WHAT IS THE COST OF THE PROPOSED PLAN?
MACCRAY Public Schools strives to manage all taxpayer dollars wisely and every resident's tax situation is different.
Because the operating levy is proposed to renew at its current rate with no net increase to property taxes, a residential homestead valued at $115,000 would see an estimated tax increase of $14 per month if both questions pass. Do you want to know your estimated tax impact if our proposed plan passes? Check out our tax impact charts or use the tax impact calculator below.
AG2SCHOOL TAX CREDIT
WHAT IS THE AG2SCHOOL TAX CREDIT PROGRAM?
The state’s Ag2School tax credit program reduces the property tax impact of school bond referendums on agricultural land. The Ag2School Tax Credit has been increased to 50% for taxes payable in 2020 and will increase to 70% by 2023 as per current state law.
WHAT DOES THIS GRAPH MEAN?
With the new Ag2School tax credit percentage increase, and if the proposed referendum passes, the state would be paying 54% of our total project costs, equal to $21.55 Million!
Minnesota Homestead Credit Refund
If your adjusted gross income is less than approximately $113,150, you may qualify for the Homestead Credit Refund (also known as the “Circuit Breaker” refund). This program, which has existed since the 1970’s, is intended to reduce tax burdens for homeowners with relatively low incomes and relatively high property tax burdens. Some important facts about this program are summarized below.
Available each year to owners of homestead property
Applies only to the taxes attributable to the house, garage, and one acre on agricultural homestead property
Available to all owners of residential homestead and agricultural homestead property with household incomes of less than $113,150
Refund is on a sliding scale, based on your income and your total property tax burden
The maximum refund is $2,770
Also available to renters
To determine eligibility and refund amounts, complete the Minnesota tax form M1PR