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Major Commercial Property Tax Reform Passes

ST. PAUL, MN-The compromise proposed by Gov. Jesse Ventura breaks a stalemate that could have shut down government. Multifamily building owners will see an average of 24% reduction in taxes.

By Jim McCartney | Updated on June 29, 2001

ST. PAUL, MN-After a compromise proposed by Gov. Jesse Ventura last week, the Republican-controlled House and Democrat-controlled Senate finally passed a budget Thursday, sending the bills to Ventura. The House vote was 117-16; the Senate approved it 52-11.

The deal enacts major commercial property tax reform and is expected to provide about $900 million in tax relief and $860 million in new spending. It would reduce property taxes, on average, by 24% onapartments, 10% on businesses, 22% on homes and 11% on cabins. In addition, taxpayers would see rebates worth about $700 million this summer.

The plan essentially splits the difference on many of the issues that have prompted the impasse at the state Capitol, resulting in the state Legislature adjourning a month ago without a budget or spending plan.

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