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1998-04-22 Packet
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1998-04-22 Packet
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FRIDAYFAx -= <br /> Vol. 3, No. 14 <br /> y ot w.en7cx� A weekly legislative update from the League of Minnesota Cities April 8, 1998 <br /> The end is near.. a <br /> Early this morning, the Tax Confer- payable in 1899. Commercial and payable in 1999. However, the law was <br /> ence Committee nearly completed industrial property class rates will be also amended to allow for anaddi- <br /> work on the 1998 omnibus tax bill. The reduced to 3.5 percent from the tional growth factor based on new <br /> compromise includes a tax rebate or current percent Other class rate construction of commercial and <br /> approximately $500 million, property changes are listed in the table below, industrial property. Therefore, the levy <br /> tax reforms that will cost $427 million, The property tax shifts that would imitat for each city will include <br /> levy limits fortaxes payable in 1999, otherwise occur are buffered by an three adjustments: inflation growwth, <br /> and a host of city specific provisions expanded education homestead household growth and commercial and <br /> ranging from local sales taxes to credit, reduced school levies, a new industrial growth. <br /> special tax increment financing fiscal disparity homestead and The final compromise does not <br /> leglslatlon. The committee will meet agricultural credit aid, county family Include a highly controversial limited <br /> again this afternoon to put rinal preservation aid and a modest $3 market value provision that was <br /> touches on the compromise and the million increase per year for the Local originally included in the House bill, <br /> hill is expected to be signed by the Government Aid program. That proposal would have limited the <br /> conferees later today. Despite an attempt by the House market value growth of all property by <br /> The property tax reform includes and govemor to extend lavy limits, the the lesser of a percent or the con- <br /> the govemor's class rate compression finaloompromise mirrors current law. sumer price index. The current law <br /> immediately implemented for taxes Levy limits will be in place for taxes limited market value provisions tW <br /> apply to homesteads, agricultural <br /> r _ - -- homrleads and cabins remain in <br /> Impact of Last Year's Tax Reforms & place <br /> I Conference Committee Proposed Class Rates Also included inthebillare <br /> authorizations for local general sales <br /> Taxes Taxes Proposed i taxes for Rochester, Owatonna, <br /> � � a payable Hutchinson, Two Harbors, Wincna, <br /> Property class 1997 1998 19% I Bemidji, Detroit Lakes, Fergus Falls, <br /> and the St. Cloud area cities of <br /> Homestead -$75,000 1 °,6 1 % 1 % i Bartell, Sauk Rapids, Si. Joseph, <br /> Homestead >$75,000 2 1.85 1.7 Waite Park, and St. Cloud. 1 add <br /> Qualifying low income various rates various rates 1 i The comrtutteeed one Late <br /> rental I amendment that would dedicate future <br /> Single- unit rental- $75,000 2.3 1.9 1.25 budget surpluses for cash paymentfor <br /> capital that would otherwise <br /> Single-unit rental >576,000 2.3 2.1 1.7 projects <br /> 2 -3 unit rental 2.3 2.1 1.7 be funded through state bond pro <br /> unit rental 3.4 2.9 2.5 i ceeds. The amendment was cdticized <br /> 4 + <br /> C unit re iayindusMal 3 2.7 2.4a i by the Commissionerof Revenue as <br /> x$150,000 an unnecessary restriction on future <br /> 4 <br /> C 4.6 4 3.5 Iegislatures and the new governor. The <br /> >$150,000 and utility commissioner suggested that this <br /> Cabins <$75.000 15 1.4 1.25 provtslon could be a deal breaker for <br /> Cabins >$75,000 2.5 2.5 2.2 the governor and could possibly force <br /> Education homesead none 32%1$225 6"x$320 i a veto. We will know more this after- <br /> credit %/maximum noon. <br /> For more information an city legislative lsxaes, contact any member of the Lease ofMinaeanta Odes Iarerguvlrnmenral Relations team. <br />
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