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1994 Levy Determination <br /> Council set a priority to not exceed 1993 City <br /> Tax Rate <br /> City Tax Rate is the City Levy divided by the <br /> City Tax Capacity <br /> The City Tax Capacity will grow by about <br /> $270,000 in 1994 because of Good Value <br /> Homes and HP coming off of TIF and an <br /> average residential property value increase of <br /> 5.5% <br /> The City portion of this increased tax capacity <br /> could have been as much as $41,000 <br /> Slide 4 Falcon Heights Truth in Taxation Public Hearing rit <br /> The Council set as a priority to not exceed 1993's City Tax Rate. The <br /> City Tax Rate is that portion of the total City Tax Capacity that is <br /> needed to produce the City Levy. (Tax Capacity is covered in more <br /> detail in a later slide.) <br /> There is some good news for 1994. Two major property parcels, Good <br /> Value Homes and one half of Hewlett- Packard, will be coming off of the <br /> TIF (Tax Increment Financing) tax rolls and onto the City (and County <br /> and School District) tax rolls. Some ten years ago the City made major <br /> investments in roads and sewers to make these developments possible <br /> and now that all the bills have been paid we 'harvest' the new taxes <br /> they generate. This allowed the City to increase the Tax Levy but <br /> reduce the City Tax Rate. <br /> Page 4 <br />