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2018 Budget and CIP
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2018 Budget and CIP
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2/2/2018 11:27:20 AM
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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 $236,900home has a tax capacity of 2,369(236,900multiplied 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 />2,369x .39404= $933 <br />In 2018a$236,900home willpay an estimated $933in city taxes. A similar calculation for other property <br />valuations is shown in the tables below. <br />residential <br />The following table summarizes the estimated tax impact on homes, based on the 2018tax <br />levy and budget, estimates provided by Ramsey County, and assuming a 4.3%increase in property <br />valuation. <br />Estimated Tax Impact - Residential with 4.3% valuation increase <br />$ Increase% Increase <br />Value of Home20172018(Decrease)(Decrease) <br />187,740722740172.41% <br />208,600803822192.41% <br />236,90091293321.912.40% <br />255,5359831,007242.41% <br />276,3951,0631,089262.41% <br />* Note: Property valuations are determined by the Ramsey County Assessor’s Office <br />As shown above, a median-valued home of $236,900 would see an increaseof $22or 2.4%, holding all <br />other factors constant. <br />commercial <br />The following table summarizes the estimated tax impact on property, based on the 2018tax <br />levy and budget, estimates provided by Ramsey County, and assuming no increase in property valuation. <br />Estimated Tax Impact - Commercial <br />$ Increase% Increase <br />Value of Property20172018(Decrease)(Decrease) <br />500,0003,7123,645(67)-1.81% <br />750,0005,7195,615(104)-1.81% <br />1,000,0007,7257,585(140)-1.81% <br />2,000,00015,75115,466(285)-1.81% <br />3,000,00023,77823,347(431)-1.81% <br /> <br />10 <br /> <br />
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