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To determine an individual property’s tax, the local tax rate is applied to the property’s net tax capacity. <br />For example, a $216,500home has a tax capacity of 2,165(216,500multiplied by 1% which represents <br />the Statewide tax formula for homestead property). This tax capacity figure is then multiplied by the local <br />tax rate. <br />2,165x .39920= $864 <br />In 2016a$216,500home will pay an estimated $864in city taxes. A similar calculation for other property <br />valuations is shown in the tables below. <br />residential <br />The following table summarizes the estimated tax impact on homes, based on the 2016tax <br />levy and budget, estimates provided by Ramsey County, and assuming no increasein property valuation. <br />$ Increase% Increase <br />Value of Home20152016(Decrease)(Decrease) <br />160,000622639172.70% <br />180,000700719192.70% <br />216,500842864232.70% <br />235,000913938252.70% <br />255,0009911,018272.70% <br />* Note: Property valuations are determined by the Ramsey County Assessor’s Office <br />As shown above, a median-valued home of $216,500 would see an increaseof $23or 2.7%, holding all <br />other factors constant. <br />commercial <br />The following table summarizes the estimated tax impact on property, based on the 2016tax <br />levy and budget, estimates provided by Ramsey County, and assuming no increase in property valuation. <br />$ Increase% Increase <br />Value of Property20152016(Decrease)(Decrease) <br />500,0003,5953,693972.70% <br />750,0005,5395,6891502.70% <br />1,000,0007,4827,6852022.70% <br />2,000,00015,25615,6694132.70% <br />3,000,00023,03023,6536232.70% <br /> <br />10 <br /> <br />