Laserfiche WebLink
MINUTES <br />CITY COUNCIL <br />DECEMBER 2, 2002 <br />be $450.04 for the year 2003 which averages $37.50 per month. <br />He then reviewed scenarios which showed the impact of property <br />taxes on residential considering various increases in valuations. If <br />a residential property had no valuation increase, the City's share of <br />taxes would decrease by 7.13%. A 10% valuation increase would <br />result in a 2.15% increase in the City's share of property taxes, and <br />a ZO% valuation increase would result in an 11.44% increase. <br />Making the same comparisons for various valued <br />commercial/industrial properties, a 0% valuation increase would <br />result in reductions in the City's share of property taxes ranging <br />from 2.93% to 6.7%. <br />The City Administrator highlighted the various taxingjurisdictions <br />with make up a property's tax bill. These include the City, School <br />District, Ramsey County, and special taxing jurisdictions that <br />include the Metropolitan Council, Metropolitan Mosquito Control, <br />Regional Transit Board, and Ramsey/Washington Watershed <br />District. Distribution of tax dollars based on a median value home <br />is 4S% to the County, 25% to the School District, 22% to the City, <br />and 8% to the Miscellaneous Jurisdictions. Based on total property <br />taxes, a residential property with no valuation increase will see <br />approximately a 5.97% increase in property taxes, a 10% valuation <br />increase will result in a 16.6% ina~ease in property taxes, and a <br />20% valuation increase will see a 27.2% increase. For commercial <br />properties with no valuation increase, property tax increases will <br />range from 4.61 % to 5.85% dependent on property valuation. <br />The Administrator indicated that this concluded the formal Truth <br />In Taxation presentation, and noted that formal adoption of the <br />City's 2003 budget would occur at a public hearing to be held at <br />the December 17, 2002 Council meeting. The Administrator <br />opened the hearing to questions from the public. <br />A member of the audience asked why there is a proposed increase <br />of 10% in the Regional Rail Authority's levy. The Administrator <br />indicated that the Regional Rail Authority is responsible for transit <br />planning such as is occurring with the Rush Line Corridor and the <br />Northeast Diagonal. The Administrator indicated that he does not <br />know the specifics of the proposed budget increase, but would <br />provide a contact person and telephone number. <br />There was no one else present wishing to comment on the <br />proposed 2003 Budget. <br />4 <br />