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12-11-23-R
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12-11-23-R
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<br /> <br />Property Values (Tax Burden) <br /> <br />City’s Market Value and Tax Capacity <br />Due to the current economic conditions, the taxable market value for the City is projected to <br />increase by $149.4 million or 9.1% to $1.79 billion. From this, the Tax Capacity is calculated (for <br />residential properties it equates to 1% of Taxable Market Value, and varies by property type for <br />all others). The City’s Tax Capacity for calculating taxes was projected to increase by 10.3% to <br />$23.3 million. This plus the change in the levy is increasing the City’s tax rate from 23.632% to <br />24.479%. <br /> <br />Median Valued Home <br />Due to current economic conditions, the Taxable Market Value of the median valued home <br />within the City is projected to increase 5.74% from $443,550 to $469,000. The overall annual <br />City Tax burden increase on the median valued home is projected to be approximately 9.5% or <br />$99.86. <br /> <br />Property Tax Levies <br />The total levy being proposed is $5,310,950. This represents a $592,270 or 12.55% increase <br />over the 2023 levy of $4,718,680. <br /> <br />Anoka County sets the Fiscal Disparities levy for the entire Seven County Metropolitan Area. <br />This was established by the legislature in the 1970’s as a means to more evenly distribute the <br />property tax benefit derived by commercial properties. Cities are either a “net” gainer or a <br />“net” contributor. Arden Hills is a “net” gainer and will collect $351,729 in 2024 as opposed to <br />$385,266 in 2023, which is a decrease of 8.7%. <br /> <br />City Tax Rate <br />There are two types of tax rates that are calculated for the City. One is a net tax capacity based <br />rate, and the other is a market value based rate. Both rates use the market value as the <br />starting point for determining the rate. <br /> <br />Net Tax Capacity Based Rate <br />The Net Tax Capacity based rate is calculated by taking the levy and dividing it by the Net Tax <br />Capacity. Net Tax Capacity calculation is regulated by the State Legislature, which has created <br />classifications of property and a “class rate percentage” for each classification. The Net Tax <br />Capacity is determined by multiplying the market value of each property by the appropriate <br />class rate percentage. The sum total of all parcel tax capacities less adjustments for the City’s <br />Fiscal Disparity contribution, those parcels that have been certified in a Tax Increment <br />Financing (TIF) development district, and the MVE represent the New Tax Capacity for the city. <br />Currently, the General Fund Levy is Net Tax Capacity based. <br /> <br />13
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