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HIGHLIGHTS OF THE TAX LAW CHANGES <br /> THAT AFFECT ELK RIVER <br /> <br />Levy limits are reinstated for taxes payable 2002 and 2003. The levy limit calculation <br />includes adjustments for increases in households and commercial/industrial market <br />value as well as an implicit price deflator adjustment. <br /> <br />HACA (Homestead and agricultural credit aids) is eliminated. <br /> <br />Market Value Homestead Credit is created (or recreated since it existed in a similar <br />form before HACA). <br /> <br />Local Government Aid formula is changed and a LGA reform account is <br />established. <br /> <br />State takes over the General Education Levy. <br /> <br />State levies a tax on commercial/industrial and cabin property. <br /> <br />Truth in Taxation requirements are eliminated for pay 2002 including the tax rate <br />increase hearing and resolution. (Truth in Taxation notices, publication, and hearing <br />are required in 2003.) <br /> <br />Market value referendum exempts agricultural land and cabins from voter approved <br />levies. (Unless the local government requests that it be converted to a NTC levy.) <br /> <br />Market value phase in of platted vacant land extended from 3 to 7 years for counties <br />outside the metro area. <br /> <br />Homeowner property tax refund is increased to a new maximum refund of $1,500 <br />and a maximum income of $80,000. (The maximum refund was $510 in 2001 and <br />the maximum income was $71,700.) <br /> <br />Valuation and Classification notice now must be sent annually to all property owners <br />even if there were no changes. (The notice must include the current and previous <br />year market value and classification.) <br /> <br /> <br />