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Memo - City Council
<br />2015 Proposed Preliminary Budget and Tax Levy
<br />2
<br />
<br />ActualProposed%
<br />ItemPay 2014Pay 2015Change
<br />(A)(B)(C)
<br />1.Levy before reduction for state aids$3,257,456$3,257,4560.0%
<br />2.State Aids- $0$00.0%
<br />3.Certifed Property Tax Levy= $3,257,456$3,257,4560.0%
<br />4.Fiscal Disparity Portion of Levy- $254,738$248,682-2.4%
<br />5.Local Portion of Levy= $3,002,718$3,008,7740.2%
<br />6.Local Taxable Value÷ 10,741,74911,425,9746.4%
<br />7.Local Tax Rate= 27.954%26.333%-5.8%
<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÷ 1,052,783,0001,119,584,1006.3%
<br />
<br />12.Market Value Referenda Rate= 0.00000%0.00000%0.0%
<br />
<br />
<br />TaxableTaxing
<br />MarketHomesteadTaxableDistrict
<br />ValueExclusionMarketTaxNet
<br />B/4 CreditCreditValueCapacityTax
<br />Proposed Pay 2015
<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 />Estimated Tax District rate as % of total rate:
<br />150,000 23,740 126,2601,263$332.59$26.77$ 2.23$26.77$ 2.23
<br />295,100 10,681 284,4192,844$748.91$46.43$ 3.87$46.43$ 3.87
<br />350,000 5,740 344,2603,443$906.65$54.33$ 4.53$54.33$ 4.53
<br />500,000 - 500,0005,000$1,316.65$63.19$ 5.27$63.19$ 5.27
<br />
<br />750,000 - 750,0008,125$2,139.56$138.61$ 11.55$138.61$ 11.55
<br />
<br />
<br />has increased, which results in a 5.8% decrease in the tax rate.
<br />
<br />Fiscal Disparities runs on a one year lag and is based on the levy amounts that jurisdictions
<br />submitted for 2014 (or last year). Jurisdictions that 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 7, 2014, Ramsey County held a meeting with its Finance Directors from all taxing
<br />districts. The Assessor is optimistic that our real estate markets are much improved and still
<br />getting better.
<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 0.6%. In Arden Hills we
<br />have seen a decrease in this area of 0.1% vs. a decrease of 3.69% in Pay 2014, but you must also
<br />factor in tax petitions and appeals that have adjusted values. There is a backlog of tax court
<br />petitions but they are working to get through the backlog of petitions.
<br />
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