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YEAR & <br />STATUTE <br />REFERENCE <br />CITY OF LINO LAKES. MINNESOTA <br />STATE LEGISLATIVE ACTION <br />Appendix A <br />Page 5 of 11 <br />INITIAL YEAR <br />ESTIMATED <br />IMPACT <br />1991 MS 273.13 #21 Approve further adjustments to the commercial <br />Subd. 32 industrial tax rate for valuations in excess of $100,000. <br />Adjusted rates effective through 1994 as follows: <br />1990 1991 1992 1993 1994 1995 <br />Rate Rate Rate Rate Rate Rate <br />First S100,000 of <br />market value 330% 3.20% 3.10% 3.00% 3.00% 3.00% <br />Market value over Tagged to <br />S100,000 5.06% 4.95% 4.75% 4.70% 4.60% eventually be <br />4% <br />Tax burden shifts <br />from commercial <br />industrial property. <br />Tax increment <br />districts may reflect <br />lower than <br />anticipated revenue <br />flows. <br />1991 MS <br />Section 473F.02 <br />Subd. 8 <br />#20 Prohibits municipalities from conscientiously excluding <br />most commercial - industrial development within their <br />community for reasons other than preserving agricultural use <br />through restrictive comprehensive zoning and planning <br />policies. <br />For those <br />communities deemed <br />to violate this statute, <br />they may be excluded <br />from the fiscal <br />disparities pool <br />within the seven <br />county metropolitan <br />area. The impact for <br />such excluded <br />communities would <br />likely be a significant <br />increase in their local <br />tax rates. <br />1991 MS 273.13 #19 Adjusted the first layer of market value for residential <br />Subd. 22 property from $68,000 to $72,000 and the second layer from <br />$110,000 to $115,000. Also adjusted the rate charged on <br />the market value in excess of $115,000 from 3% to 2.5% for <br />taxes payable in 1992 and from 2.5% to 2% for all <br />valuations in excess of $72,000 for taxes payable in 1993 <br />and thereafter. <br />The change in class <br />rates applied to <br />residential property <br />will not impact the <br />total revenue raised <br />by the City but rather <br />will shift the tax <br />burden between <br />property classes. <br />Prepared by Voto, Tautges, Redpath & Co., Ltd. <br />June 20, 1991 <br />