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04 April 2024 Arden Hills Notes
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04 April 2024 Arden Hills Notes
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cityofardenhills.org • April 2024 • 5 cityofardenhills.org • April 2024 • 5 <br />2024 Property Taxes <br />What does the City’s budget mean for a resident? There are several components to calculating a resident’s property <br />taxes due: <br />• A property’s Estimated Market Value <br />• The City’s Tax Capacity (this is the maximum tax amount the City can place on its residents) <br />• The City’s Tax Rate (this is derived from the City’s Gross Tax Levy or the amount needed to fund city services and <br />operations) <br />For example, in 2024, a $469,000 home in Arden Hills pays $95.67 of monthly City property taxes, which, in turn, <br />funds services like Public Safety, Park facilities and programs, maintenance and repair of the City’s roadways, and <br />general Government items (i.e., personnel costs, planning and zoning, maintenance of government buildings) <br />Arden Hills continues to maintain one of the lowest property tax rates compared to other Ramsey County cities. Learn <br />more about property tax rates at cityofardenhills.org/178/Property-Taxes. <br />2024 City Property Taxes <br />2024 City Tax Rate Calculation <br />How it Impacts You <br />The City’s property tax rate is calculated first by calculating <br />a property’s Taxable Market Value. For example, the Taxable <br />Market Value takes the Estimated Market Value of a Median <br />Household in Arden Hills ($469,000) and subtracts out any <br />homestead exclusion ($0). The Taxable Market Value is then <br />multiplied by the Property’s Class Rate (1%) to get to the Tax <br />Capacity ($4,690). Then, by multiplying the City Tax Rate (24.49%) <br />against the Tax Capacity ($4,690), this determines the property’s <br />annual City taxes payable ($1,148).
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