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The Citywide tax capacity represents the taxable value within the City. It is determined by applying the state -wide property tax formula for each parcel, then adding each parcel's tax capacity. The citywide tax capacity is then applied to the proposed levy to determine the local tax rate. The following table summarizes the local tax rate. Gross Net Tax Capacity 3630947,631 40, 896,425 Less Fiscal Di Rarities (5,724,012) (61,5219981) Less Tax Increment Value (3,108,465) 2,506,277) 58 (13.1)% Net Tax CEacity for Levy 28,0759,305 31,858,168 (68) (13.1)% Net Tax Lev * 8,258,216 85400,055 Local Tax Rate 29.414% 26.310 * Less fiscal disparity distribution. To determine an individual property's tax, the local tax rate is applied to the rop e �Y 's net tax P capacity. The following table summarizes the estimated tax impact on residential homes, based on the f inal 2003 tax an d budget estimates provided by Ramsey County, and assuming no increase in pLo _pegy valuation. $1251,000 $368 $319 $ (13.1)% 1505000 441 383 58 (13.1)% 175,000 515 447 (68) (13.1)% 2009000 588 511 77 (13.1)% 2251,000 662 575 (87) (13.1)% Note: Property valuations are determined by the Ramsey County Assessor's office The following table summarizes the estimated tax impact on residential homes, based on the final 2003 tax levy and budget, estimates provided by Ramsey County, and assurnin a l0% increase in propgrt valuation. $ 125,000 * $368 $351 $ (16) (4-5)% 1509000 441 422 20 ) (4.5 175,000 515 492 23 (4.5)% 2009000 588 562 (26) (4-5)% 225,000 662 632 (29) (4.5)%] * O iginal value shown. 2003 Impact reflects a 0% valuation increase. 11