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What Has Changed for 1994 <br /> The State has shifted the property tax burden <br /> from Commercial /Industrial properties to <br /> residential properties. <br /> The State has shifted property tax burden <br /> from higher valued homes to moderate valued <br /> homes. <br /> Commercial /Industrial market values have <br /> come down <br /> The state has taken some money from <br /> `property wealthy' school districts to give to <br /> `property poor' school districts (and then let <br /> the `property wealthy' districts make it by <br /> raising additional property tax) wfVwNN „xJhF <br /> Slide 23 Falcon Heights Truth in Taxation Public Hearing 0 <br /> The commercial /industrial tax capacity factor goes from 4.7% to 4.6% <br /> in 1994. This shifts burden to residential properties. The reason for <br /> this change is to make Minnesota commercial and industrial property <br /> taxes more competitive with surrounding states. <br /> There used to be a third tier for high valued homes. Now there are <br /> only two tiers 1% and 2 <br /> The recent Rosedale tax abatement court case is an example of <br /> commercial tax capacity reduction. Falcon Heights sees this as <br /> reduced Fiscal Disparities distributions. <br /> The 'Equity Funding' initiative was simply ill- conceived. <br /> Page 23 <br />