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FREQUENTLY ASKED QUESTIONS REGARDING PROPERTY <br /> TAXES <br /> <br />What is Tax Capacity Value? <br /> Tax Capacity Value is determined by multiplying the market value of the <br /> property by the statutory percentage rates (also called class rates) for the <br /> specific classification(s)/use(s) on the property. For example, a residential <br /> property that is homesteaded will use a percentage rate of 1% on the first <br /> $500,000 of marketable value. Minnesota has many class rates and those <br /> rates can be changed only by the State Legislature. <br /> <br />What is Tax Capacity Rate? <br /> The Tax Capacity Rate is determined annually by the County <br /> Treasurer/Auditor. This rate is multiplied by the Tax Capacity Value to <br /> arrive at the property tax. <br /> <br />The Tax Capacity Rate is a result of dividing the property tax levies <br />submitted by the taxing authorities (school district, county, city/township, <br />metropolitan authorities, etc.), by the overall/total tax capacity value for <br />that taxing jurisdiction. <br /> <br />A separate tax capacity rate applies to commercial/industrial/utility <br />property because of fiscal disparities (a tax sharing program in the seven <br />county metropolitan area). Commercial/industrial properties also pay a <br />statewide general property tax. <br /> <br />What is a Truth in Taxation Notice (TNT) and hearing? <br /> The Truth in Taxation Notice (TNT) also known as the Notice of Proposed <br /> Taxes is mailed in mid-November each year to each property tax owner. <br /> The notice estimates the property tax you will pay in the following year if <br /> the taxing jurisdictions (school district, county, city/township, metro <br /> authorities, etc.) approve the budget amounts that are considering. <br /> <br />The Truth in Taxation hearing allows property owners to attend meetings <br />held by the local units of government and gives them the opportunity to <br />express their opinions on local budgets. This is not the meeting to <br />discuss your taxable market value. Questions concerning the taxable <br />market value of a property are to be brought forward to the County <br />Assessor at a special meeting held in April known as the Board of Review. <br /> <br />Public Hearing - December 5, 2005 <br /> <br /> <br />