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House Research Department <br />Date: July 19, 2001 <br />Run: totsav04 <br /> <br />Property Tax changes due to changes in aids and credits under the Omnibus <br />Tax Bill (2001 Special Session Chapter 5) <br />The attached run shows the net change in property taxes in each city due to the combined effects <br />of' <br /> · the state education levy takeover; <br /> · the new state property tax; <br /> · the new state cred/ts; <br /> · the net effect of city aid changes; and <br /> · the effect of the transit relief in both the metropolitan area and out-state region. <br /> A negative number indicates a decrease in property taxes while a positive number indicates <br /> an increase in property taxes paid by taxpayers in that city. <br /> Caveats: The run does nog show the effects of any shifts in tax between properties due to the <br /> class rate changes nor. does it reflect any increases in property tax refunds to low-income <br /> taxpayers under the expansion of that program. Because some Of the changes affect only certain <br /> types of taxpayers wkile others affect all taxpayers in the jurisdiction, the table does not show the <br /> impact on an individual taxpayer (see column 7 below). <br /> <br />Columns in the table: <br /> <br />Column 1: <br />Column 2: <br /> <br />Column 3' <br />Column 4: <br /> <br />Column 5: <br /> <br />Column 6: <br />Columu 7: <br /> <br />City population for 2000 from the U.S. Census. <br />Net decrease in sch%o~t~operty taxes due to the takeovers of the general <br />education levy and $B-5'0 per pupil of school referendum levy. <br />New state tax paid only. by businesses and seasonal-recreational property. <br />New homestead and agricu, ltu~r, al c]:e..d/ts,,which, lo.we[ ta~xes on~ for homes and <br />farms. ~,.~,..~J d,~ d/v'~C'~'t <br />The net effect on property taxes due to the elimination of city HACA and the <br />increased funding of city LGA, assuming that cities levy back all lost <br />reduce property taxes for any net increase in aid). <br /> The decrease in property taxes from the state takeover of the transit levy in the <br /> metropolitan area and the transit aid in the out-state region. <br /> The total decrease (or increase) in property taxes paid by taxpayers in the city <br /> to the combination of the changes in colunms 2 through 7. <br /> <br /> <br />