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As local elected officials prepare their 2012 budgets, they’re feeling the aftermath of a property tax law change by state lawmakers. In order to save about $500 million toward solving a $5 billion state budget deficit, lawmakers killed off the market value homestead credit (MVHC), which had been a product of 2001 property tax reform legislation passed during Gov. Jesse Ventura’s administration.

Property tax change will shift the burden

As local elected officials prepare their 2012 budgets, they’re feeling the aftermath of a property tax law change by state lawmakers. In order to save about $500 million toward solving a $5 billion state budget deficit, lawmakers killed off the market value homestead credit (MVHC), which had been a product of 2001 property tax reform legislation passed during Gov. Jesse Ventura’s administration.

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