Two credits available for OTC residents
Published on April 10, 2023 at 2:27pm EDT | Author: henningmaster
0To the Editor,
Doug and I utilized the application provided by the school to determine the tax impact on our property. We own a home and 158 of land classified as Ag Homestead or RVL Homestead. The tax impact on our property will amount to $62 a month or $763 per year. I reached out to Wayne Stein, Otter Tail County Auditor to understand how these property tax credits impact the tax payers in the district. This is the information he shared with me.
The following two credits are currently available in Otter Tail County:
• Agricultural Homestead Market Value Credit, which is available to ag homestead properties only and has a cap of $490, and the
• School Building Bond Credit, which is available to both Ag Homestead and Ag Non- Homestead Properties. The School Building Bond Credit currently funds 70 percent of the School District Debt Service Levy for Ag Homestead and Ag Non Homestead properties.
Neither of these credits shift taxes to other property classifications. Both credits are funded by the State of Minnesota.
What this means to us is that the dollars for these credits have been appropriated by our elected officials to help lower the impact of property taxes. The School Bonding credit funding can only be made available to our district if the School referendum passes. This is an opportunity for the taxpayers within the Henning School District to recoup dollars we have all paid in state income and sales taxes.
The School Building Bond Credits would be paid directly to the school. We urge you to consider how you could bring tax revenues back into our community and address the school building needs for repairs and upgrading to address the education of our students now and in the future. We plan to vote Yes, Yes on the referendum ballot.
Doug and Diane Thorson,
Henning