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Memo - City Council
<br />2017 Proposed Preliminary Budget and Tax Levy
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<br />Actual Proposed %
<br />Item Pay 2016 Pay 2017 Change
<br />(A)(B)(C)
<br />1.Levy before reduction for state aids $3,478,775 $3,478,775 0.0%
<br />2.State Aids - $0 $0 0.0%
<br />3.Certifed Property Tax Levy = $3,478,775 $3,478,775 0.0%
<br />4.Fiscal Disparity Portion of Levy - $264,113 $290,710 10.1%
<br />5.Local Portion of Levy = $3,214,662 $3,188,065 -0.8%
<br />6.Local Taxable Value ÷ 12,163,391 12,388,762 1.9%
<br />7.Local Tax Rate = 26.429%25.734%-2.6%
<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 ÷ 1,144,235,400 1,174,488,300 2.6%
<br />12.Market Value Referenda Rate = 0.00000%0.00000%0.0%
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<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 2017
<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.
<br />Estimated Tax District rate as % of total rate:
<br />150,000 23,740 126,260 1,263 $325.02 ($0.32)(0.03)$ ($0.32)(1.19)$
<br />306,350 9,669 296,681 2,967 $763.53 ($3.18)(0.27)$ ($3.18)(3.00)$
<br />350,000 5,740 344,260 3,443 $886.02 ($3.84)(0.32)$ ($3.84)(3.56)$
<br />500,000 - 500,000 5,000 $1,286.70 ($8.85)(0.74)$ ($8.85)(5.41)$
<br />750,000 - 750,000 8,125 $2,090.89 ($7.84)(0.65)$ ($7.84)(8.27)$
<br />Impact from Market Shifts
<br />Total Change and Fiscal Disparities
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<br />The City’s share of Fiscal Disparities (line 4) has increased, and the City’s Tax Capacity (line 6)
<br />has increased, which results in a 2.6% decrease in the tax rate.
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<br />Fiscal Disparities runs on a one year lag and is based on the levy amounts that jurisdictions
<br />submitted for 2016 (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.
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<br />RECAP OF RAMSEY COUNTY FINANCE DIRECTORS MEETING
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<br />On August 15, 2016, 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.
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<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.
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<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 4.0%.
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