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Historical City Property Taxes in Relation to City Tax Rate How can a low tax rate benefit the city? When analyzing historical data for the past decade, the City of Little Canada has maintained one of the lowest city tax rates in Ramsey County. Little Canada’s tax rate has been reduced by over 6% over the past ten years from 30.94 in 2013 to 24.83 in 2024. The tax rate is important because it’s the first variable in the formula to calculate the city portion of property taxes. The lower the tax rate, the lower the property taxes (city tax rate x home market value = city property tax). The current home market value is the second variable in this formula, which also plays a critical role. The graph below demonstrates how the home market value can impact property taxes. The lower the market value of a home, the lower the property taxes. Conversely, the higher the market value of a home, the higher the property taxes. It is important to note that the city has no control over the home market value, as it is determined by the County Assessor’s Office. Since 2013, the median home market value in Little Canada has grown by 87% from $180,300 in 2013 to $337,100 in 2024. The graph below compares the median home market value in Little Canada in 2015, 2020, and 2024 with the neighboring communities of Maplewood, Roseville, Shoreview, Arden Hills, and Vadnais Heights. Based on these median values, the city portion of property taxes for the same market-value home in each city has been lower than most of our neighboring communities. As we begin the 2025 operating and capital budget process, the city is in a favorable position to maintain services for the community without significantly impacting the city portion of property taxes. This is only possible due to the ongoing efforts of Little Canada’s elected officials to maintain small and incremental changes to the tax rate over the years. Finance Information www.littlecanadamn.org | 3