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General Fund budget. More details are provided under the Expenditures section of this memo
<br />under Contractual Services.
<br />The City has been proactive in identifying cost-effective ways to deliver services to the community.
<br />The City has traditionally contracted for its water supply, police and fire protection, and IT services
<br />since it is cost-effective to do so. This 2024 Operating Budget continues to provide these services
<br />through annual or multi-year contracts.
<br />Community Trends
<br />
<br />According to the 2020 Census, the population of Little Canada was 10,819 living in 4,601
<br />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 2024
<br />is $16,278,258, which is an increase of 12.89% from prior year.
<br />Fiscal disparities program is a tax-base sharing program in the metro area. It reduces large
<br />differences in property tax wealth between communities with a lot of commercial-industrial tax
<br />base and those with little. The goal of the program is to promote orderly and efficient growth,
<br />improve equity, strengthen economic competitiveness, and encourage land uses that protect the
<br />environment and increase livability.
<br />o Contributions to the shared pool are based on 40% of the growth in commercial,
<br />industrial, and public utility property tax base since 1971.
<br />o Distributions of the shared pool are based on market value of all property tax per
<br />person, compared to the average market value per person. Cities with less market
<br />value wealth per capita receive a larger distribution from the pool than cities with
<br />greater market value wealth per capita.
<br />
<br />Final Final Final Est. Final
<br />Tax Capacity %Tax Capacity %Tax Capacity %Tax Capacity %
<br />Values Change Values Change Values Change Values Change
<br />2020/2021 2021/2022 2022/2023 2023/2024
<br />TAXABLE VALUATIONS:
<br /> Real Estate 15,498,153$ 9.40% 15,748,259$ 1.61% 17,378,323$ 10.35% 19,416,641$ 11.73%
<br /> Personal Property 206,261 8.81%108,410 -47.44%112,262 3.55%119,182 6.16%
<br /> SUBTOTALS:15,704,414 9.39% 15,856,669 0.97% 17,490,585 10.30% 19,535,823 11.69%
<br /> Fiscal Disparities:
<br /> Contribution (2,053,903) -1.59% (2,321,589) 13.03% (2,268,439) -2.29% (2,317,381) 2.16%
<br />
<br /> Tax Increment (718,870) 32.26% (715,299) -0.50% (803,036) 12.27% (918,868) 14.42%
<br /> TOTALS:12,931,641$ 5.11% 12,819,781$ -0.87% 14,419,110$ 12.48% 16,299,574$ 13.04%
<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 2023 and 2024, the City’s tax rate is expected to
<br />decrease from 25.486 to 24.830 (2.57%). This tax rate is estimated to be the 3rd lowest in
<br />Ramsey County.
<br />Ramsey County generates an Assessor’s Report that measures the percentage change in
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