12-15-2021 Council Packet - Laserfiche WebLink

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The City has been proactive in identifying cost-effective ways to deliver services to the community. The City has traditionally contracted for its water supply, police and fire protection, and IT services since it is cost-effective to do so. This 2022 Operating Budget continues to provide these services through annual or multi-year contracts. Community Trends According to the 2020 Census, the population of Little Canada was 10,819 living in 4,601 households. The Ramsey County Assessor determines the market value for all property in the City. It is this market value that is applied to the class rates assigned by the State and is used to determine a property’s taxable value. The County estimates the City’s taxable value for taxes payable in 2022 is $12,815,639, which is decrease of -.90% increase. Fiscal disparities is a tax-base sharing program in the metro area. It reduces large differences in property tax wealth between communities with a lot of commercial-industrial tax base and those with little. The goal of the program is to promote orderly and efficient growth, improve equity, strengthen economic competitiveness, and encourage land uses that protect the environment and increase livability. • Contributions to the shared pool are based on 40% of the growth in commercial, industrial, and public utility property tax base since 1971. • Distributions of the shared pool are based on market value of all property tax per person, compared to the average market value per person. Cities with less market value wealth per capita receive a larger distribution from the pool than cities with greater market value wealth per capita. Taxable Value Comparison Payable 2021 Preliminary Payable 2022 2021 to 2022 % Change Real Estate $15,498,153 $15,745,849 1.60% Personal Property 206,261 108,410 -47.44% Subtotal 15,704,414 15,854,259 .95% Less: Fiscal Disparity Contribution (2,053,903) (2,321,612) 13.03% Less: Tax Increment (718,870) (717,008) -.26% Total $12,931,641 $12,815,639 -.90% The City’s property tax levy is divided by the taxable value to determine the City’s tax rates, which is applied to each property’s tax capacity to determine that property’s City property tax amount before any credits are applied. Between 2021 and 2022, the City’s tax rate is expected to increase from 23.983 to 25.419 (5.99%). This tax rate is the 3rd lowest in Ramsey County. Ramsey County generates an Assessor’s Report that measures the percentage change in estimated market for value for residential homestead properties from year to year. Overall, residential property in Ramsey County increased in value by 3%. The Little Canada median value home experienced a 3.75% increase in value from $293,000 to $304,000. 4