2002 Approved Budget - Laserfiche WebLink

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Levies and Tax Capacity Rates The total approved 2002 Budget is $38,089,474. This budget represents an increase of $390,421 or a .4% increase over the 2001 approved budget. The tax levy requirement to finance this budget is $8,921,884 (adjusted for the shift of HACA to the tax levy) for a 2.8% overall increase over 2001. A preliminary review of the levy subject to the State Limit provides for a 2.8% levy increase. The levy rate adjusted for statute changes in 2001 is estimated to be 30.7 %. The levy rate for 2002 is estimated to be 29.35 %, a decrease of 4.4 %. This levy change will translate in approximately a 4.4% decrease in the City's portion of the resident's tax bill on a home of median value, assuming one's house valuation did not change. Property Tax Comparison on Selected Values The following table provides a comparison for certain Roseville homes and smaller commercial /industrial properties with 2002 calculations based on the 2001 statute changes. 2001 Values Home Value 2001 Home Value 2001 Home Value 2001 C/I Value 2001 Estimated Market Value Value (EMV) $ 821000 $ 1291900 $ 2001000 $ 1501000 Net Tax Capacity (NTC) $ 820 $ 11299 $ 21000 $ 21250 Estimated 2001 Tax Capacity Rate (TCR)(adjusted for Statute changes in 2001) 30.7% 30.7% 30.7% 30.7% Estimated 2001 City Taxes $ 251 $ 399 $ 614 $ 691 2002 Values Home Value 2002 Home Value 2002 Home Value 2002 C/I Value 2002 Estimated Market Value (EMV) $ 82,000 $1291900 $ 2001000 $ 1501000 Net Tax Capacity (NTC) $ 820 $ 11299 $ 21000 $ 21250 2000 Tax Capacity Rate (TCR) 29.35% 29.35% 29.35% 29.35% City Taxes $ 241 $ 381 $ 587 $ 660 Estimated Dollar Change ($ 10) ($ 18) ($ 27) ($ 31) Estimated Percent of Change (4.4 %) (4.4 %) (4.4 %) (4.4 %) I -3