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Tax Capacity 2018 2019 2020 Real Estate/Personal Property Tax Increment Districts Sub -Total Fiscal Disparities: Contribution Distribution Total Tax Capacity Percent Change 16,028,202 (308,152) 16,714,369 (345,318) 18,002,347 (273,444) 15, 720, 050 16, 369, 051 17, 728, 903 (2,141,470) 1,176, 005 (2,174,854) 1, 218, 312 (2,627,741) 1, 304,870 14,754,585 15,412,509 16,406,032 10.0% 4.5% 6.4% Market Value based rate Market Value based rates are calculated by dividing the levy by the taxable market value of all properties within the city. Taxable market value is calculated by taking the market value of all properties less exclusions and limitations as set by the State Legislature. Market Value Determination The county Assessor determines the market value of properties through assessment, the use of actual sales data, and economic trends. The taxes that are collected in 2020 are based on the assessment of market values for 2019, which are certified to the County Assessor on January 2, 2019 and relate to sales and data information from 2018. All assessments are subject to review by the Minnesota Department of Revenue. The State requires that property values be within 90% to 105% of actual sales overall. Truth -In -Taxation Public Hearing Each year in late November or early December, Statutes require all counties, school districts, and cities with a population over 2,500 to hold a public hearing to discuss the proposed budget and property tax levies. As part of this process, each property is sent by the county a Truth -In - Taxation notice which shows the impacts of the proposed levies on their individual property. The public hearing is set as a forum for citizens to come and discuss their views on the proposed budget and property tax levies with the public officials of each jurisdiction. 14