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Memo - City Council
<br />2018 Proposed Preliminary Budget and Tax Levy
<br />2
<br />
<br />2.2%. Note, per Ramsey County and the school districts a median priced home would still see
<br />their taxes increase overall by approximately $89 per year due to their respective increases.
<br />
<br />Overall City Impact
<br />
<br />Actual Proposed %
<br />Item Pay 2017 Pay 2018 Change
<br />(A)(B)(C)
<br />1.Levy before reduction for state aids $3,641,290 $3,641,290 0.0%
<br />2.State Aids - $0 $0 0.0%
<br />3.Certifed Property Tax Levy = $3,641,290 $3,641,290 0.0%
<br />4.Fiscal Disparity Portion of Levy - $290,710 $320,003 10.1%
<br />5.Local Portion of Levy = $3,350,580 $3,321,287 -0.9%
<br />6.Local Taxable Value ÷ 12,388,762 13,741,736 10.9%
<br />7.Local Tax Rate = 27.045%24.169%-10.6%
<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 ÷ 1,174,488,300 1,266,285,800 7.8%
<br />12.Market Value Referenda Rate = 0.00000%0.00000%0.0%
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<br />Household Example
<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 2018
<br />Pay 2018 MV 76,000@.40%(B7 x G) +
<br />X 0.988 - rem up to 413799 @.09%(D - E)(B12 x D)Annual Increase Monthly incr.
<br />Estimated Tax District rate as % of total rate:
<br />150,000 23,740 126,260 1,263 $305.25 ($2.25)(0.19)$
<br />333,800 7,198 326,602 3,266 $789.36 ($18.47)(1.54)$
<br />350,000 5,740 344,260 3,443 $832.14 ($19.78)(1.65)$
<br />500,000 - 500,000 5,000 $1,208.45 ($40.22)(3.35)$
<br />750,000 - 750,000 8,125 $1,963.73 ($39.22)(3.27)$
<br />Total ChangeCalculated
<br />annual tax
<br />
<br />
<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 10.6 % decrease in the tax rate.
<br />
<br />Fiscal Disparities run on a one-year lag and are based on the levy amounts that jurisdictions
<br />submitted for 2017 (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 18, 2017, Ramsey County held a meeting with its Finance Directors from all taxing
<br />districts.
<br />
<br />The real-estate market continues to improve year over year, with residential values increasing
<br />moderately and a more substantial gain in commercial, industrial, and apartment properties.
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