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Tax Capacity 2021 2022 2023 Real Estate/Personal Property 18,669,913 Tax Increment Districts (362,116) Sub -Total 18,307,797 Fiscal Disparities: Contribution (2,626,688) Distribution 1,360,649 Total Tax Capacity 17,041,758 Percent Change 4.8% 18,697,839 (367,689) 21,120,247 (389,046) 18,330,150 20,731,201 (2,932,378) 1,536,822 (2,778,613) 1,448,626 16,934,594 19,401,214 -0.6% 14.6% 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 2023 are based on the assessment of market values for 2022, which are certified to the County Assessor on January 2, 2022 and relate to sales and data information from 2021. 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. The City held the Truth -In -Taxation Public Hearing on Monday, December 12, 2022.