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Department Approval: �� REQUEST FOR COUNCIL ACTION ��t�7.�g�r .'� � Item Description: Adopt the 2007 HRA Preliminary Tax Levy Date: 911112006 Item No: Agenda Section: Staff Reports Introduction State Statute requires all municipalities that have levy authority over other goverr�traezztal agencies to adopt a preliminary tax levy for that agency by September 15" for the upcoming fiscal year. The Rosevil�e HRA, while a separate legal entity, does not have direct levy authority. The City Council tnust adopt a levy using its authority along with a designation that the funds go to the HRA. The Final 2007 HRA levy is scheduled to be adopted in December. Once the preliminary levv is adooted it can be lowered, but not increased. At the August 21, 2006 City Council meeting, representatives of the HRA presented their 2007 Budget and Recommended tax levy. The recommended levy amount is $255,750, a r a of $33,145 from the current levy. I-��,�A,. Tax Impact The following table summarizes the estimated tax impact on residential homes, based on the I-��t,A's 2007 proposed tax levy, estimates provided by Itamsey County, and assumin� a 15% increase in �ro�erty valuation. � ] � L�_�iliU � ;� �.� �� ��t�,�� 3{�C�.�D� * Note: 1';roperiy � Li� � l� ----...�—. ] � ] � 1 � 1:� 17 1� __._�r �L �� � are determined by the Ramsey County Assessar's Office 5- � � � ��.-�"�� �,� �� �5.� � ,� � °�° �5.�� °�6 With the proposed HRA tax levy and estimated increases in the City's tax base, an average- valued home of $200,000 would see virtually no change in their local property taxes. The percentage decrease shown in the above table simply reflects a small decrease in total, but due to rounding there is virtually no change in whole dollars. This amount is inde�endent of the impact that results from the City's tax levy.