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REQUEST FOR COUNCIL ACTION <br /> Date: 9/08/14 <br /> Item No.: 12.b <br />Department Approval City Manager Approval <br />Item Description: Adopt the 2015 Preliminary HRA Tax Levy <br />B <br />ACKGROUND <br />1 <br />State Statute requires all municipalities that have levy authority over other governmental agencies to <br />2 <br />adopt a preliminary tax levy for that agency by September 15th for the upcoming fiscal year. The <br />3 <br />Roseville HRA, while a separate legal entity, does not have direct levy authority. The City Council <br />4 <br />must adopt a levy using its authority along with a designation that the funds go to the HRA. The Final <br />5 <br />HRA levy is scheduled to be adopted in December. Once the preliminary levy is adopted it can be <br />6 <br />lowered, but not increased. <br />7 <br />8 <br />On August 19, 2014 the HRA formally adopted a resolution calling for a 2015 Recommended Tax Levy <br />9 <br />in the amount of $741,498, an increase of $37,919 or 5.4% over 2014. A copy of the resolution is <br />10 <br />included in Attachment B. <br />11 <br />12 <br />residential <br />The following table summarizes the estimated tax impact on homes, based on the HRA’s <br />13 <br />recommended 2015 tax levy, tax base estimates provided by Ramsey County, and assuming a 11.0% <br />14 <br />increase in property valuation – the expected amount for a median valued home in Roseville. <br />15 <br />16 <br />17 <br />ANNUAL <br />Estimated Tax Impact - Residential 11.0% Valuation Increase <br />$ Increase% Increase <br />Value of Home20142015(Decrease)(Decrease) <br /> 166,500 3027 3 11.4% <br /> 188,700 3430 3 11.4% <br /> 215,340$ 38.4834.54$ 3.94$ 11.4% <br /> 230,880 4137 4 11.4% <br /> 251,970 4540 5 11.4% <br />$ Per month0.33 <br />18 <br />19 <br />20 <br />The amounts shown above are independent of the impact that results from the City’s tax levy. <br />21 <br />22 <br />Page 1 of 3 <br />