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<br /> . CITY OF ARDEN HILlS <br /> MEMJRANDUM <br /> DATE: August 10, 1993 <br /> ill: Dorothy Person, City Administrator <br /> FROM:@ Terry Post, City A=untant <br /> ~: Real Property Fst:i1nated Market Value (EMIl) and Net Tax <br /> Caoacity INTe) Reductions-Update <br /> In =njunction with analyzin:)' preli1ninary property valuation information <br /> for the 1994 budget process, I have observed that the EMIl and NTe for <br /> real property =ntinues to decline for the City of Arden Hills. The <br /> followin:)' table summarizes this trend for the last three tax payable <br /> years (dollars in millions): <br /> 1992 1993 1994 <br /> EMIl $466.0020 $464.3719 $457.296 <br /> . - $ change -- ($1. 6301) ($7.0759) <br /> - % change - ( .35%) ( 1.52%) <br /> NTC 12.726235 12.096468 11. 450863 <br /> - $ change - ($.62977) ($.64561) <br /> - % change -- ( 4.95%) ( 5.34%) <br /> Of prilnary =ncern in interpretin:)' this data is the erosion of <br /> approx:i1nately $8,710,000 in market valuation in the last two (1993-1994) <br /> years. Of this net total decrease, commercial parcels have declined <br /> $20,260,900 in valuation. The decline is 19.5% of the 1992 conunercial <br /> EMIl payable base. <br /> This deterioration in =mnercial valuation results in IllOre of the tax <br /> burden bein:)' shifted to residential property. The followin:)' table shows <br /> how the relative Net Tax Capacity (NTe) mix is shiftin:)': <br /> 1993 1994 <br /> Residential % of total <br /> -- EMIl 63.18% 64.98% <br /> -- NTC 35.60% 37.78% <br /> Conunercial % of Total <br /> -- EMIl 20.18 % 18.34% <br /> -- NTC 35.89% 33.13% <br /> . <br />