Hennepin County Property Tax 2020

Hennepin County Property Tax 2020 >>CHAIR LOEFFLER: THANK YOU ALL FOR BEING HERE. WE HAVE A FULL AGENDA AND A COUPLE TOPICS THAT CAN GENERATE DISCUSSION. WE DO HAVE A QUORUM. I LIKE A MOTION TO APPROVE THE MINUTES OF FEBRUARY 4., REPRESENTATIVE PETERSBURG. >> REPRESENTATIVE PETERSBURG: I MOVE. >>CHAIR LOEFFLER: ANY QUECKZS OR DISCUSSION? IF. NOT; ALL IN FAVOR; AYE. OPPOSED; NAY. THE MOTION IS APPROVED AND THE MINUTES ARE FINALIZED. WE ARE GOING TO START OUR DAY WITH. SOME BACKGROUND FROM HOUSE RESUCH ON THE PRODUCTION TAX SO WE HAVE BACKGROUND BEFORE WE GET INTO REPRESENTATIVE LISLEGARD. TACONITE PRODUCTION BILL. WELCOME TO THE COMMITTEE MR. SWANSON AND. GIVE BACKGROUND. >> MR. SWANSON: I'M FROM HOUSE RESEARCH. I'LL GIVE BACKGROUND ON THE PRODUCTION TAX BEFORE WE HEAR THE, FIRST BILL TODAY. SO; MINES AND FACILITIES USING THE PRODUCTION OF TACONITE ARE EXEMPT FROM TAX. THE MINING INDUSTRY PAYS A PRODUCTION. TAX ON THE PRODUCTION OVER A THREE YEAR PERIOD. THE MONEY GENERATED IS DISTRIBUTED TO LOCAL GOVERNMENT WITHIN THE TACONITE RELIEF AREA. THIS IS CALCULATED BY MULTIPLYING A TAX RATE BY A TAX BASE AND,. THE TAX RATE FOR THIS CALCULATION IS SET IN STATUTE AND FOR TAXES THAT WERE DISTRIBUTED IN 2018 THAT TAX RATE WAS JUST OVER $2.70 PER TAXABLE TON. THIS RATE IS. INDEXED FOR INFLATION AND FOR THE-DISTRIBUTION IN 2019 THAT TAX RATE WILL BE JUST OVER $2.75. THE TAX. BASE ON WHICH THE RATE IS APPLIED IS A THREE YEAR AVERAGE OF TACONITE PRODUCED AND THAT THREE YEAR AVERAGE IF, YOU JUST TO SMOOTH OUT CHANGES IN TACONITE PRODUCTION AND KEEP THE TAX MORE STABLE; THE STATE CALCULATES THE TAX AMOUNTS, AND THEN NOTIFIES EACH MINING COMPANY OF THE AMOUNT THEY NEED TO PAY. THAT PRODUCTION TAX IS. DISTRIBUTED. ONE THING I WANTED TO MENTION THAT GOES INTO THIS PRODUCTION TAX IS THAT THERE IS ALSO A STATE GENERAL FUND PAYMENT INTO THE TAX AND THAT IS NOT. SET AT A PARTICULAR DOLLAR AMOUNT; INSTEAD IT IS, TIED TO THE PRODUCTION ITSELF SO IT IS SET AT 22 CENTS PER TAXABLE TON. THE ANNUAL PAYMENT IS. MADE FLAUM GENERAL FUND AND YOU CAN SEE IN THE TABLE ON-YOU SHOULD HAVE A HANDOUT THAT SAYS THE PRODUCTION TAX OVERVIEW. LOOKS LIKE THIS AND HAS A TABLE AT THE, BOTTOM. YOU CAN SEE OVER THE LAST 7 YEARS WHAT THE. PRODUCTION TAX TOTAL HAS BEEN AND THIS TABLE ALSO SHOWS THE AMOUNT THAT WAS LEVIED ON THE MINING COMPANIES AS WELL AS THE AMOUNT OF 22 CENTS PER, TAXABLE.

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