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<br />average property tax value per person receive a somewhat larger share of the area-wide tax <br />base, whereas communities with above average property tax value per person receive <br />somewhat a smaller share of the area-wide tax base. The program calculates tax-base from the <br />prior year's valuations. The 2023 commercial/industrial/public utility increased from 5,869,482 <br />(payable 2023) to 6,877,580 (payable 2024) and as a result, a larger portion of the City’s tax <br />base has been contributed to the fiscal disparities program. <br /> <br /> <br /> <br />2) Legislative Changes – Payable 2025 and Thereafter <br />a. Change to Low Income Rate - Class 4d becomes 4d (1) –The classification is changed <br />from a two-tiered formula to a single tier at a classification rate of 0.25%. Effective for <br />taxes payable in 2025 and thereafter. Laws of MN 2023, Chapter 64, Article 3, Section <br />15 and Section 18. Previously the 1st tier had a class rate of 0.75% and the 2nd tier had a <br />class rate of 0.25% - now all at 0.25% starting in Pay 2025. <br /> <br />b. Change in Homestead Market Value Exclusion Calculation – Minnesota Statue 273.13 - <br />The exclusion is equal to 40% of the 1st $95,000 (was $76,000) minus 9% of the value <br />between $95,000 to $517,200 (was $76,000 to $413,800). For a homestead valued at <br />$517,200 or more (was $413,800), there is no valuation exclusion. <br /> <br />2024 Calculation Example: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />