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I <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br /> <br />I <br />i <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />SHALL BUSINESS PROPERTY 1AX CREBII <br /> <br />SINCE 1981 THE AVERAGE MiLL RATE ON COMI~ERCIAL/]NDUSTRIAL <br />PROPERTY JUMPED FROM 92 MILLS TO 113 MILLS, IN ADDITION TO <br />THIS, COMMERCIAL-iNDUSTRiAL PROPERTY HAS BEEN SUBJECT TO AN <br />INVARIABLE INCREASE iN ASSESSED ~RKET VALUE, BOTH OF THESE <br />FACTORS HAVE COMBINED TO PUSH PROPERTY TAXES [FDR SI~LL BUSINESSES <br />ESPECIALLY) DRAMATICALLY HIGHER OVER THE PAST THREE YEARS, THE <br />SANE PERIOD OF TIHE HAS BORNE HITNESS TO A NATIO~AL RECESSION HITH <br />HARROWING CONSEQUENCES FOR ~INNESOTA AND NORTH-EASTERN ~INNESOTA <br /> IN PARTICULAR, AT A T]ME HHEN SMAL~ .... <br /> BUSINESS RECEIPTS HERE <br /> <br />ALMOST UNIFORMLY 90~N~ ~HEN THE SHALL BUSINESS PERSON~$ ABILITY <br /> <br />· TO PAY ~AS OFTEN AN~ HIS PROPERTY TAXES SKYROCKETED, <br />THiS IS NOT FAIR~ IT IS NOT PROGRESSiVE~ AND IT IS HAVING A REAL <br />~mD DET, IME,TAC ~ACT O. OUR ~,N~SOTA ~SINESS CLI~TE. OUR <br />SHA~L ~SI,ESS PROPER~ TAX CREdiT PRO~R~ RESPONDS ~0 T, IS* <br /> DILEMMA, UNLIKE THE ~INNESOTA CORPORATE TAX~ HHICH IMPACTS LESS <br /> THAN 10~ OF ~iNNEsoTA's BUSINESS COMMUNITY, COMMERCIAL-INDusTRIAL <br /> PROPERTY TAX RATES IMPACT EVERY BUSiNESS~ BiG OR SMALL~ IN OUR <br /> STATE,. ~ <br /> <br /> THIS PROPOSAL~ HHEN COMB[NED ~ITH A REDUCTION IN THE LOCAL SCHOOL <br /> MILL RATEr HOUL]) RESULT IN A SUBSTANTIAL REDUCTION IN PROPERTY <br /> TAXES ON SMALL BUSINESSES IN ~iNNESOTA AND SIGNIFICANTLY ENHANCE <br /> THE PROGRESSiVITY OF ~INNESOTA~S BUSINESS TAX SYSTER, ~S THE <br /> I~D(IMU~ CREDIT ~OULO BE REACHED ON A $100,000 I~.RKET VALUE ... <br /> BUILDING~ THE 6REATEST RELIEF HOULD BE. DIRECTED TONARD SMALLER~ <br /> /"lAIN STREET BUSINESSES AND MANUFACTURERS AND~ AS THE CREDIT ~OULD <br /> BE TIED TO LOCAL PROPERTY TAX RATES~ THE A~OUNT OF THE CREDIT HOULD <br /> BE THE ,GREATEST IN AREAS ~ITH THE HIGHEST TAX EFFORT,-' THE SIVALL <br /> BUSINESS PROPERTY TAX CREDIT PROGRAM NOULO BE IMPLEMENTED'AS <br /> FOLLONS: <br /> <br />~T PRESENT~ COMHERCIALAND iNDUSTRiAL PROPERTY IS TAXED AT 3~% <br />OF THE FIRST $50~000 OF HARKET YALUE~AND ~ OF THE EXCESS ABOVE <br />$50,000, ~E-PROPOSE REDUCING THESE RATES'TO 29~ OF'THE FIRST <br />$50,000 OF MARKET VALUE AND 38~ OF THE NEXT $50~000 O~ MARKET <br />VALUE, ~HE EXCESS ABOVE $100,000 HOULD CONTINUE TO ~E TAXED AT q3~, <br /> <br /> <br />