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: 1 1 H: • ` :i.' • " <br />The intent of this overview is to provide <br />Sudget, noting significant changes from <br />overview addresses four major areas: Tax <br />Capacity Rates, Revenues, and Expenditures. <br />Tax Cavacitv <br />a summary of the 1994 <br />the 1993 Budget. The <br />Capacity, Levy and Tax <br />' Tax legislation passed in 1988 initiated the use of the term "Tax <br />Capacity" in place of "Asaessed Valuation" as a measure of <br />property value as a base for property taxation. The City's Net <br />� Tax Capacity (NTC) for 1993 was $30,502,000. The 1994 Net Tax <br />' Capacity is estimated to be, $30,300,000. <br />A decrease is expected to occur since industrial/commercial <br />classification rates are being reduced in 1994. Homestead proper- <br />ty clasaification rates are not changing in 1994. Aomeotead <br />property value under $72,000 is l� and value over $72,000 will be <br />at 2� of estimated market value. Commercial/ industrial property <br />classes however, will have rates reduced from 4.70`•k to 4.60� in <br />1994. The effect of a potential decrease would be an increase in <br />'', the tax capacity rate, even if there was no change in the pro- <br />' posed levy. <br />More precise information will be available at the time of the <br />actual tax hearing in December. <br />Levies and Tax Cavacitv Rates <br />The total 1994 Budget is $20,501,013. This budget is an increase <br />of $1,565,136, or approximately an 8 percent increase over 1993. <br />Tax levy requirementa to finance this budget are $7,524,361 for <br />an increase of 2.99 percent from the 1993 levy amount. <br />Based on the Net Tax Capacity and the levy requirements, the Tax <br />Capacity Rate for 1994 is estimated to be 17.281 percent. This <br />is a 3.08 percent increase from the 1993 rate of 16.764. <br />The following table provides a comparison for certain Roseville <br />homes and smaller commercial/industrial properties. <br />Property Taz Ca�parisam oa Selected 9aluea <br />Home <br />Value <br />Eat. Market Value $82,000 <br />Tax Capacity (Net) <br />Tax Capacity Rate <br />Net City Tax <br />920 <br />16.764� <br />$154 <br />1993 <br />Home <br />Value <br />$100,000 <br />1,280 <br />16.764� <br />A -3 <br />$215 <br />Home <br />Value <br />$150,000 <br />2,280 <br />16.764$ <br />$382 <br />C/I <br />Value <br />$100,000 <br />3,100 <br />16.764� <br />$519 <br />