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<br />. <br /> <br /> <br /> <br />... 1996 TNT Notices (3) 11/1/95 <br /> <br />"Truth In Taxation" Time1ine (Continued) <br /> <br />Other cities, schools and metropolitan special between November <br />taxing districts hold TNT hearings 29th and <br />December 20th <br /> <br />New property owners only file for Homestead by December 15th <br /> <br />Taxing authorities certify final tax levies Within 5 working <br />to Property Records & Revenue days after <br />December 20th <br />(December 28th <br />this year) <br /> <br />All value adjustments & clasification changes <br />are finalized by December 31th <br /> <br />Tax statements mailed by March 31st <br /> <br /> <br />- Factors That Affect Taxes <br /> <br />- The property tax levy is only one part of the formula to determine <br />_ a particular property's tax. Add~tional factors are: <br /> <br />.... 1. Changes to the market value of the property gives more <br />or less value to tax (new construction, inflation, <br />deflation, demolition). <br /> <br />I 2. Changes in the market values for the region as a whole <br />shifts tax burden from one type of property to another <br />I (Commercial property market value reductions in Ramsey <br />County shift taxes to residential properties) . <br /> <br />3. Legislative changes to the class rates, which determine <br />I what level of tax applies to different types of property, <br />shifts tax burden from one type of property to another <br />(The 1993 Legislature's reduction of commercial class rates <br />I from 4.7% to 4.6% shifted taxes to residential properties). <br /> <br />4. Legislative changes to state aid formulas can raise or <br />lower taxes. <br /> <br />I 5. Commercial market value reductions in the 7 county <br />metro area can reduce taxes generated from the fiscal <br />I disparities pool. This also shifts taxes from commercial <br />to residential properties. <br /> <br />6. New taxes approved by referendum will be applied to the <br />I market values of each property instead of the tax <br />capacity. Residential properties will bear a much <br />~ higher share of the new taxes than they have in the past. <br /> <br /> <br /> <br /> <br />I -- <br />