94-8115r72
RESOLUTION NO. 8115
RESOLUTION SUPPORTING H.F. 1826, UNCAPPING THE
APPROPRIATION FOR TARGETED PROPERTY TAX REFUNDS FOR 1994
WHEREAS, current State law provides for targeted property
tax relief for certain homestead properties where the property
tax has increased by at least $100 over the prior year; and
WHEREAS, the current targeted property tax refund program is
capped at a total of $5,500,000 annual payments under the
program; and
WHEREAS, the effect of such cap is to raise the minimum
property tax increase necessary to qualify for the program to a
property tax increase of approximately $300 or more for 1994; and
WHEREAS, a minimum property tax increase of $300 Or more
would exclude the majority of all Richfield properties from
participation in the program; and
WHEREAS, H.F. 1826 would remove the cap for the targeted
refund program for 1994, with additional funding necessary to be
paid from the State General Fund, making the program available to
a number of Richfield homeowners.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the
City of Richfield does hereby support H.F. 1826 and urges its
passage in the 1994 Legislature.
Adopted by the City Council of the City of Richfield, Minnesota
this 28th day of February, 1994.
Martin J. Ki sch Mayor
ATTEST:
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Thomas P. Ferber City Clerk