2006.09.18 EDA Packet - Laserfiche WebLink

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Continued from page 1 tax levy,as well as the maximum pro- not from the requirement of selecting posed property tax levy the city may TNT hearing dates.For the purpose costs.In addition,many cities have have for payable 2007 and still qualify of parcel-specific notices,the county experienced increasing costs due to for the exemption.The levy amounts auditor will need to verify the city's employee health insurance coverage compared to determine this exemp- exempt status.A city that qualifies and rising interest rates. tion must be the city's total levy,both for the exemption may nonetheless TNT hearing exemption.Cities net tax capacity and market value choose to advertise and hold TNT over 500 population are exempt from based,as well as debt and non-debt. hearings.(See Truth-in-Taxation the truth-in-taxation hearing require- This exemption is from advertis- Calendar sidebar for related infor- ments if the council-approved pre- ing and holding TNT hearings,but mation.) r liminary levy increase is less than the percentage increase in the federal implicit price deflator(IPD)for gov- Truth-in-Taxation Calendar ernment consumption expenditures Date Event and gross investments for state and On or before 8/20/05 County notifies cities over 500 of school district hearing dates. local governments prepared by the On or before 9/15/05 All cities adopt a proposed budget and certify a proposed levy. Bureau of Economic Analysis of the On or before 9/15/05 All cities over 500 in population certify hearing dates. U.S.Department of Commerce for 11/10/05 to 11/24/05 County auditor prepares and sends parcel-specific notices. the 12-month period ending March 31.For le year 2006,taxes payable Two to six business days Cities holdingTNT hearings(cities over 500 whose proposed Y Y p Y before initial hearing levy exceeds previous years levy by more than 6.4187 percent 2007,the percentage increase in the increase in IPD)must advertise initial hearing. IPD is 6.4187. 11/29/05 to 12/20/05: Cities holdingTNT hearings hold initial TNT hearing. In late July,the Department of 5 to 14 business days Cities holdingTNT hearings hold continuation hearing Revenue provided cities over 500 later,and no later if necessary. than 12/20/05 in population with the information On or before 12/27/05 Cities holdingTNT hearings hold subsequent hearing to needed to make an exemption deter- adopt final levy and budget. mination.The information included By 12/28/05 All cities must certify their final property tax levy. the payable 2006 final total property Why log so many Find what your city needs in the oiiline fingertip miles looking cities Vendor Guide at www.lmnc.org ■ Easy-to-use for the right contractor, ■ Fully searchable product, or service? ■ Frequently updated ■ Specifically geared to city business Brought to you by the League of Minnesota Cities September 13, 2006 LMC Cities Bulletin Page 3