|
Memo - City Council
<br />2015 Budget and Tax Levy Discussions
<br />3
<br />RECAP OF RAMSEY COUNTY FINANCE DIRECTORS MEETING
<br />On August 7, 2014, Ramsey County held a meeting with its Finance Directors from all taxin g
<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 and with buyer activity
<br />improving, there are fewer foreclosure and short sales. Apartment markets continue to be very
<br />healthy and there is substantial construction of new apartments across the Twin Cities metro
<br />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 />
<br />PRELIMINARY PROPERTY TAX LEVY AND BUDGET
<br />
<br />Staff is presenting a Preliminary General Fund levy increase of 5.0% and a preliminary General
<br />Fund Budget of $4,437,830 which uses $18,998 in reserves and includes a transfer from the
<br />General Fund to the EDA of $30,000. The proposed levy would have the following effect on the
<br />median valued home in Arden Hills as shown on the following page.
<br />
<br />Actual Proposed %
<br />Item Pay 2014 Pay 2015 Change
<br />(A)(B)(C)
<br />1.Levy before reduction for state aids $3,257,456 $3,421,950 5.0%
<br />2.State Aids - $0 $0 0.0%
<br />3.Certifed Property Tax Levy = $3,257,456 $3,421,950 5.0%
<br />4.Fiscal Disparity Portion of Levy - $254,738 $248,682 -2.4%
<br />5.Local Portion of Levy = $3,002,718 $3,173,268 5.7%
<br />6.Local Taxable Value ÷ 10,741,749 11,425,974 6.4%
<br />7.Local Tax Rate = 27.954%27.772%-0.7%
<br />8.Market Value Referenda Levy $0 $0 0.0%
<br />9.Fiscal Disparity Portion of Levy (SDs only)- $0 $0 0.0%
<br />10.Local Levy = $0 $0 0.0%
<br />11.Referenda Market Value ÷ 1,052,783,000 1,119,584,100 6.3%
<br />12.Market Value Referenda Rate = 0.00000%0.00000%0.0%
<br />
<br />Taxable Taxing
<br />Market Homestead Taxable District
<br />Value Exclusion Market Tax Net
<br />B/4 Credit Credit Value Capacity Tax
<br />Proposed Pay 2015
<br />Pay 2013 MV 76,000@.40%500,000@1.0%(B7 x G) +
<br />X 0.988 - rem up to 413799 @.09%(D - E)rem @ 1.25%(B12 x D)Annual Increase Monthly incr.Annual Increase Monthly incr.Annual IncreaseMonthly incr.
<br />Estimated Tax District rate as % of total rate:
<br />150,000 23,740 126,260 1,263 $350.76 $44.94 3.75$ $26.77 2.23$ $18.17 1.51$
<br />295,100 10,681 284,419 2,844 $789.84 $87.36 7.28$ $46.43 3.87$ $40.93 3.41$
<br />350,000 5,740 344,260 3,443 $956.19 $103.87 8.66$ $54.33 4.53$ $49.54 4.13$
<br />500,000 - 500,000 5,000 $1,388.60 $135.14 11.26$ $63.19 5.27$ $71.95 6.00$
<br />750,000 - 750,000 8,125 $2,256.48 $255.53 21.29$ $138.61 11.55$ $116.92 9.74$
<br />Impact from Market Shifts
<br />Total Change and Fiscal Disparities Impact from Levy Incr
<br />
<br />
|