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City of Roseville — 2015 Budget <br />The Citywide tax capacity represents the taxable property value within the City. It is determined by <br />applying the State-wide property tax formula for each parcel, then adding each parcel's tax capacity. <br />The citywide tax capacity is then applied to the proposed levy to determine the local tax rate. The <br />citywide tax rate for 2014 and 2015 (estimated) is 40.121 % and 38.869% respectively. <br />To determine an individual property's tax, the local taX rate is applied to the property's net tax capacity. <br />For example, a$215,000 home has a tax capacity of 2,150 (215,000 multiplied by 1% - the Statewide <br />tax formula for homestead property). This taX capacity figure is then multiplied by the local tax rate. <br />2,150 x .38869 = $837 <br />In 2015 a$215,340 home will pay an estimated $837 in city taXes. A similar calculation for other <br />property valuations is shown in the tables below. <br />The following table summarizes the estimated tax impact on residential homes, based on the 2015 tax <br />levy and budget, estimates provided by Ramsey County, and assuming no increase in property valuation. <br />$ lncrease % Increase <br />Value of Home 2014 2015 (Decrease) (Decrease) <br />150,000 602 583 (19) -3.12% <br />170,000 682 661 (21) -312% <br />194,000 778 754 (24) -3.12% <br />208,000 835 808 (26) -3.12% <br />227,000 911 882 (28) -3.12% <br />* Note: Property valuations are determined by the Ramsey County Assessor's Office <br />As shown above, a median-valued home of $194,000 would see a decrease of $24 or 3.12%, holding all <br />other factors constant. However, most single-family homes in Roseville will experience an increase in <br />value of 11.0%. <br />The following table summarizes the estimated tax impact on residential homes, based on the 2015 tax <br />levy and budget, estimates provided by Ramsey County, and assumin� an 11.0% increase in propertX <br />valuation — the typical change for 2015. <br />Value of Home <br />166,500 <br />188,700 <br />215,340 <br />230,880 <br />251,970 <br />$ Increase <br />2014 2015 Decrease <br />602 647 <br />682 733 <br />778 837 <br />835 897 <br />911 979 <br />% Increase <br />Decrease <br />45 7.54% <br />51 7.54% <br />59 7.54% <br />63 7.54% <br />69 7.54% <br />* Original value shown. 2015 Impact reflects a 11.0% valuation decrease. <br />10 <br />