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<br />JUH T t ',g~! <br /> <br />MINNESOTA Department of Revenue <br />Property Tax Division <br /> <br />). <br /> <br />" <br />Mail Station 3340 <br />Phone (651) 296-3155 <br /> <br />St. Paul, MN 55146-3340 <br />Fax (651) 297-2166 <br /> <br />June 11, 1999 <br /> <br />To: County Auditors and Cit). Finance Officials <br /> <br />Re: .NewLaw Regarding Tax Rate Increase Hearings and Resolution <br /> <br />A provision in the 1999 Omnibus Tax Bill requires counties and cities to hold a public <br />hearing and ~dopta ~esolutipI1before;a>~:leYY.c.e.!f.ification. tax.r.~te:'jncrease maybe <br />(alloWed. This"publicheanng is in addition to. and earlier"than the Truth in Taxation <br />hearing required for. counties and iorcities over 500 population. (Laws 1999, Chapter <br />243,'Artic1e 6, Section 2) <br /> <br />Under this new law, tpe.c()~l!ty auditorisrequired to :certify.the following information to <br />the county board and to t.he govemingbody.~(eac~ city within the county,on,ori>efore <br />pctober.l,1999, and on or before October 1 each year thereafter. The certification to a <br />city that is located in more than one county is to be made by the "home" county auditor. <br /> <br />~.:tf) <br /> <br />J. <br /> <br />. (1) The taxing authority's final total certified le\'y under M.S. 275.08 for the current <br />\ taxes payable year (net tax capacity based taxes and market value based taxes <br />combined), minus <br /> <br />(a) The total amount levied for general obligation bonds for the current taxes <br />payable year (net tax capacity based and market value based taxes combined); <br /> <br />. (b) The fiscal disparity contribution lev)', if any, under M.S. 276A.06, Subd. 3 (Iron <br />Range counties and cities) or M.S. 473F.08, Subd. 3 (counties and cities within <br />the 7-county metropolitan area) for the following taxes pavable year; and <br /> <br />(c) The sum of the net tax capacity adjustment amount and the fiscal disparity <br />adjustment amount for the determination of the homestead and agricultural credit <br />aid (HACA) pavable in the following Year. (The Property Tax Division of the <br />Department of Revenue will certify these amounts to the county auditor later this <br />summer.) . <br /> <br />(2) The taxing authority's taxable net tax capacity for the current assessment year, for <br />taxes payable in the following year. This is the total net tax capacity minus the power <br />line, tax increment, and fiscal disparity contribution net tax capacities. This is the <br />same definition of "taxable net taX capacity" that is used for the taxable net tax <br />capacity used in determining local tax rates. <br /> <br />. <br /> <br />(3) The "levy certification tax rate" obtained by dividing (1) above by (2) above, rounded <br />to the nearest hundredth percent (000.00%), <br /> <br />A 1/ equal opporllll/ity ('mploycr <br /> <br />Continued... <br />m',TDD' (651) :15-0069 <br />