Friday, January 25, 2013
See which goods and services would be taxed more, less or not at all in Minnesota under the governor's proposed changes.
Here are three lists the Minnesota Department of Revenue released Thursday night, according to Morning Take (click on PDF thumbnails at right to display lists): Which changes would affect you? Which would have an effect on businesses in Southwest Minneapolis or the community more broadly? Leave a comment with an example below. Related posts:
Friday, October 28, 2011
Despite opposition—including all of Southwest's city councilors—mayor works to keep Minneapolis in the mix
The odds for getting a publicly funded Vikings stadium built in Minnesota appear long, but that didn't stop Minneapolis Mayor RT Rybak from making a public pitch on Thursday for a city-funded stadium. At the core of the mayor's presentation were details of two different funding proposals to generate between hundreds of millions of dollars in revenue to fund a new stadium in one of three sites around the city. Two of those sites sit just north of the Minneapolis Basilica and the other now holds the Metrodome. Using one approach, a .35 percent sales tax and a 1 percent lodging tax would be used to raise between $195 and $300 million, depending on the site. In the other approach, a 5 percent tax on revenue from a new downtown casino in the …
Wednesday, October 19, 2011
Move will help keep property taxes down in 2012.
Property taxpayers in Southwest Minneapolis can breath a small sigh of relief with last week's news that the final merger of the city's firefighter and police officer pension system has been approved. Costs associated with the pension schemes helped drive property taxes up last year, and could have added $20 million to the city's 2012 budget. With the merger approval, the city is no longer on the hook for further payments to the funds. In the past, the funds overcharged the city by more than $50 million. Calling the pension systems "broken" in a written statement, Mayor RT Rybak's office heralded the decision. "The old, broken system served almost no one well: it maximized risk and volatility for both pensioners and taxpayers," the …
Wednesday, October 12, 2011
3% property tax rise projected for 2013 to deal with pressure.
If you thought this year's zero percent increase in property tax rates was for good, think again. According to Minneapolis budget director Heather Johnston, the city is facing a four percent increase in its health care costs from 2011 to 2012 despite restructuring its benefit plan. That would be a proverbial drop in the budgetary bucket, until you look to 2013, when Johnston predicts costs will jump another nine percent, followed by year-after-year increases of 16 percent starting in 2014. That works out to around $16 million that the city has to find somewhere in its budget in 2014, either through cuts or property tax increases. Right now, the city assumes it will have to ask for a three percent increase in taxes next year, and more in …
Wednesday, September 28, 2011
Cuts are proposed for third year in a row.
Tuesday, September 13, 2011
The state legislature's actions shifted the burden onto local taxpayers.
As part of the deal ending the state government shutdown, the legislature decided to nearly eliminate a long-standing assistance for local taxpayers, called the market value homestead credit. The impact, as Burnsville Patch Local Editor Patty Busse describes, will hit Minnesota property taxpayers. For Southwest's residents, despite the mayor's pledge to hold property taxes at their current levels, they could still see an increase in their bills this year. Because of esoteric details in the program, high-value homes and businesses will have to pay more under the new scheme.
After suggesting earlier the 2012 budget proposal would contain a 2 percent property tax increase, Rybak now says he'll hold the line.
This afternoon, Minneapolis Mayor RT Rybak delivered welcome news for all Southwest Minneapolis homeowners as he outlined his proposed 2012 budget in the former Grain Exchange. Despite saying earlier this year that he would suggest a 2 percent increase in property taxes, he said his budget will call for no rise in taxes for the next four years. "Our property taxes are simply too high," Rybak repeated again and again during his speech. However, due to the state Legislature's elimination of the market value homestead tax credit, many Southwest residents will see their property taxes rise. While specifics are not set to be released until today at the earliest, Rybak acknowledged his budget will contain numerous "difficult cuts" to accommodate…
Monday, September 12, 2011
Patch will live-tweet the event
After weeks of waiting, Minneapolis Mayor RT Rybak is slated to present his proposed 2012 budget to the City Council today at noon on the fourth floor of the Grain Exchange Building in downtown. The bulding serving as a backdrop to the Mayor's speech was recently re-opened with city help as an incubator for small, creative businesses. The mayor is nearly a month late delivering his Budget Address, compared to when city mayors typically outline their budget proposals to the public. The Board of Estimation and Taxation will hold a hearing tomorrow afternoon to hear testimony from citizens and vote on the mayor's proposed two percent property tax hike. The mayor laid the blame for his tardines on the state government shutown, but has come …