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2002-09-25 CC Packet
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2002-09-25 CC Packet
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<br />r <br /> <br />MINNESOTA VALUATIONS; PROPERTY TAX CLASSIFICATIONS <br /> <br />Market Value <br /> <br />According to Minnesota Statutes, Chapter 273, all real property subject to taxation is to be appraised at maxi- <br />mum intervals of four years. All real property becoming taxable in any year is listed at its estimated market <br />value on January 2 of that year. The estimated market value is the County Assessor's appraisal of the worth of <br />the property. <br /> <br />Indicated Market Value <br /> <br />The Minnesota Department of Revenue conducts the Real Estate Sales Assessment Ratio Study to accomplish <br />equalization of property valuation in the State of Minnesota and to determine the probable selling price of a <br />property. The study is a three-year average of sale prices as related to the latest assessor's estimated market <br />value. The indicated market value is determined by dividing the estimated market value by the Sales <br />Assessment Ratio for the city as determined by the Department of Revenue. <br /> <br />Tax Cycle <br /> <br />Minnesota local government ad valorem property taxes are extended and collected by the various counties <br />within the state. The process begins in the fall of every year with the certification, to the county auditor, of all <br />local taxing districts' property tax levies. Local tax rates are calculated by dividing each taxing district's levy by <br />its net tax capacity. One percentage point oflocal tax rate represents one dollar of tax per $100 net tax capacity. <br />A list of taxes due is then prepared by the county auditor and turned over to the county treasurer on or before <br />the first Monday in January. <br /> <br />The county treasurer is responsible for collecting all property taxes within the county. Real estate tax statements <br />are to be mailed out no later than January 31 and personal property tax statements no later than February 15. <br />The due dates for payment of real property taxes are one-half on or before May 15 and one-half on or before <br />October 15. Personal property taxes become due one-half on or before February 28 and one-half on or before <br />June 30. <br /> <br />Following each settlement (March 5, June 5, and November 5 of each year), the county treasurer must redistrib- <br />ute property tax revenues to the local taxing districts in proportion to their tax capacity ratios. Delinquent prop- <br />erty taxes are penalized at various rates depending on the type of property and the length of delinquency. <br /> <br />Tax Credits <br /> <br />Prior to 1990, taxes on homestead residential and agricultural property were reduced by a direct subsidy to the <br />taxpayer. Beginning in 1990, the homestead credit has been eliminated. The state subsidy is now accomplished <br />through lower class rates to homesteaded classifications of property and increased state aids paid directly to lo- <br />cal taxing districts. This new system is intended to have generally the same impact as the former homestead <br />cred it system. <br /> <br />Tax Levies for General Obligation Bonds <br />(Minnesota Statutes, Section 475.61) <br /> <br />The governing body of any municipality issuing general obligations shall, prior to delivery of the obligations, <br />levy by resolution a direct general ad valorem tax upon all taxable property in the municipality to be spread <br />upon the tax rolls for each year of the term of the obligations. The tax levies for all years shall be specified and <br />such that if collected in full they, together with estimated collections of special assessments and other revenues <br />pledged for the payment of said obi igations, will produce at least five percent in excess of the amount needed to <br />meet when due the principal and interest payments on the obligations. Such resolution shall irrevocably appro- <br />priate the taxes so levied and any special assessments or other revenues so pledged to the municipality's debt <br />service fund or a special debt service fund or account created for the payment of one or more issues of <br />obligations. <br /> <br />I <br />I <br /> <br />- 19- <br />
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