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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 />* Less fi <br />Net Tax Capacity for Levy � 25,719,935 3 1,000,00o I <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 assuming no <br />increase in property 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 assuming a 10% <br />increase in properiy valuation. <br />* Original value shown. 2003 Impact reflects a 10% valuation increase. <br />