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I <br />I <br /> <br />City of Ramsey <br /> <br /> I <br /> i <br /> ! <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />'1 <br /> I <br /> I <br /> ! <br /> I <br /> I <br /> I <br /> <br />TRUTH IN TAXATION Provides taxpayers with a preliminary property tax notification if <br />any taxing district proposes to increase taxes through proposed budget increases. <br />Included on the notification is the market value, classification, a proposed tax by taxing <br />district, and time and place of taxing district budget hearings. <br /> <br />UNIMPROVED LAND Land without buildings, in its natural state. <br /> <br />VACANT LAND Land without buildings. May or may not have improvements such as <br />grading, sewer, etc. <br /> <br />VALUE EXEMPTION FOR CERTAIN IMPROVEMENTS (THIS OLD HOUSE) <br />Qualifying homes, 35 years or older, were previously eligible to receive a temporary <br />exemption on all or a portion of the assessor's estimated value for certain newly <br />constructed improvements with an assessed value of $1,000 or more if a building permit <br />was issued by June 30, 1999. Legislative action in 1999 amended this law effective July <br />1, 1999 that to qualify for exemption of improvements from the property tax, the property <br />must be 45 years of age or older at the time the improvements commence and the <br />properly must be receiving the homestead classification. The minimum assessed value <br />must be $5,000 for eligible improvement. This includes properties classified as <br />residential homestead (including duplexes and triplexes), blind/paraplegic <br />veteran/disabled homestead and agricultural homestead. In addition, the owner must <br />have taken out a building permit and file an application for the exemption with the <br />assessor. <br /> <br />26 <br /> <br /> <br />