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Memo - City Council
<br />2015 Budget and Tax Levy Discussions
<br />4
<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 />The County has sent notice out to all residents, we have attached some examples of what the
<br />effects of market changes and the preliminary levy of 5% show on actual tax statements. Those
<br />with modest increases in values have seen decreases in the total tax bill, while those with more
<br />significant increases have seen increases in the total tax bill. These changes result not only from
<br />the levy increase, but also from the market value changes and the shifting of values between
<br />parcels as noted in in the table above. (Please see Attachment A.)
<br />
<br />TAKING A LOOK AT ARDEN HILLS LEVY TAX RATE HISTORY AND FUND
<br />BALANCE INFORMATION
<br />
<br />The State of Minnesota has granted local municipalities the authority to levy taxes to fund
<br />operations and debt payments. The City’s entire tax levy goes for General Fund expenditures.
<br />For the City of Arden Hills, the property tax levy accounts for approximately 79% of the General
<br />Fund revenues. The following table provides a historical view of the City’s property tax levies:
<br />%
<br />Year Tax Levy Change Tax Rate
<br />2002 2,201,002$ -25.092%
<br />2003 2,265,712$ 2.94%23.930%
<br />2004 2,333,337$ 2.98%23.367%
<br />2005 2,440,453$ 4.59%21.299%
<br />2006 2,537,520$ 3.98%20.191%
<br />2007 2,688,944$ 5.97%20.206%
<br />2008 2,797,348$ 4.03%19.585%
<br />2009 2,948,646$ 5.41%20.520%
<br />2010 3,016,465$ 2.30%22.647%
<br />2011 3,040,964$ 0.81%24.180%
<br />2012 3,096,994$ 1.84%25.544%
<br />2013 3,191,230$ 3.04%27.931%
<br />2014 3,257,456$ 2.08%27.954%
<br />The following chart provides the information on the Actual General Fund balance from each of
<br />the audits for that respective year. The chart shows:
<br />1. Net change in the fund balance from the beginning of the year (or actual revenues over
<br />expenditures and transfers)
<br />2. The unassigned fund balance or the balance that is available to spend (some fund balance
<br />is non-spendable at year end as it was used to prepaid items for the next year)
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