Laserfiche WebLink
VENN <br />gINNI <br />RENO <br />YEAR & <br />STATUTE <br />REFERENCE <br />CITY OF LINO LAKES. MINNESOTA <br />STATE LEGISLATIVE ACTION <br />Appendix A <br />Page 9 of 12 <br />INITIAL YEAR <br />ESTIMATED <br />IMPACT <br />1990 #11 Commercial property tax rates lowered. (See #22). <br />MS 273.13 <br />Subd. 24 & 32 <br />First $100,000 of <br />market value <br />Market value over <br />$100,000 <br />1990 1991 <br />Rate Rate <br />3.30% 3.20% <br />5.06% 4.95% <br />1992 1993 <br />Rate Rate <br />3.10% 3.00% <br />Targeted to <br />eventually be 4% <br />Tax burden shifted to <br />residential and other <br />property classes. <br />Existing commercial <br />based tax increment <br />districts to produce <br />lower revenue <br />stream to cities. <br />1990 #10 Equalization Aid limited to 12% increase over 1990 <br />MS 477A.013 Equalization Aid. Also Equalization Aid subject to reduction <br />Subd. 5,6,7 if LGA is not sufficient to absorb cuts based on revenue <br />base. Equalization Aid capped Statewide at $19,485,684. <br />Maximum <br />equalization aid <br />established to limit <br />future increases. <br />City of Lino Lakes <br />increase $5,962. <br />1989 <br />MS 477A.013 <br />Subd. 5 <br />49 Tax Base Equalization Aid, is a program that <br />targets aid to low tax base cities starting in 1990. Tax Base <br />Equalization Aid to be administered similar to HACA <br />whereby the county auditor to deduct the aid from the <br />amount of taxes certified by the city. Payments of Tax Base <br />Equalization Aid to be made on July 20 and December 15, <br />1990 from the Department of Revenue. <br />Statewide initial year <br />increase in aid <br />$19.5 million. City <br />of Lino Lakes <br />increase $49,684. <br />1989 SP1 Ch 1, #S 1989 levy limits for Cities repealed starting with <br />Art. 5 Section 51 collectible 1992 levy. In 1990 the effective date was <br />extended to collectible 1993 levies. (See #15). <br />Anticipated extension <br />and delay of start <br />likely to result in no <br />impact. <br />Prepared by Tautges, Redpath & Co., Ltd. <br />April 30, 1992 <br />