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<br />T'he taconite tax relief program is <br />available to taconite relief areas on the <br />Iron Range. The value of the credit is . <br />dependent on characteristics such as the <br />value of iron ore in the jurisdiction and <br />the proximity to mines. <br /> <br />Property Tax by Jurisdiction <br />The tax statement itemizes tax amounts <br />for each taxing jurisdiction and any <br />voter-approved referenda levies. All of <br />the different levies are summed, showing <br />the total property tax amount before <br />special assessments. <br /> <br />An individual parcel is typically in <br />several taxing jurisdictions: city, county, <br />school distriGt and any special property <br />taXing districts, such as a watershed <br />district. Each jurisdiction levies a tax <br />and there is a different tax rate for each <br />jurisdiction. Jurisdictions do not set the <br />tax rate; rather it is a function of the <br />jurisdiction's levy and total tax base. <br />[levy] / [tax base] = [tax rate] <br /> <br />Each taxing jurisdiction must establish <br />the preliminary property tax levy by mid <br />September. The final levy can be less but <br />not more than the preliminary amount. <br />In very simple terms, the levy is <br />determined by the following calculation: <br /> <br />[budget] - [all non-property tax <br />revenues] = [levy] <br /> <br />Special Assessment <br />Any special assessments on the property <br />are listed by type of assessment. The <br />sum of any assessments owed is then <br />added to the property tax subtotal. <br /> <br />Pay Stubs <br />The bottom of the statement contains <br />pay stubs showing the amount and date <br />due that are to be submitted with each <br />payment. The pay stubs are not used by <br /> <br />taxpayers who pay property taxes along <br />with their mortgage payments. <br /> <br />Half of the total tax payment is due <br />May 15 with the remaining half due <br />Oct. 15. A penalty fee is assessed for late <br />payments. The back of the statement <br />explains how to calculate penalties. The <br />payment amounts must be paid in full <br />even if the taxpayer is eligible for a <br />refund. <br /> <br />City, county and school district web sites <br />often have additional information on <br />budgets, spending priorities, etc. The <br />League of Minnesota Cities web site <br />offers a calculator tool to compare taxes <br />on properties in different cities and in <br />different years. <br /> <br />Timeline and Additional Information <br />The entire process for assessing, <br />calculating, imposing and collecting <br />property taxes actually takes two full <br />years and is administered by counties. <br />Taxpayers receive two documents prior <br />to the tax statemellt. <br /> <br />Assessors determine market values by <br />Jan. 2 of the year before taxes are <br />payable. In other words, market values <br />for taxes payable in 2008 were set in <br />January 2007. Property owners receive <br />notice of the market value from the <br />assessor in March of each year. An <br />appeals process is established for <br />property owners who disagree with the <br />assessed valuation. <br /> <br />Truth-in-taxation (TNT) notices are <br />mailed to property owners in November <br />and show the tax burden under the <br />proposed levy. The notice lists both <br />actual taxes paid in the previous year <br />and proposed taxes. Taxpayers can see <br />what factors contributed to change in the <br /> <br />3 <br />