2007.04.16 EDA Packet - Laserfiche WebLink

Home

www.mnpro.com Government Structure Information Organization: Mayor\Council Budget: $1,700,000 Community Bond Rating: Comprehensive Land Use Plan: Yes Locally Controlled Loan Program: No Recycling: Yes Fire Insurance Rating: NA Industrial Plans Approved By: Architectural Review Board,City Building Official Public Protection Services Service Type Regular Part-Time Volunteer Seasonal Fire --- --- 20 --- Police --- --- --- Sheriff 4 --- --- --- EMT --- 16 --- Property Taxes-Payable 2006 Property Tax Information Assessed Market Value Information State Tax Rate 50.83% Commercial $61,677,567 Municipal Tax Rate 35.03% Residential $766,231,200 County Tax Rate 26.97% Other $199,787,218 School Tax Rate 17.87% Misc.Tax Rate 4.27% Total Tax Rate 134.97%.Total $1,027,695,985 Minnesota commercial real estate taxes are based upon market value of taxable property as set by the local assessor.To calculate the tax for the current year,first compute the tax capacity by multiplying all property value up to$150,000 times.015,plus any value over$150,000 times.02. Example:net tax capacity on a$200,000 business property:($150,000 X.015)+($50,000 X.02)_$2,250+$1,000=$3,250.Tax capacity times the tax rate equals taxes owed.Commercial and industrial property must also pay a state property tax,which is equal to the tax capacity times the State Tax Rate. In some localities where voters have approved referendums,an additional referendum tax must be added,calculated by multiplying the referendum tax rate times the total market value of the commercial property. Please note:Specific property tax classifications and computations can be more complex and result in different tax amounts.This simplified explanation applies in the most general situations and will allow a business to roughly estimate its potential property tax burden.The county assessor or auditor may be able to answer questions about specific properties and uses. i �• � tit �"' ��, �. �a ,: ,,; >; � � E��,.