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2001 PROPERTY TAX AMENDMENTS Trend of Values
<br /> Assessor's
<br /> Ta
<br /> Estimated Taxable Tax
<br /> The Omnibus Tax Bill adopted by the Minnesota Legislature during the First Special Session in Market Indicated aced a) Market Value Ca le x
<br /> 2001 (the `Tax Bill") made numerous changes to the property tax system. Among its
<br /> provisions, the Tax Bill provided for the assumption by the State of Minnesota of the general 2000 $487,932,889 $417,647,700 $6,711,060
<br /> education property tax levy and certain transit costs; increased the appropriation for Local 1999 442,650,440 383,067,100 6,116,003
<br /> Government Aids by $140,000,000; re-imposed levy limits for two years on counties and cities 1998 392,499,174 353,614,300 5,713,569(c)
<br /> over 2,500 in population; repealed the Homestead and Agricultural Credit Aid for cities, school 1997 364,196,638 335,789,300 5,914,038(c)
<br /> districts and townships; provided for the gradual elimination of Limited Market Valuation; and 1996 349,640,546 319,921,100 6,234,749
<br /> compressed the class rates applicable to various classes of property.
<br /> (a) Calculated by dividing the county assessors' estimated market value by the sales ratios determined
<br /> 2001 Class Rate Changes Local Tax Local Tax a for the City each year by the State Department of Revenue.
<br /> Payable Payable
<br /> Property Type 2001 2002 (b) See Appendix 111 for an explanation of tax capacity and the Minnesota property tax system.
<br /> Residential Homestead: (c) The decrease in taxable tax capacity for 1997 and 1998 was due to a reduction in property tax class
<br /> Up to$76,000 1.000% 1.000% rates, as detailed in Appendix 111.
<br /> $76,000-$500,000 1.650% 1.000%
<br /> Over$500,000 1.650% 1.250%
<br /> Residential Non-homestead Ten of the Largest Taxpayers in the City
<br /> Single Unit:
<br /> Up to$76,000 1.200% 1.000% 2000 Net
<br /> $76,000-$500,000 1.650% 1.000% Taxpayer Type of Property Tax Capacity*
<br /> Over$500,000 1.650% 1.250%
<br /> 2-3 unit and undeveloped land 1.650% 1.500%'
<br /> Glaser Financial Group Inc. Apartments $ 304,344
<br /> Market Rate Apartments: ° 2 St. Anthony Nursing Home/
<br /> Regular 2.400% 1.8009/°
<br /> Small City 2.150% 1.800%2 Chandler Place Health Facility 209,186
<br /> Low-Income 1.000°i° o.soo°i3 SuperValu Inc. Grocery 202,636
<br /> CommerciaUlndustriaUPublic Utility: Equinox Properties Apartments 147,470
<br /> Up to$150,000 2.400% 1.500% Welsh Companies Apartments 130,464
<br /> Over$150,000 3.400% 2.000% Northern States Power Company Utility 99,541
<br /> Electric Generation Machinery 3.400% 2.000% St. Anthony Shopping Center Shopping Mall 68,098
<br /> Seasonal Recreational Commercial: St. Anthony Business Center Corp. Commercial 66,500
<br /> Homestead Resorts(1c) Resourcenet International Industrial 61,400
<br /> Up to$500,000 1.000% 1.000% Village North Apartments 55,569
<br /> Over$500,000 1.000% 1.250%
<br /> Seasonal Resorts(4c) Total $1,345,208'
<br /> Up to$500,000 1.650% 1.000%
<br /> Over$500,000 1.650% 1.250% Represents 20.0% of the City's total 2000 taxable net tax capacity.
<br /> Seasonal Recreational Residential:
<br /> Up to$76,000 1.200% 1.000%4
<br /> $76,000-$500,000 1.650% 1.000%4
<br /> Over$500,000 1.650% 1.250%4 CITY INDEBTEDNESS
<br /> Disabled Homestead 0.450% 0.450%
<br /> Agricultural Land&Buildings:
<br /> a Legal Debt Limit
<br /> Homestead:
<br /> Up to$115,000 0.350% 0.550%4
<br /> $115,000-$600,000 0.800% 0.550%4 Legal Debt Limit (2% of Estimated Market Value) $8,352,954
<br /> Over$600,000 1.200% 1.000%4 Less: Outstanding Debt Subject to Limit (-0-)
<br /> Non-homestead 1.200% 1.000%4
<br /> 'Rate reduced to 1.25%in pay 2003 and thereafter Debt Margin as of January 2, 2002 $8,352,954
<br /> 2 Rate reduced to 1.5%in pay 2003 and 1.25%in pay 2004 and thereafter
<br /> 3 Rate reduced to 1%in pay 2003,classification abolished thereafter
<br /> 4 Exempt from referendum market value tax
<br /> III-6 - 9 -
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