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<br />I' <br /> City of Arden Hills <br />I Truth in Taxation Public Hearing Slide <br /> December 4,1997 <br />~ How Your City Property Taxes are Determined <br />I Box 1 Box 4 <br /> Total Assessor's <br /> Proposed City Market Value <br />I Budget <br /> - minus X times <br />I Box 2 Box 5 <br /> All Non-Propert) State <br />I Tax Revenue,eg: Mandated <br /> * State Aid Class Rates <br /> * Fees,etc, <br />I = equals = equals <br />I Box 3 Box 6 <br /> Property Tax Total <br />Ie Revenue Needed divided by . Tax Capacity. <br /> ( Levy) (Formerly Assessed <br /> Value) <br />I = equals <br />I Box 7 <br /> Property <br /> Tax <br />I Rate <br /> "Tax Capacity" Rate <br />I PROPERTY TAX EQUALS: <br /> Your Property's Market Value X Class Rate(s) X "Tax Capacity" Rate Less <br /> Educ, Homestead Credit (new for '98, at 32% of K-12 gen tax up to $225) <br />I TAX COMPUTATION EXAMPLE: <br /> Median market value home in Arden Hills is $140,300, <br />I Tax Capacity on this home for payable 1998 taxes is $1,921 ,05 <br /> ($75,000*,01 =$750,00) + ($65,300*,0185=$1,208,05) = $1,921,05 <br /> Tax Capacity ($1,921,05) times City Tax Rate (,19048) <br />I e uals Ci taxes of $372,97 or $31.08 er month for Slide No, 7 ur <br />fI Slide No. 2 <br />I <br />