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Rf- <br />REQUEST FOR COUNCIL ACTION <br />Date.- 0 /25/201 1 <br />Item No..- 13 b <br />Department Approval City Manager Approval <br />Item Description.- Receive the 2011 Ramsey County Assessor's Report <br />BACKGROUND <br />2 As part of the Council's 2012 Budget process, the Council indicated a desire to review the 2011 Ramsey <br />3 County Assessor's Report to gauge the general changes in property values from 20 10 (pay 2011) to 2011 <br />1 <br />4 (pay 2012). The 2011 Report is now available and is included in Attachment A. <br />f'_11'1;� <br />Staff will note a highlight from page 6 of the Report which indicates that Roseville's overall property <br />"7 market value declined by 3.7%. This follows a 3% decline from the previous year, and represents the 4th <br />consecutive year in which overall values have declined. <br />9 <br />'10 The impact on single-family homeowners will vary depending on each home's change in valuation relative <br />to other homes and other property categories. However, it is noted on page 8 of the Report that the median <br />12 valued home in Roseville dropped by 3.8% - about the same as the overall decline. <br />13 <br />14 Therefore,, if the property tax levy remains unchanged for 2012, a median-valued home will pay about the <br />1 f.t same as they do currently today. For that same median-valued home, any percentage increase or decrease <br />1 1 in the property tax levy for 2012 will result in a commensurate percentage change in the amount of" property <br />1 7 taxes paid. <br />1(", POLICY OBJECTIVE <br />'19 Not applicable. <br />2o FINANCIAL IMPACTS <br />2,1 Not applicable. <br />22 STAFF RECOMMENDATION <br />23 Not applicable. <br />24 REQUESTED COUNCIL ACTION <br />25 For information purposes only. No formal Council action is requested. <br />26 <br />Pre p,re d.by: Chris Miller, Finance Director <br />Attachments: A: 20,11 Ramsey County Assessor's Report <br />27 <br />Page I of I <br />