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06-03-1991 WS
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06-03-1991 WS
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MV City Council
City Council Document Type
City Council Packets
Date
6/3/1991
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3 <br /> The city portion of current aid or the new local government trust fund is between <br /> 75 percent and 80 percent of the total. Without city support, counties certainly will <br /> expect a greater distribution when new formulae are considered. Even if cities are willing <br /> to adopt the option, in the absence of county action,there is a very short time between <br /> July 1 and Aug. 1, and room for error.huge aid losses or tax increases are at stake so, <br /> please do not hesitate. (See impact of loss on attached sheet.) <br /> A final complexity to the option is a very difficult reverse referendum to rescind <br /> the option. This would require an election to rescind the tax if a petition signed by a <br /> number equal to 10 percent of the voters in the previous election in each city and town in <br /> the county is filed with the county. <br /> H. Class rate changes <br /> The tax bill contains class rate changes for homestead property, C/l, apartments <br /> with more than three units,residential non-homestead, cabins and vacant land. <br /> The major accomplishment is the elimination of the third tier homestead <br /> classification rate over a two-year period with the subsequent tax loss being paid for <br /> by increased HACA payments. <br /> Classification 1991 1992 1993 1994 <br /> HOMESTEAD 1 percent <br /> 1st$68K <br /> market value <br /> $68K-$110K 2 percent <br /> more than 3 percent <br /> $110K <br /> 1st$72K 1 percent <br /> market value <br /> $72K-$115K 2 percent <br /> more than 2.5 percent <br /> $115K <br /> 1st$72K 1 percent 1 percent <br /> market value <br /> more-than-$72K 2-pereent 2 percent <br /> C/I(large) 4.95 percent 4.75 percent 4.65 percent 4.60 percent <br /> APARTMENTS 3.6 percent 3.5 percent 3.4 percent 3.4 percent <br /> (four or more <br /> units) <br /> RESIDENTIAL 3.0 percent 2.8 percent 2.5 percent 2.3 percent <br /> NON-HOMESTEAD <br /> (1-3 units) <br />
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