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evolved over time through legislation and voter initiatives. This complex allocation system is <br />not well understood, transparent, or responsive to modern local needs and preferences. Any <br />changes to the existing system, however, would be very difficult. <br />• Economists evaluate taxes using five common tax policy criteria—growth, stability, simplicity, <br />neutrality, and equity. The state's property tax system exhibits strengths and limitations when <br />measured against these five criteria. <br />• property assessment can result in different treatment of similar taxpayers. For example, newer <br />property owners often pay a higher effective tax rate than people who have owned their homes <br />or businesses for a long time. In addition, the property tax system may distort business and <br />homeowner decisions regarding relocation or expansion. <br />Table ES -1. Comparison of Existing MENU District and Proposed Expansion <br />Existing MEMU District <br />Proposed MEMU Expansion <br />Existing MEMU + Expansion Combined <br />Acres 200 Parcels 77 <br />33 48 0 <br />233 <br />Increase in residential 5,551 units units <br />00 <br />129 5,551 units - <br />Net increase in 963,000 square commercial space feet <br />963,000 square feet 690,000 square feet <br />75B-321 <br />