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Property Classifications and <br /> Tax Capacity <br /> There are 7 major property classifications in <br /> Minnesota <br /> The classification combined with the market <br /> value of a property determines the tax <br /> capacity of the property <br /> In Falcon Heights there are really three <br /> property classifications <br /> Residential Homesteads <br /> Residential Rental (Apartments) <br /> CommerciaUlndustrial <br /> Slide 15 Falcon Heights Truth in Taxation Public Hearing <br /> This presentation will focus on Residential Homestead property taxes. <br /> For those interested the seven classifications are: <br /> Residential Homestead <br /> Residential non Homestead <br /> Commercial /Industrial <br /> Farm Homestead <br /> Farms non Homestead <br /> Residential rental <br /> Seasonal Cabins <br /> Page 15 <br />