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Tax Rate <br />1 2009 1 2010 1 2011 1 2012* 2013 I 2014 2015 1 2016 <br />40.547% 37.811% 39.808% 44.154% <br />*Market Value Homestead Credit Exclusion Legislative Change. <br />NOTE: If the City was to keep the tax rate the same as 2011, factoring in the additional <br />Muni Center Debt Levy for 2013, the City would need to cut an additional $1,275,000 <br />From General Levy <br />MVHC is under review at 2012 Legislative session. Looking at restoring Market <br />Value Homestead Credit and getting nd ettin rid of the exclusion. See. League Memo. <br />HF 1775 (Rep. Paul Marquart, D-Dilworth): Restoration of market value homestead credit <br />g <br />(MVHC). Thirty -five DFLers <br />authored legislation that would restore the MVHC program that was <br />repealed and replaced with the homestead market value exclusion program. Elimination of the <br />MVHC was one of the most controversial issues to come out of the 2011 legislative session, and it <br />continues to be hotly <br />debated in state and Iocal media. The former homestead credit system <br />reduced taxes paid by homeowners to cities and other Iocal units of government by roughly $280 <br />million p <br />• per year. The state was supposed then su osed to reimburse local units of government for the loss <br />. of tax revenue. The proposal does not identify a funding source nor does the bill guarantee the <br />full payment reimbursement ayment to local units of government. <br />