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<br />2025 Calculation Example: <br /> <br /> <br /> <br />Note: Both legislative changes noted above result in a taxable market value decrease for these types of <br />properties resulting in a decrease in the City’s tax capacity. In the example above when we compare the <br />2024 calculation with the new 2025 calculation, we can note a $1,700 decrease in taxable market value <br />due to changes in the Homestead Market Value Exclusion Calculation. <br /> <br />2024 Proposed Tax Rates: <br />As noted in the budget workshop on August 28 th, the tax rate is an important factor used to calculate the <br />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 />The 2024 Tax Rate was a 2.57% decrease from 2023, however the 2025 tax rate will be an increase of <br />13.06% from 2024 tax rate. <br /> <br />2024 % 2025 % <br />TAX CAPACITY RATES: Budget Change Budget Change <br />General Fund 22.548 -4.24% 25.492 13.05% <br />General capital Imp 0.543 #DIV/0! 0.729 34.20% <br />Fire Equipment Fund 0.869 -10.40% 0.729 -16.12% <br />Infrastructure Fund 0.869 -10.40% 1.122 29.04% <br />TOTALS:24.829 -2.57%28.071 13.06% <br /> <br /> <br />As noted below, the City of Little Canada had the 3 rd lowest tax rate in Ramsey County in 2024. <br />