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REQUEST FOR COUNCIL ACTION <br /> Date: 12/08/14 <br /> Item No.: 12.b <br />Department Approval City Manager Approval <br />Item Description: Adopt the 2015 Final 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 final tax levy for that agency by December 30th for the upcoming fiscal year. The Roseville <br />3 <br />HRA, while a separate legal entity, does not have direct levy authority. The City Council must adopt a <br />4 <br />levy using its authority along with a designation that the funds go to the HRA. <br />5 <br />6 <br />On August 19, 2014 the HRA formally adopted a resolution calling for a 2015 Recommended Tax Levy <br />7 <br />in the amount of $741,498, an increase of $37,919 or 5.4% over 2014. At their November 18, 2014 <br />8 <br />meeting, the HRA reduced their levy request to $703,579; the same amount as 2014. <br />9 <br />10 <br />residential <br />The following table summarizes the estimated tax impact on homes, based on the HRA’s <br />11 <br />revised 2015 tax levy request, tax base estimates provided by Ramsey County, and assuming a 11.0% <br />12 <br />increase in property valuation – the expected amount for a median valued home in Roseville. <br />13 <br />14 <br />15 <br />ANNUAL <br />Estimated Tax Impact - Residential 11.0% Valuation Increase <br />$ Increase% Increase <br />Value of Home20142015(Decrease)(Decrease) <br /> 166,500 28.2326.71 1.53 5.7% <br /> 188,700 32.0030.27 1.73 5.7% <br /> 215,340 36.5234.54 1.97 5.7% <br /> 230,880 39.1537.04 2.12 5.7% <br /> 251,970 42.7340.42 2.31 5.7% <br />$ Per month0.16 <br />16 <br />17 <br />18 <br />The amounts shown above are independent of the impact that results from the City’s tax levy. <br />19 <br />Although the levy is unchanged from the previous year, the valuation increase will still trigger a small <br />20 <br />impact in 2015. <br />21 <br />22 <br />Page 1 of 3 <br /> <br />