Memo - City Council
<br />2014 Proposed Preliminary Budget and Tax Levy
<br />2
<br />
<br />ActualProposed%
<br />ItemPay 2013Pay 2014Change
<br />(A)(B)(C)
<br />1.Levy before reduction for state aids$3,191,230$3,191,2300.0%
<br />2.State Aids- $0$00.0%
<br />3.Certifed Property Tax Levy= $3,191,230$3,191,2300.0%
<br />4.Fiscal Disparity Portion of Levy- $240,789$254,7385.8%
<br />5.Local Portion of Levy= $2,950,441$2,936,492-0.5%
<br />6.Local Taxable Value÷ 10,563,16910,741,7491.7%
<br />7.Local Tax Rate= 27.931%27.337%-2.1%
<br />8.Market Value Referenda Levy $0$00.0%
<br />9.Fiscal Disparity Portion of Levy (SDs only)- $0$00.0%
<br />10.Local Levy= $0$00.0%
<br />11.Referenda Market Value÷ 1,035,471,7001,055,008,7001.9%
<br />
<br />12.Market Value Referenda Rate= 0.00000%0.00000%0.0%
<br />
<br />TaxableTaxing
<br />MarketHomesteadTaxableDistrict
<br />ValueExclusionMarketTaxNet
<br />B/4 CreditCreditValueCapacityTax
<br />Proposed Pay 2014
<br />Impact from Market Shifts
<br />Pay 2013 MV76,000@.40%500,000@1.0%(B7 x G) +
<br />Total Changeand Fiscal Disparities
<br />X 0.988(D - E)rem @ 1.25%(B12 x D)
<br />Annual IncreaseMonthly incr.Annual IncreaseMonthly incr.
<br /> - rem up to 413799 @.09%
<br />N/A
<br />Estimated Tax District rate as % of total rate:
<br />150,000 23,740 126,2601,263$345.27$5.07$ 0.42$5.07$ 0.42
<br />264,700 13,417 251,2832,513$686.98$7.14$ 0.59$7.14$ 0.59
<br />350,000 5,740 344,2603,443$941.21$8.59$ 0.72$8.59$ 0.72
<br />500,000 - 500,0005,000$1,366.85$8.29$ 0.69$8.29$ 0.69
<br />
<br />750,000 - 750,0008,125$2,221.13$22.96$ 1.91$22.96$ 1.91
<br />
<br />
<br />You will see
<br />Tax Capacity (line 6), which results in a 2.1% decrease in the tax rate.
<br />
<br />A fiscal disparity runs on a one year lag and is based on the levy amounts that jurisdictions
<br />submitted for 2013 (or last year). Jurisdictions who increased their levies will receive more,
<br />while those that kept their levies flat or fairly small will see decreases.
<br />
<br />RECAP OF RAMSEY COUNTY FINANCE DIRECTORS MEETING
<br />
<br />On August 14, 2013, Ramsey County held a meeting with its Finance Directors from all taxing
<br />districts. At this meeting it was noted that rising levy rates helped to offset some of the
<br />decreased fiscal disparities for various districts. In our case this will helps the county, school
<br />
<br />
<br />The Assessor is optimistic that Pay 2015 values will increase this next year. As previously
<br />stated, the markets are now stabilizing and foreclosures are lower in percent than they have been
<br />in many years.
<br />
<br />Residential markets experienced the most positive improvements, with buyer activity improving;
<br />there are fewer foreclosure and short sales. Apartment markets continue to be very healthy and
<br />there is substantial construction of new apartments across the Twin Cities metro area.
<br />
<br />Commercial and industrial markets have recovered most of the loss in value from the recession.
<br />County-wide Commercial/Industrial aggregate values have increased 0.1%. In Arden Hills we
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