This site provides information for taxpayers of Independent School District 2154 – Eveleth-Gilbert regarding how the district's voter-approved bond referendum will affect their property taxes. The site was prepared by the school district's municipal advisors, Ehlers, in cooperation with the school district. If you have questions about the information on this site, contact Ehlers at the numbers listed below.
The district held a special election on Tuesday, May 14, 2019, with the following ballot question that was approved by the voters:
Question 1 authorized the district to jointly operate a High School Career Academy and issue up to $30,940,000 for the construction together with Independent School District No. 706 (Virginia) of the new High School Career Academy and construction of a new District elementary school. The primary project components will be:
For additional information on how the funds would be used, click on the "Return to School District Website" button above.
The bond sale occurred on June 25, 2019 and closing on the bonds is scheduled for July 18, 2019, with a principal amount of $28,550,000 (less than the authorized amount, due to a net premium bid received from the underwriter with the low bid on the bond sale). Interest rates declined significantly since the pre-election estimates were prepared. The actual true interest cost rate of 2.74% is substantially lower than the pre-election estimate of 4.10%. As a result, total principal and interest payments on the bonds will be approximately $5.8 million less than the pre-election estimates. The property tax increase related to the new bond issue will begin with taxes payable in 2020 and the debt service tax levies will be in place for 20 years. The Department of Iron Range Resources and Rehabilitation (DIRRR) will allocate $4.9 million annually to the two districts for the 20-year life of the bonds. In addition, the two districts will qualify for approximately $5 million annually in State Debt Service Equalization Aid that will reduce the amount of property taxes levied for the bond payments.
To determine the estimated impact of the proposed ballot questions on your 2020 taxes, follow the instructions below or view sample property types and values here
To go directly to the online tax calculator for residential homes, click here.
To go directly to the online tax calculator for commercial/industrial properties, click here.
Agricultural (including timber, rural vacant and managed forest), property owners,please contact Ehlers.
Your 2020 taxes will be based on the 2019 Estimated Market Value (EMV), which will be mailed to you by your County during the month of March. If you have not received your 2019 Valuation Notice for taxes payable in 2020, you will use the EMV from the 2018 Valuation Notice for taxes payable in 2019 mailed by your County in March 2018 (see example below). If you don't have a valuation notice available, contact your County and ask for the most recent total Estimated Market Value for your property or use the instructions below to find the value online.
St. Louis County
Assessor's Office – (218) 749-7147
If you own a RESIDENTIAL HOMESTEAD property, enter the Estimated Market Value below to see the estimated tax impact.If you own COMMERCIAL/INDUSTRIAL property, enter the Estimated Market Value below to see the estimated tax impact.
If you own AGRICULTURAL (including timber, rural vacant and managed forest) or other types of property, we recommend you contact Ehlers.
Beginning in taxes payable in 2018, this property tax credit provided owners of agricultural property with a 40% credit for the taxes attributable to school district debt service for all agricultural property (including agricultural, rural vacant and managed forest land), except for the house, garage, and one acre. This year, the Legislature increased the credit in a phased-in approach, and it will ultimately grow from 40% to a 70% credit. The credit is 50% for property taxes payable in 2020, 55% for taxes payable in 2021, 60% for taxes payable in 2022, and for taxes payable 2023 and later the credit is 70%. The credit is paid through an open and standing appropriation, which means that no action by the Legislature is required each year for this credit to be paid from the state general fund. This ongoing credit will be directly deducted from property taxes owed and applies to debt service taxes for all types of existing and future building bonds for construction and renovation projects. The credit is automatically deducted on the tax statements and is included in the tax impact estimates provided by Ehlers.
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