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NOU -20 -1998 11:53 NRC <br />612 595 9837 P.04/08 <br />PROPERTY CLASS RATES 1999 <br />Farm land and buildings <br />Homestead < 320 acres > $115,000 <br />0.80 <br />Homestead > 320 acres < $115,000 <br />0.35 <br />Homestead > 320 acres > $115,000 <br />1.25 <br />Non - Homesteads <br />1.25 <br />* Homestead and cabin tier threshold increased from $72,000 to $75,000 for 1998 <br />** C/I tier threshold increased from $100,000 to $150,000 and the limit of one preferred C/I <br />property per County per owner is eliminated for 1998 <br />IL REGULATORY MECHANISM <br />1. EHI -Tax Base vs. C/I <br />2. Existing Comprehensive Plan Measures <br />The Comprehensive Plan outlines goals for percentage of tax base comprised by <br />commercial and industrial land uses and reductions in the local City tax rates. The <br />goals that were established were deemed achievable by the Community <br />Development Department and the Comprehensive Plan Task Force. <br />The ultimate goal of the Comprehensive Plan is to inspire a development <br />philosophy that results in a reduction in City's local tax rate. The reduction in the <br />local tax rate directly benefits the local property owners. The increase in C/I is an <br />important element to achieving this goal, however, it is not the only means of <br />accomplishing this objective. The City should use the local tax rate as the primary <br />measure of fiscal success. <br />The Comprehensive Plan recognizes a inter - dependence between residential <br />growth and economic development. The establishment of a moratorium will serve <br />to slow-down the City success in expanding the C/I growth. <br />The City has designated sufficient land area to accommodate projected commercial <br />and industrial growth. <br />3 <br />