Agenda - Council - 07/12/1982 - Special

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e The qualifying tax amount for the Minnesota Property Tax Refund (Line 1, 1982 Property Tax Statement) is the homestead credit gross tax less all other credits other than thc homes/end credit on the dwelling and land, but no more than 10 acres of land. The qualifying tax amount for the Special Property Tax Refund (Line 3, 1982 Property Tax Statement) is the gross tax ]ess all other credits other than the ho~nestead credit on the dwelling and land, but no more than 10 acres of land. Where property is used for both homestead and commercial purposes, or when one of these units in an apartment building is homesteaded and the value of the homestead unit is less than $27,000, the difference between the value of the homestead unit and $27,000 should be taken out of thc commercial or non- homestead portion of the property. That is, even though the value of the homestead unit is less than $27,000, at le. ast $27,000 in value wilI receive the benefits of thc homestead classification. Mid-Year Homestead One-half of the total value is assessed at the homestead percentages (e.g., a vacant lot with a value of $10,000 on January 2nd would have the $5,000 .assessed at 16%, $5,000 at 40%). The value to be assessed at the lower percentage is to be no more than 1/2 of the first $27,000 of value and no more than 1/2 of the second $27,000 of value (i.e., 1/2 of $27,000 = $13,500 at 16% and 1/2 X $27,000 = $13,500 at 22%). The homestead tax credit is based on the homestead credit gross tax less all other credits attributable to the homestead portion of the property. The maximum credit is one-half of the full homestead tax credit (i.e., 1/2 x $650 = $325). The qualifying tax amount for the Minnesota Property Tax Refund (Line 1, 1982 Property Tax Statement) is the homestead credit gross tax ]ess all other credits other than the homestead credit on the dwelling and land but no more than 10 acres of land. The qualifying tax amount for the Special Prope~{y Tax Refund (Line 3, 1982 Property Tax Statement) is the gross tax less all other credits other than the homestead credit on the dwelling and land, but no more than 10 acres of land. Agricultural Homesteads Full Homestead The first $54,000 of value is assessed at the lower precentage (i.e., $54,000 X 14%). All contiguous and non-contiguous land within two assessment districts owned by the taxpayer qualifies for the $54,000 but the dwelling and land most contiguous, closest to or surrounding the dwelling should get the preferential treatment first. The 18 mill state ~chool agricultural credit applies to the dwelling and the 320 acres of land most contiguous surrounding or closest to the dwelling. Buildings located on the 320 acres also qualify for the 18 mill credit. 'Non-contiguous land owned by the taxpayer may be included in order to reach the 320 acres but such non-contiguous land must be no farther than two townships or cities from the dwelling. The next 320 acres of land that is contiguous, or non-contiguous, but no farther than two townships or cities from the dwelling, receives a 10 mill state school agricultural credit. Any acreage in excess of 640 acres that is contiguous, or non-contiguous, but no farther than two townships or cities from the dwelling receives an 8 mill state school agricultural credit. Agricultural property owned by -2-