Even though we hope that most of you are "Up North" with your families, we wanted to pass along some information that came through on Friday. MSRPO's work continues even when the fish are biting.
The Pioneer Press wrote an article that looks at the problems we will face when Limited Market Value phases out. Here is a link to the article.
Limited Market Value creates a taxable value separate from market value. The Limited Market Value creates a predictable maximum a property's taxable value can increase. Minnesota is currently phasing out this law. MSRPO is working to make it permanent. Since lakeshore and forest land have had the biggest property value increases in recent years, we will be most negatively impacted by the phase-out.
Secondly, Rep. Tom Emmer sent an email update that you will find interesting. The refund, targeted tax relief and deferral programs that both Rep. Emmer and the Pioneer Press article point to do not currently apply to seasonal. This, we feel, is just plain wrong, particularly given that the Limited Market Value phase-out will impact seasonal property more than any property class in the state.
When you see your legislators this summer at county fairs, parades, block parties, or the local market, please do not forget to mention how the phase-out of Limited Market Value will hurt your family. Remind them that seasonal property will have the biggest increases, and that we have no safety net - unlike homesteads - when taxes surge.
Last session the Senate Tax Committee did include seasonal property on many of the programs that Rep. Emmer highlights below. Unfortunately Gov. Pawlenty vetoed the bill and could reach no compromise with the legislature. We will build upon this base, and push an expanded agenda next session.
Here is the email update from Rep. Tom Emmer:
Date: July 27, 2007 4:27:12 PM CDT
To: "Announcements From Representative Tom Emmer"
Subject: Hi everybody
I just wanted to remind you about some property tax refund programs you may be able eligible for, providing you file before August 15th.
If you owned your home on both January 2, 2006 and January 2, 2007, and saw your net property tax on your homestead increase by more than 12 percent and at least $100 from 2006 to 2007, you are likely eligible for the Special Property Tax Refund.
If you are a homeowner with a household income of less than $91,120 or a renter with a household income less than $49,160, you also likely qualify for some relief. Your refund will depend on how high your property taxes or rents are relative to your income. Higher income limits apply for those with dependents, for senior citizens or for the disabled.
Senior citizens should also take note. The Senior Citizens Property Tax Deferral Program allows property taxpayers who are 65 years or older to defer a portion of their homestead property taxes until a later time and can still file for a property tax refund that may be adjusted to the deferral amount.
If you have any questions about these programs or need the forms to fill out, please call the Minnesota Department of Revenue at 800-657-3676 or visit their website.
I hope you are all having a great summer. As always, please don't hesitate to contact me with your questions or comments.
We hope that you are having a wonderful summer. Please don't forget to tell friends, family, and your lake associations about MSRPO. Forward this email to friends, and encourage them to join us. Grass Roots activism begins with membership. Thank you for your support and hard work, and have a great summer.
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