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2012 annual tax increment disclosure statement City of Lanesboro

Fri, Aug 9th, 2013
Posted in Lanesboro Legals

2012 annual tax increment disclosure statement

City of Lanesboro

Lanesboro economic development authority

The following information represents the annual disclosure of tax increment districts for the year ended December 31, 2012

TIF 2-2

Currrent net tax capacity $23,169

Original net tax capacity $540

Captured net tax capacity $22,629

Principal and interest payments due in 2013 $24,245

Tax increment received in 2012 $31,424

Tax increment expended in 2012 $23,461

Month and year of first tax increment receipt 06/2008

Date of required decertification 12/31/2033

The total increased property taxes to be paid from

outside the district if fiscal disparities Option A applies* $0

The fiscal disparitites property tax law provides that the growth in commercial-industrial property tax values is shared throughout the area. In a tax increment financing district, this value sharing can either result in a tax increase for other properties in the municipality or result in a decrease in tax incerment financing district revenue depending on how the tax increment financing district is established.

Tax Increment Financing District TIF 2-2 does not share its growth in commercial-industrial property tax values. This results in an increase in property taxes for other properties in this municipality. For taxes payable in 2012, this increase in taxes on other properties amounted to $0.00.

Additional information regarding each district may be obtained from:

David Todd

202 Parkway Ave. South

Lanesboro, MN 55949

(507) 467-3722

Email: lanesboro@acegroup.cc

Publish 12

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