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08-23-2023 Council Packet
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08-23-2023 Council Packet
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<br /> <br /> <br /> <br />Tax Rate Analysis: <br />As noted in the budget workshop on August 9th, the tax rate is an important factor used to calculate <br />the city portion of a resident’s property tax bill. The basic formula for calculation is as follows: <br /> <br />Tax Rate x Home Market Value = City Tax <br /> <br />As noted below, the City of Little Canada had the 4th lowest tax rate in Ramsey County in 2023. <br />Based on either levy increase 7.06% or 9.90% it is estimated the City position will not change by <br />much and will continue to trend toward the lower end of the spectrum. An increase of 7.06% will <br />reduce the tax rate by 4.33% from the 2023 tax rate, and a levy increase of 9.90% or additional <br />$100,000 will reduce the rate by 1.46% from the 2023 tax rate. <br />Ramsey County City Tax Rates Payable 2023 <br /> <br /> <br />11.53 <br />23.63 24.053 25.485 25.86 25.86 <br />28.16 30.26 31.80 33.86 35.17 36.08 37.285 39.80 40.547 40.76 42.71 <br />50.605 <br />61.703 <br />0 <br />10 <br />20 <br />30 <br />40 <br />50 <br />60 <br />70
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