1998-06-10 Packet - Laserfiche WebLink

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VALUATIONS MINNESOTA VALUATIONS; PROPERTY TAXES All non - exempt property is subject to taxation by local taxing districts. The total tax rate is determined by dividing each taxing district's dollar levy (budget less aids and revenues) by its total tax capacity. Exempt real property includes Indian lands, public property, and educational, religious and charitable institutions. Most personal property is exempt from taxation (except investor -owned utility mains, generating plants, etc.). At least one- fourth of all real properties are appraised yearly by local or county assessors who are directed by statute to appraise each parcel according to its estimated market value (EMV). The assessors classify all property subject to the general property tax and apply statutory percentages to the EMV to determine the tax capacity upon which tax capacity rates are computed. Significant major classifications and the percentages by which tax capacity is determined are: Tvpe of Propertv 1996/97 1997198 1998199 Residential homestead' First $72,000 - 1.0% First $75,000 - Lo %a First $75,000 - 1.0% Over $72,000 - 2.0% Over $75,000 - 1.85% Over $75,000 - 1,70% Agricultural homestead' First $72,000 HGA' - LO% First $75,000 HGA - 1.0% First $75,000 HGA - 1.0% Over $72.000 HGA - 2.0% Over $75,000 HGA - 1.85% Over $75,000 HGA - 1.70% Land to 320A - 45 %n - 1.0 %n Land to 320A - .4% - 0.9 % Land to 320A 35% - 0.8% Land excess - 1.50% Land excess - 1.40% Land excess - 1.25% Agricultural non - homestead Land - 1.50 % Land - 1.40% Land - 1.25% Seasonal recreational residential First $72,000 - 1.75% First $75,000 - 1.4% First $75,000 - 1.25% Over $72,000 - 15% Over $75,000 - 2.5% Over $75,000 - 22% Residential non - homestead: I -3 units 2.3% 1 unit - First $75,000 - 1.9% 1 unit - First $75,000 - 1.25% 4 or more 3.4% Over $75,000 - 2.1% Over $75,000 - 1.70% Selected small cities with 4 or 2 -3 units - 2.1% 2 -3 units - 1.70 % more units' 2.3% 2.3% 2.15% Industrial /commercial First $100,000 - 3.0 %n First $150,000 - 2.77o First $150,000 - 2.45% Excess - 4.60% Excess - 4.00% Excess - 3.50% Utility' 4,60% 4,00% 3.50% A residential property qualifies as "homestead" if it is occupied by the owner or a relative of the owner on the assessment date. House /garage /1 acre. ' Cities of 5,000 population or less and located entirely outside the seven- county metropolitan area and the adjacent nine - county area and whose boundaries are 15 miles or more from the boundaries of a Minnesota city with a Population over 5,000. ' The estimated market value of utility property is determined by the Minnesota Department of Revenue. 8