06-03-1991 WS - Laserfiche WebLink

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7 If a property in a TIF district becomes tax exempt because of a default and acquisition by the authority, when that property is returned to the tax rolls its value at the time of the initial certification will be used in the original net tax capacity. Adjustments to the original net tax capacity of economic development districts for inflation will be made using the growth in market value rather than tax capacity. For parcels with demolished substandard buildings that the authority elects to treat as still occupied substandard buildings,the original net tax capacity is the higher of: 1. current tax capacity or 2. the tax capacity before the demolition but at the current class ratio. Property owners who are not developers may enter into assessment agreements. Assessment agreements also may be entered into for existing properties in the TIF district that are not being developed. The assessment agreement may provide for increases or decreases in the minimum market value over the term of the agreement. IX. Truth in Taxation Changes Several significant changes occurred in Truth in Taxation matters. Among them: * Deletion of the requirement to provide time and place of the second meeting on the initial proposed property tax notice; * Requirement that an estimated percentage change in the levy be calculated as well as a total percentage change weighted in relation to each taxing authority's proportion of the total levy; * Requirement that TIF and fiscal disparities, when applicable, be stated separately; * Requirement that owners of class 4 residential rental property mail or deliver a copy of the notice to each tenant, or post a notice in a conspicuous place on the premises; * Use of business days rather than calendar days regarding publication notice; * Exemption of cities having populations of less than 1,000 from advertising notice (they must post notice, however); * Requirement that cities with populations between 1,000 and 2,500 publish an advertisement that is one-eighth of a page; * Requirement that cities with populations over 2,500 publish an advertisement that is one-fourth of a page; and, * Allowance of an additional levy exceeding the proposed levy if the half-cent optional sales tax is not adopted. X. Fiscal Disparities -Technical Changes Several changes were made to laws governing fiscal disparities. The technical changes: * Eliminate the never-used municipal equity account and obsolete language; * Permit the Metropolitan Council and the Commissioner of Revenue to make the determination that a municipality consciously excluded C/I development and, therefore, is ineligible to participate in the fiscal disparities program; * Direct that contributions will be made based on equalized market value rather than the assessor's stated market value;