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<br />Total tax capacity - The amount computed <br />by first totaling the tax capacities of all <br />parcels of property within a city. <br />Adjustments for fiscal disparities, tax <br />increment and a portion of the powerline <br />value are made to this total since not all tax <br />capacity is available for general tax purposes. <br /> <br />Truth-in- Taxation - The "taxation and <br />notification law" which requires local <br />governments to set estimated levies, inform <br />taxpayers about the impacts, and hold a <br />separate hearing to take taxpayer input. <br /> <br />Table A: class rates <br /> <br />Property Class Taxes Local Taxes State Tax Payable <br /> Payable 2007 Payable 2008 2008 <br />Residential Homestead: <br /><$76,0001 1.0% 1.0% No state tax <br />$76,000-$500,000 1.0 1.0 <br />>$500,000 1.25 1.25 <br />N on-bomestead Residential: <br />Single unit: <br /><$76,0001 1.0 1.0 No state tax <br />$76,00~-$SOO,OOO 1.0 1.0 <br />>$500,000 1.25 1.25 <br />2-3 unit buildings 1.25 1.25 <br />Market-rate Apartments: 1.25 1.25 No state tax <br />Commercial/Industrial: Subject to state <br /><$100,0002 1.5 1.5 levy (Commercial- <br />$100,000 - $150,000 1.5 1.5 industrial rate) <br />;>$150,000 2.0 2.0 <br />Seasonal Recreational Residential: Subject to state <br /><$76,001 1.0 1.0 levy (seasonal- <br />$76,000-$500,000 1.0 1.0 recreational rate) <br />>$500,000 1.25 1.25 <br /> <br />IPirst tier limit was $72,000 for 1997, $76,000 for 2000, and $500,000 for 2002 <br />2Pirst tier limit was $100,000 for 1997, $150,000 thereafter <br />Rachel Walker, League of Minnesota Cities -Updated August 2008 <br /> <br />5 <br />