Annual Disclosure of Tax Increment Districts for the Year Ended December 31, 2015
*The fiscal disparity 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 increment financing district revenue depending on how the tax increment financing district is established.
Tax increment financing districts District 2201 Downtown and District 2202 Mound Harbor, do not share their growth in commercial-industrial property tax values. This results in an increase in the property taxes for other properties located in Mound. For taxes payable 2015, the increase in taxes on other properties amounted to $40,152 and $1,830 respectively.
Additional information regarding each district may be obtained from Catherine Pausche, City Finance Director at 2415 Wilshire Boulevard, Mound, MN 55364, 952-472-0633.
August 13, 2016