Each taxing jurisdiction certifies a levy equal to the amount of money it intends to raise from property taxes in the upcoming year. Jurisdictions that can levy include the state, a county, city/town, school district, and special taxing district.
There are special levy programs used for specific purposes, including fiscal disparities levies, tax increment financing levies, and power line levies. The tax base for levies can differ depending on the type of levy.
An exclusion program for property impacted by sharp valuation increases. The limited market value (LMV) exclusion limited the amount that a property's market value may grow from one year to the next. For each year, the maximum value increase was determined based on calculations in state law. The exclusion is the difference between the estimated market value and value of the property limited by the maximum value increase.
Local Government Aid (LGA) is a general purpose aid for cities that can be used for any lawful expenditure. It is also intended to be used for property tax relief. The formula calculates each city’s aid based on data variables such as population, housing stock, and property tax base. The Minnesota Department of Revenue certifies LGA for cities based on current statutes, including any changes enacted during the most recent legislative session, by Aug. 1 each year. The aid amounts listed are the actual amounts paid.
Local net tax capacity levies are the levies spread on the total taxable net tax capacity of the jurisdiction.
Each taxing jurisdiction certifies a levy equal to the amount it intends to raise from property taxes in the upcoming year. Local jurisdictions that can levy include counties, cities/towns, school districts, and special taxing districts.