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Department Approval <br />�. �: � <br />Item Description <br />�� <br />.r- <br />REQUEST FOR COUNCIL ACTION <br />Adopt the 2016 Preliminary HRA Tax Levy <br />Date: 9/14/15 <br />Item No.: 13.b <br />City Manager Approval <br />BACKGROUND <br />State Statute requires all municipalities that have levy authority over other governmental agencies to <br />adopt a preliminary tax levy for that agency by September 15th for the upcoming fiscal year. The <br />Roseville HRA, while a separate legal entity, does not have direct levy authority. The City Council <br />must adopt a levy using its authority along with a designation that the funds go to the HRA. The Final <br />HRA levy is scheduled to be adopted in December. Once the preliminary leW is adopted it can be <br />lowered, but not increased. <br />�� On August 18, 2015 the HRA formally adopted a resolution calling for a 2016 Recommended Tax Levy <br />in the amount of $650,000, a decrease of $53,579 or 7.6% over 2015. A copy of the resolution is <br />� included in Attachinent B. This levy request reflects the HRA's proposed 2016 budget presented to the <br />Council on August 24, 2015. <br />� The following table summarizes the estimated tax impact on residential homes, based on the HRA's <br />� recommended 2016 tax levy, tax base estimates provided by Ramsey County, and assuming a 0.0% <br />�� �,� increase in property valuation — the expected amount for a median valued home in Roseville. <br />Estimated ANNUAL Tax Impact - Residential - 0.0% Valuation decrease <br />$ Increase <br />Value of Home 2015 2016 Decrease <br />160,000 27 25 (2) <br />] 80,000 31 28 (3) <br />216,500 $ 36.71 $ 33.45 $ (3.26) <br />235,000 40 36 (4) <br />255,000 43 39 (4) <br />% Increase <br />Decrease <br />-8.9% <br />-8.9% <br />-8.9% <br />-8.9% <br />-8.9% <br />The amounts shown above are independent of the impact that results from the City's tax levy. <br />Page 1 of 3 <br />