April-May 1977 - Laserfiche WebLink

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Now that most of you have received your real estate tax statement for 1977, you probably have some questions about In- creased taxes. For every dollar you pay In real estate taxes, about 81 cents goes to support your Village activities. This is one of the lowest tax rates for Ramsey County municipalities. The increase in the Village budget for 1977 is due to general escalating of costs. In addition, the increase was affected by the following: 1. Addition of one public works employee mid -year 2. One park maintenance employee, formerly subsidized by CETA Federal Funds, now paid by the Village. 3. Health and liability insurance increases of 20-35 percent. 4. $29,000 budgeted for part of the Village share of an aerial ladder truck and Village share of dispatching equipment for the Fire Department. 5. $12,000 budgeted for future expansion of the Public Works building. Back to where your tax dollar goes, besides the Village - about 2944 goes to the County, 5714 to the school district and 4 3/4d to other taxing districts (County Library, Mosquito Control, Rice Creek Watershed District, Metro Transit, Metro Council). TAX COMPUTATION Example of Tax Computation for 1977 on a Parcel of Real Estate in Arden Hills - 621, Limited Market Value of $40,000. HOMESTEAD PROPERTY Assessed value is determined as follows: 25% of the first $13,000 of market value equals the home- stead assessed value (.25 x $13,000) . .,. $3,250 40% of the remainder of market value equals excess home- stead assessed value (.40 x $27,000) .$_100800 Taxable Assessed Value . . . . . . . . $14,050 This assessed value is the amount /to which tax rates are applied. (1) .005677 x $14,050 equals taxnot eligible for Homestead Credit . . . . . . . . . . . . . . . $79.76 (2) .108305 x $14,050 equals tax eligible for Homestead Credit . . . . . . . . . • . . . . . . . . . .$1,516.85 45% x $1,522.23 (Limit $325.00) equals Homestead Credit . . . . . . . . . . . . . . . . . . . . . . $325.00 Tax Payable . . . . . . . . . . . . . . . . . . . . . $1,271.61 If you have further questions about your taxes, feel free to call one of your Councilmen.