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<br />Community Trends <br />According to the latest estimate from the Metropolitan County, the population of Little Canada as <br />of April 1, 2019 is 10,580 living in 4,694 households. <br />The Ramsey County Assessor determines the market value for all property in the City. It is this <br />market value that is applied to the class rates assigned by the State and is used to determine a <br />property’s taxable value. The County estimates the City’s taxable value for taxes payable in 2021 <br />is $12,961,458, which is a 10.58% increase. <br />Fiscal disparities is a tax-base sharing program in the metro area. It reduces large differences in <br />property tax wealth between communities with a lot of commercial-industrial tax base and those <br />with little. The goal of the program is to promote orderly and efficient growth, improve equity, <br />strengthen economic competitiveness, and encourage land uses that protect the environment and <br />increase livability. <br />• Contributions to the shared pool are based on 40% of the growth in the <br />commercial, industrial, and public utility property tax base. <br />• Distributions of the shared pool are based on market value of all property tax per <br />person, compared to the average market value per person. Cities with less market <br />value wealth per capita receive a larger distribution from the pool than cities with <br />greater market value wealth per capita. <br /> <br />Taxable Value Comparison <br /> <br />Payable 2020 Payable 2021 <br />2020 to 2021 <br />% Change <br />Real Estate $14,166,929 $15,507,043 9.46% <br />Personal Property 189,565 227,981 20.27% <br />Subtotal 14,356,494 15,735,024 9.60% <br />Less: Fiscal Disparity Contribution (2,087,178) (2,053,908) -1.59% <br />Less: Tax Increment (547,681) (719,669) 31.40% <br />Total $11,721,626 $12,961,458 10.58% <br /> <br />The City’s property tax levy is divided by the taxable value to determine the City’s tax rates, which <br />is applied to each property’s tax capacity to determine that property’s City property tax amount <br />before any credits are applied. Between 2020 and 2021, the City’s tax rate is expected to <br />decrease from 25.773 to 23.928 (-7.16%). <br />Ramsey County provides a report that measures the percentage change in estimated market for <br />value for residential homestead properties from year to year. Overall, residential property in <br />Ramsey County increased in value by 5.3%. In Little Canada, the median value home <br />experienced a 5.5% increase in value from $277,800 to $293,000. This compares with an 8.6% <br />increase from 2019 to 2020. <br /> <br />4