2008 11-18 CCP - Laserfiche WebLink

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• Tax Levy summary information: 2007 2008 2009 Actual Actual Prelim Certified Tax Levy $ 411,197 $ 449,255 $ 473,289 Tax Capacity $ 1,050,876 $ 1,134,974 $ 1,208,884* Tax Capacity Rate 39.5582% 39.5954% 38.0604% City Taxes on 2009 Median Valued Home At $286,600. 2009 Proposed 11/18 $ 44,289 $ 1,208,884* 35.5788% $ 1,133.74 $ 1,134.80 $ 1,090.90 $ 1,090.9.0 *2009 tax capacity is the October 30, 2008 estimate provided by Ramsey County. Included with this memo on pages 5 — 8 are the following documents which detail some of the history of the tax levy, the tax capacity valuations, tax capacity rates and community tax rate:comparisons: Tax Levy Summary — This document shows the tax levy for the City of Gem Lakefor 2003 - Preliminary 2009. 1 have shown both the information as it relates to the Preliminary 2009 Levy Certifications as well as the current proposals. As can be sent the dollars levied jumped significantly for payable 2007 due to the issuance of the general obligation bonds for Heritage Hall. Tax Capacity Valuations — This document shows how the City's tax capacity value has changed since 2003. The tax capacity value is the base that is used in calculating the City's tax rate and is established by Ramsey County. The City experienced double digit increases through 2008. These increases were due to new building over the years. For 2009 the increase was 6.512% which was out of the ordinary for what most communities in Ramsey County are seeing. This is due primarily to the Hillary Farms homes hitting full tax value for 2009. Marty properties may see a decrease in their taxable value for 2009. Tax Capacity Rate Calculations — This document provides information on the actual calculation of the Tax Capacity Rate for the City. 1 have shown both the calculation based on the Certified Preliminary Levy as well as the calculation based on the current preliminary budget.