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<br />rei ----'\) <br />( ); <br />tli{ <br /> <br /> <br />Item #3. <br /> <br />River <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Mayor & City Council <br /> <br />FROM: <br /> <br />/'\ <br />Pat KIaers, City Ad~ ,. <br />December 6, 1999 <br /> <br /> <br />DATE: <br /> <br />SUBJECT: Truth in Taxation Hearing <br /> <br />The City of Elk River tax levy and budget public hearing is scheduled for <br />6:00 p.m., Monday, December 6, 1999, at the Elk River City Hall. This public <br />hearing is required by the Truth in Taxation state law. The purpose of this <br />public hearing is to receive citizen input on the proposed 2000 city budget and <br />tax levy. <br /> <br />. <br /> <br />A public hearing notice for this meeting was published in the December 1, <br />1999, Elk River Star News. Notification was also given by way of a front page <br />article in the city newsletter, Elk River Current, which was distributed with <br />the December 1, 1999, edition of the Star News. <br /> <br />In compliance with the Truth in Taxation state law, the county has sent out <br />notice of this public hearing to each property owner in the city. Part of this <br />notice includes information on the property owner's proposed city, school <br />district, and county taxes for 2000. If your home or business received a <br />"typical" increase in value in order to keep up with the market, you still most <br />likely saw a decrease in the total taxes due for 2000 as compared to 1999. This <br />is because the overall city tax rate went down in 2000 as compared to last <br />year. The school district is the main reason for the decrease in the tax rate. <br />Additionally, a significant factor in the decrease in the amount of taxes due in <br />2000 is the increase in the education credit that was approved by the state <br />legislature. The combination of the tax rate going down and the education <br />credit going up has generally offset any value increases so that property <br />owners are seeing an overall decrease in their taxes due in 2000. <br /> <br />Attached for your information is material from the Sherburne County <br />Auditor/Treasurer Office regarding 1999 and proposed 2000 tax rates and tax <br />capacity values. <br /> <br />. <br /> <br />13065 Orono Parkway. P.O. Box 490. Elk River, MN 55330. TDD & Phone: (612) 441-7420. Fax: (612) 441-7425 <br /> <br />< <br />