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CCP 12-14-1998
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CCP 12-14-1998
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<br /> . <br /> ARDEN HILLS TRUTH-IN-TAXATION - DECEMBER 7,1998 DRAFT 2 <br /> , <br /> Mr. Post stated the presentation for the Truth-In-Taxation public hearing reviews the 1999 e <br /> proposed budget in three general categories. <br /> Category A, Making Sense of Property Taxes, provides an understanding of how the City's <br /> market valuation, tax capacity and median values, specific to Arden Hills, impacts the property <br /> taxes. <br /> Category B, Cost of City Services in Perspective, provides a hypothetical monthly service bill <br /> which breaks down the cost of the services received by the citizens of Arden Hills. <br /> Category C, Discussion of Proposed City Budget, explains the specifics of the proposed budget <br /> in a more detailed fashion. <br /> Mr, Post proceeded with the slide presentation, He explained Slide #1, Who Determines Your <br /> Property Tax, was a three-legged process in terms of the components of the property taxes. State <br /> Legislature establishes property class rates, determines formulas for State Aid and determines <br /> mandates which may impact local governments. The County Assessor determines market values <br /> and assigns property classes. Mr. Post stated the public hearing will not address the State or <br /> County components of the property taxes. What will be discussed was the City taxing <br /> jurisdiction. Other jurisdictions including the School District, the County and miscellaneous <br /> jurisdictions will not be addressed, <br /> Slide #2, Tax Computation Example, provides an example of how property taxes are calculated. e <br /> The first step was determining the property's tax capacity. This was determined by the class rate <br /> and the market value determined by the County Assessor. The first $75,000 of the estimated <br /> market value has a 1% tax capacity. The estimated market value in excess of$75,000 has a tax <br /> capacity of 1. 7%. For a home in Arden Hills, with an estimated median market value of <br /> $146,850, there would be a net tax capacity of$1,971.45. To determine the total property taxes, <br /> each of the jurisdictions have created a budget which was translated to a levy for the needs of the <br /> budget which are supported by property taxes. This levy amount was compared against the total <br /> tax capacity for the jurisdiction and a percentage yielded. In the case of Arden Hills, the local <br /> City levy proposed for 1999 would be 19,054%. This percentage, multiplied by the tax capacity <br /> of$1971.45, would result in a local city tax of$375,64, When this was added to the other <br /> jurisdiction's levy rates, the total proposed 1999 property tax payable would be $2,413.17. <br /> Slide #2A lists a number of changes in class rates which have occurred over the last three years. <br /> The primary changes have involved the CommerciallIndustrial class rate. With a market value <br /> over $150,000, the marginal class rate for CommerciallIndustrial was 4.6% in 1997. This has <br /> been lowered in two significant increments. In 1998 the class rate was lowered to 4.0% and was <br /> further lowered to 3.5% for 1999. This equates to a 24% drop in CommerciallIndustrial property <br /> class rates over the last three years. The impact of this drop in class rate will be that, over time, <br /> the residential properties will pick up a greater portion of the tax capacity than <br /> CommerciallIndustrial compared to the 1997 rates assuming the mix of valuations remains e <br /> relatively constant, <br /> Slide #3, Legislative Changes/Class Rates and Thresholds, was a historical look at the City's <br /> valuation, tax capacity and tax levies since payable year 1992. A highlight was that, for payable <br />
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