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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 $226,800home has a tax capacity of 2,268(226,800multiplied 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 />2,268x .38802= $880 <br />In 2017a$226,800home willpay an estimated $880in city taxes. A similar calculation for other property <br />valuations is shown in the tables below. <br />residential <br />The following table summarizes the estimated tax impact on homes, based on the 2017tax <br />levy and budget, estimates providedby Ramsey County, and assuming a 4.8%increase in property <br />valuation. <br />$ Increase% Increase <br />Value of Home20162017(Decrease)(Decrease) <br />167,680631651203.09% <br />188,640710732223.09% <br />226,800854880263.10% <br />246,280927956293.09% <br />267,2401,0061,037313.09% <br />* Note: Property valuations are determined by the Ramsey County Assessor’s Office <br />As shown above, a median-valued home of $226,800 would see an increaseof $26or 3.1%, holding all <br />other factors constant. <br />commercial <br />The following table summarizes the estimated tax impact on property, based on the 2017tax <br />levy and budget, estimates provided by Ramsey County, and assuming no increase in property valuation. <br />$ Increase% Increase <br />Value of Property20162017(Decrease)(Decrease) <br />500,0003,6493,589(60)-1.63% <br />750,0005,6215,529(92)-1.63% <br />1,000,0007,5937,469(124)-1.63% <br />2,000,00015,48215,230(252)-1.63% <br />3,000,00023,37122,990(381)-1.63% <br /> <br />10 <br /> <br />