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Memo <br />City Council <br />2010 Budget Preliminary Overview <br />Page 3 <br />Tax Levy, Levy Limit and by act on Property Owners <br />The proposed 2010 budget reflects a levy of $3,090,471 or a 4.8% levy increase over 2009. <br />Without the loss of the MVHC revenue, the levy increase would be 2.7%. The City has not yet <br />received communication from the Department of Revenue on an initial overall levy limit, as per <br />statute this is not due to cities until September 1, 2009. Staff has estimated the allowable levy <br />limit for the City of Arden Hills based on instructions received from the League of Minnesota <br />Cities which incorporates any law changes. The overall estimated levy limit is $3,152,235. <br />We have not yet received all the information from Ramsey County to calculate the tax rate or <br />impacts to property owners, but staff has completed estimates based on last year's values. The <br />proposed budget equates to a $581.88 tax bill per year on an average value residential property <br />based on Pay 2009 values. This is a $30.38 increase from 2009. Of this increase, $13.24 is due <br />to the loss of MVHC revenue. Actual data will be available in the next week from Ramsey <br />County in time to set the Preliminary Levy. <br />