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City of Roseville — 2014 Budget The Citywide tax capacity represents the taxable property 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 citywide tax rate for 2013 and 2014 (estimated) is 38.899% and 40.268% respectively. To determine an individual property's tax, the local tax rate is applied to the property's net tax capacity. For example, an $194,000 home has a tax capacity of 1,940 (194,000 multiplied by 1% - the Statewide tax formula for homestead property). This tax capacity figure is then multiplied by the local tax rate. 1,940 x.40268 = $781 In 2014 a $194,000 home will pay an estimated $781 in city taxes. A similar calculation for other property valuations is shown in the tables below. The following table summarizes the estimated tax impact on residential homes, based on the 2014 tax levy and budget, estimates provided by Ramsey County, and assuming no increase in property valuation. * Note: Property valuations are determined by the Ramsey County Assessor's Office As shown above, a median - valued home of $188,400 would see an increase of $26 or 3.52 %, holding all other factors constant. However, most single - family homes in Roseville will experience an increase in value of 3.5 %. The following table summarizes the estimated tax impact on residential homes, based on the 2014 tax levy and budget, estimates provided by Ramsey County, and assuming an 3.5% increase in property valuation — the typical change for 2014. $ Increase % Increase Value of Home 2013 2014 Decrease Decrease 1451000 564 584 20 3.52% 1651000 642 664 23 3.52% 1881400 733 759 26 3.52% 2001860 781 809 27 3.52% 2191120 852 882 30 3.52% * Note: Property valuations are determined by the Ramsey County Assessor's Office As shown above, a median - valued home of $188,400 would see an increase of $26 or 3.52 %, holding all other factors constant. However, most single - family homes in Roseville will experience an increase in value of 3.5 %. The following table summarizes the estimated tax impact on residential homes, based on the 2014 tax levy and budget, estimates provided by Ramsey County, and assuming an 3.5% increase in property valuation — the typical change for 2014. * Original value shown. 2014 Impact reflects a 3.5% valuation decrease 10 $ Increase % Increase Value of Home 2013 2014 Decrease Decrease 1501075 564 604 40 7.14% 1701775 642 688 46 7.14% 1941000 733 781 48 6.60% 2071890 781 837 56 7.14% 2261789 852 913 61 7.14% * Original value shown. 2014 Impact reflects a 3.5% valuation decrease 10