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<br /> <br /> <br />Tax Capacity 2020 2021 2022 <br />Real Estate/Personal Property 17,860,900 18,672,508 18,693,579 <br />Tax IncrementDistricts (273,444) (362,116) (367,689) <br />SubͲ Total 17,587,456 18,310,392 18,325,890 <br />FiscalDisparities: <br />Contribution (2,627,733) (2,626,682) (2,932,378) <br />Distribution 1,304,870 1,360,649 1,536,822 <br />Total Tax Capacity 16,264,593 17,044,359 16,930,334 <br />PercentChange 5.5% 4.8%Ͳ0.7% <br /> <br />MarketValuebasedrate <br />MarketValuebasedratesarecalculatedbydividingthelevybythetaxablemarketvalueofall <br />propertieswithinthecity.Taxablemarketvalueiscalculatedbytakingthemarketvalueofall <br />propertieslessexclusionsandlimitationsassetbytheStateLegislature. <br /> <br />MarketValueDetermination <br />ThecountyAssessordeterminesthemarketvalueofpropertiesthroughassessment,theuseof <br />actualsalesdata,andeconomictrends.Thetaxesthatarecollectedin2022arebasedonthe <br />assessmentofmarketvaluesfor2021,whicharecertifiedtotheCountyAssessoronJanuary2, <br />2021andrelatetosalesanddatainformationfrom2020.Allassessmentsaresubjecttoreview <br />bytheMinnesotaDepartmentofRevenue.TheStaterequiresthatpropertyvaluesbewithin <br />90%to105%ofactualsalesoverall. <br /> <br />TruthͲInͲTaxationPublicHearing <br />EachyearinlateNovemberorearlyDecember,Statutesrequireallcounties,schooldistricts, <br />andcitieswithapopulationover2,500toholdapublichearingtodiscusstheproposedbudget <br />andpropertytaxlevies.Aspartofthisprocess,eachpropertyissentbythecountyaTruthͲInͲ <br />Taxationnoticewhichshowstheimpactsoftheproposedleviesontheirindividualproperty. <br />Thepublichearingissetasaforumforcitizenstocomeanddiscusstheirviewsonthe <br />proposedbudgetandpropertytaxlevieswiththepublicofficialsofeachjurisdiction.TheCity <br />heldtheTruthͲInͲTaxationPublicHearingonMonday,December13,2021. <br /> <br /> <br />14