CCP 12-14-1998 - Laserfiche WebLink

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. DRAFT ARDEN HILLS TRUTH-IN-TAXATION - DECEMBER 7,1998 3 ~ . year 1999, the City's market valuation increases approximately $46 million dollars. This resulted in a tax capacity increase of2,97%, The City's market value increase has been partially due to the fact that the City has had a couple of strong previous years in terms of CommerciallIndustrial building permit activity, When a building permit was requested for construction, the valuation does not occur that year, rather there is a lag factor to be reflected in valuation. In the future, the City will see the results of some strong building permit valuation from permits granted in 1997 and 1998. Slide 3A, Comparative Market Valuation and Tax Capacity Data, indicates that the residential properties had decreased in valuation from 69% to 67% in payable year 1998, however, the tax capacity has remained the same. With regard to CommerciallIndustrial, the valuation has increase approximately 3% and the tax capacity has increased by only 1 %, due to the property class rate reductions. Slide #5, Components of Total Proposed 1999 Rates, explains the portions of the property tax bill from each of the jurisdictions. for a resident within the Independent School District #621, the City of Arden Hills' levy represents 16% of the total property tax bill. Ramsey County represents 39% and the School District represents another 39% of the total bill. for those residing in Independent School District #623, the City's portion of the bill was 15% and the School District's portion was 44%, due to the higher tax rate ofI.S.D. No. 623. . The miscellaneous portion of the bill was primarily represented by Regional Transit, the Metropolitan Council, the Mosquito Control District, Special Independent School District #916, and the Rice Creek Watershed District. Slide #6, Analysis of 1998 State Aid to Cities, looks at the distribution of State Aid for North Metro cities. The HACA and Local Government Aid may be used as a dollar-for-dollar reduction in need for property tax levy, The City of Arden Hills has historically been a significantly less than average recipient of State Aid funds. Arden Hills receives approximately $9 per capita in State Aid which was substantially lower compared to the amount of such aid received by neighboring cities. Slide #7, City Delivers Quality Services at an Affordable Price, presents a hypothetical check which breaks down the General fund services being funded by the property taxes based upon the total City taxes of$376 for a $146,850 median-valued home, The monthly bill for this median- valued home would be $31.33. In terms of the value of the services being provided, this appears to be a reasonable cost. Slide #8, How Does the 1999 Proposed Budget Impact Your City Taxes, utilizes various categories of valuation for both residential and commercial/industrial uses, assuming there was no change in market value from 1998 to 1999. This provides a look at the spending from one year to the next and the impact on the levy request as well as the property class rates and results . in reductions across the board for estimated 1999 City portion of property taxes. Slide #9, General fund RevenuesITransfers In, provides an overview of the sources of Arden Hills' General fund revenues. The largest portion was received by property taxes. The next