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Property Tax in Minnesota cont.•How property taxes are calculated:*Estimated Market Value $387,500Less homestead exclusion ($2,400)Taxable Market Value $385,100Property’s Class Rate X 1%Tax Capacity $3,851**Estimated City Tax Rate 25.2829%Estimated Pay 2021 City Taxes $973.64*Estimated Market Value is for a Median Valued Home in Arden Hills**Estimated City Tax Rate is based on the 4.25% Increase in Levy•Projected changes in 2021:•Median Value home increasing to $387,500 from $372,400 (4.05% increase)•County wide increase of 4.9%•Apartments are seeing the largest gains5