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Levy Certifi~ation <br /> <br /> Beginning wiih taxes collectible in 1994, cities must reduce the tax levy certified to the county <br /> for the amouflt of HACA to be received. In previous years the county was responsible for this <br /> adjustment. <br /> <br /> In addition, t~e law fi>lds the equalization aid and disparity reduction aid programs into the LGA <br /> base. As a r~sult, the county auditor will no longer reduce a city's certified levy with these <br /> amounts. <br /> <br /> Special AssesSments <br /> <br /> Counties willinow be able to charge cities for the cost of administering special assessments <br /> certified after.July 1, 1993. <br /> <br /> [ <br /> Aid Reductio0s for Debts Owed <br /> <br /> The Commissironer of Revenue may withhold local government aid payments to a debtor city or <br /> county and rer~it the amount to the creditor city or county if the debt is more than $100 and more <br /> · <br /> than s~x montlis overdue. <br /> <br /> ? <br /> <br />PROPERTY TAX SYSTEM <br /> <br />Limited Mariner Value <br /> <br />The law caps th, e annual market value increase fbr certain types of property at ten percent or one- <br />third of the inc,:ease, whichever is greater. This provision will only affect residential homestead <br />and nonhomes{ead, agricultural, and cabin properties beginning in 1994. The cap would not <br />cover valuatio6 increases due to new improvements and it would phase out in assessment year <br />1998. <br /> <br />"This Old Ho.~se" <br /> <br />The act allows {a portion of the value of improvements to homes more than 35 years of age to be <br />exempt from t}e property tax for ten years, or until sale of the home. After ten years, the <br />excluded valuelwill phase-in over a period of five years. <br /> <br />Commerciai/I0dustrial Properties <br /> <br />The act allows bwners of multiple commercial or industrial properties in a city or town to qualify <br />~br $100,000 o[ market value to be taxed at the reduced class rate. Currently, only one parcel <br />per owner per ~ounty can qualify. <br /> <br />Limitations oni Assessors <br /> <br />The law revokqs the license for any assessor, deputy assessor, assistant assessor, appraiser, or <br />other person employed for making property appraisals from doing s!milar work within the <br />assessment jur~s.d~ctmn. <br /> <br />-2- <br /> <br /> <br />