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09-09-13-R
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NEW BUSINESS <br /> <br /> <br /> <br /> <br /> <br /> <br />MEMORANDUM <br /> <br /> <br /> <br />DATE: <br /> August 26, 2013 <br /> <br />TO: <br /> Honorable Mayor and City Council <br /> <br />FROM: <br /> Patrick Klaers, City Administrator <br /> Sue Iverson, Director of Finance and Administrative Services <br /> <br />SUBJECT: <br /> 2014 Proposed Preliminary Budget and Tax Levy <br /> <br /> <br />INTRODUCTION <br /> <br />In preparation for adoption of the preliminary tax levy at the first meeting in September, this <br />memo addresses the following information: preliminary tax levy, residential property values, <br />operating budget, salary and benefit changes, and preliminary fund balance projections. <br /> <br />RESIDENTIAL PROPERTY VALUES <br /> <br />According to information provided by Ramsey County in May of this year, the median home <br />value in Arden Hills will increase from $257,500 for 2013 taxes, to $264,700 for 2014 taxes <br />which is a 2.8% increase in value compared to the county average increase of 0.2%. According <br />to Ramsey County, assessed value had declined for five consecutive assessments as a result of <br />the recession and loss of financing liquidity and had been fueled by pessimistic buyer <br />expectation. There are now encouraging signs that the markets have stabilized, or are stabilizing; <br />we are now experiencing a slight increase of residential values, rising apartment values, and the <br />commercial markets are also showing promise of appreciation but are still down (from Ramsey <br />County Assessor Stephen Baker). Foreclosures are at a lower percentage than they have been in <br />many years. <br /> <br />In order to evaluate the true impact to the residential property owner, you need to take into <br />account the increase in fiscal disparities (increase of 5.8%) and the change in the taxable value <br />(increase of 1.7% after exclusions). <br /> <br />To help illustrate this, the following table shows the impact to the residential property owner due <br />This results <br />to the increase in fiscal disparity dollars and changes in the assessed market value. <br />in a net Tax Rate decrease of 2.1% before any levy changes are made. <br />
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