Laserfiche WebLink
The Citywide tax capacity represents the taxable value within the City. It is determined by <br />applying the State-wide property tax formula for each parcel, then adding each parcel's tax <br />capacity. The citywide tax capacity is then applied to the proposed levy to determine the local <br />tax rate. <br />The following table summarizes the local tax rate. <br />(iross Net Tax Capaci� <br />Less Fiscal Disparitie: <br />Less Tax Increment V <br />Net Tax Capacity for l <br />Net Tax Levy * <br />Local Tax Rate <br />* Less fiscal ispanty istri utior <br />.,,, �T,.,.� <br />�,504,684 <br />5,719,935 <br />8,258,216 <br />32.108 % <br />.,,..,.,, ., <br />6,521,98 <br />2,631,51 <br />1,000,00 <br />8,400,05 <br />27.097 ° <br />To determine an individual property's tax, the local tax rate is applied to the property's net tax <br />capacity. <br />The following table summarizes the estimated tax impact on residential homes, based on the <br />proposed 2003 tax levy and budget, estimates provided by Ramsey County, and assumin� no <br />increase in properiy valuation. <br />* Note: Property valuations are determined by the Ramsey County Assessor's Office <br />The following table summarizes the estimated tax impact on residential homes, based on the <br />proposed 2003 tax levy and budget, estimates provided by Ramsey County, and assumin� a 10% <br />increase in properiy valuation. <br />1 <br />75,000 <br />C�ijl <br />� Original value shown. 2003 Impact reflects a <br />522 <br />596 <br />671 <br />increase. <br />�35) � �7.2) <br />% <br />