'ing, . (b) failure to hold a public hearing, (c) failure to allow the public to speak at the hearing, and (d) failure to complete and submit a Truth in Taxation compliance form (Form 'TNT) to the Department of Revenue. . The penalty for a serious violation of the Truth in Taxation Law for payable 1996 is to reduce .- the city's property tax levy for the laXes payable year 1996 to the sum of: (3) tUl :m:ount of its certified levy for the laXes payable year 1995; and I (b) the additional amounts necessary to pay the principal and interest on general obligation bonds of the city if the bonds were issued before 1989. . The "certified levy" for the laXes payable year 1995 would be the fInal payable 1995 certified levy amount excluding HACA . If the penalty is imposed, the county auditor must use the sum of the city'S payable 1995 fmal certified property tax levy and the additional debt service amounts mentioned above when . determining the city's payable 1996 tax rates under M.S. 275.08. If the city's fmal certified levy for the Taxes payable year 1996 is equal to or less than the sum of its certified levy for the taxes payable year 1995 and its additional debt service amounts mentioned above, no . penalty is imposed. 2. If a city inadvertently commits a significant error somewhere in the Truth in Taxalion . process, it is often possible to either repeat some of the steps of the process or to take some remedial action to avoid the penalty. The Department of Revenue must be contacted I immediately if this situation arises. .- . 8 I;