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<br />While taxable value on residential properties classifications increased 5.21% (median home 5.5%), the <br />taxable value increases on apartments, industrial, and commercial property classifications were more <br />dramatic. The large taxable increase on apartments is based on several recent apartment building sales <br />which resets the actual market rate of these existing structures. Staff has requested additional <br />information from the Ramsey County Assessor and will provide this at the meeting. <br /> <br /> <br /> <br />Levy Option One: <br />Option One includes a preliminary levy of $3,572,494 (2.68% Increase) as follows: <br />Levy Component 2020 2021 <br />$ Increase <br />(Decrease) <br />% <br />Increase <br />(Decrease) <br /> General Fund $3,197,083 $3,290,294 $93,211 2.92% <br /> Fire Equipment Fund 160,000 160,000 - 0.00% <br /> Infrastructure Fund 122,200 122,200 - 0.00% <br />Gross Levy $3,479,283 $3,572,494 $93,211 2.68% <br /> <br />Based on this proposed levy, the City’s tax rate is proposed to decrease 7.18% from 25.773 to 23.923. <br />The median home in Little Canada as calculated by Ramsey County increased 5.5% in value from <br />$277,800 in 2020 to $293,000 in 2021. Based on preliminary taxable valuation amounts from the <br />County, the impact on this median value home in Little Canada will see a reduction of 1.4% in City taxes <br />from $684 in 2020 to $675 in 2021 (decrease of $9). <br /> <br />Staff has contacted other municipalities in Ramsey County the past month to determine their estimated <br />preliminary levy increase. The estimated average increase is 4.33%. It is important to note that these <br />increases may increase or decrease when the preliminary levies are approved by each municipality. <br /> <br />The largest increases to the 2021 levy are as follows: <br />• Increase in the police service contract $76,430 <br />• Market adjustments, merit step plan increases and changes in health insurance for <br />personnel $26,722 <br />• Increase for recreation department changes $13,480 <br />• Increase for public works incentive pay plan and city clerk reclassification $7,420 <br />• Increase for storm water repairs $5,000 <br />• Increase for workers compensation and property insurance premiums $4,550 <br />• Increase for Northeast Youth Family Services contribution $1,585 <br />5.21% <br />20.21% <br />13.41% <br />9.20% <br />0.00% <br />5.00% <br />10.00% <br />15.00% <br />20.00% <br />25.00% <br />Residential Apartments Industrial Commercial <br />Taxable Value Change from 2020 to 2021