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<br />As noted above, the levy for the Fire Equipment Fund was decreased by $30,000. This decrease was
<br />possible due to the allocation of $450,000 of the City of Little Canada’s one-time Public Safety Aid to
<br />the Fire Equipment Fund for the second payment of the ladder truck. The $30,000 reduction to the levy
<br />will be reallocated to the General Capital Fund. The levy for the General Capital Fund was subsequently
<br />increased from $100,000 in 2024 to $130,000 in 2025. The General Capital Fund levy was introduced
<br />in 2024 and will be replaced by a future debt service levy for a proposed public gathering space. The
<br />proposed gathering space is included in the City’s ten-year CIP plan for construction in 2027. The
<br />General Capital Fund was established as a strategic move meant to help ease into the debt service
<br />payment rather than introduce it all at once. A 20-year payoff schedule is estimated at approximately
<br />$320,000 annually for a projected loan of $4,425,000.
<br />
<br />Impact Analysis on 7.84% Levy Increase
<br />
<br />The tables below include a 7.84% levy increase impact on a single-family residential property and the
<br />impact of a 7.84% levy increase on Commercial/Industrial Property at various taxable market values.
<br />
<br />Note: Highlighted in yellow in the first table is the median single-family home value in the City of Little
<br />Canada per the Ramsey County Assessor’s Office. The Porterhouse restaurant is included in the analysis
<br />on the second table (highlighted in yellow).
<br />Taxable Market Value City Tax Taxable Market Value City Tax
<br />250,000 620.74 250,864 696.21 75.47$ 12.16%
<br />376,000 933.59$ 377,300 1,047.10 113.51$ 12.16%
<br />550,000 1,365.62 551,902 1,531.66 166.04$ 12.16%
<br />650,000 1,613.92 652,247 1,810.15 196.23$ 12.16%
<br />800,000 1,986.36 802,766 2,227.87 241.51$ 12.16%
<br />Increase/Decrease
<br />RESIDENTIAL SINGLE HOME - Market Value Change 0.35%
<br />% ChanageTax Year 2024 Tax Year 2025
<br />
<br />A median value home ($377,300) will increase by approximately $113.51 from the prior year
<br />Taxable Market Value City Tax Taxable Market Value City Tax
<br />877,400 2,841.98$ 905,828 3,283.95 441.97$ 15.55%
<br />1,500,000 4,948.51$ 1,548,600 5,714.78 766.27$ 15.48%
<br />3,000,000 10,023.91$ 3,097,200 11,571.38 1,547.47$ 15.44%
<br />5,000,000 16,790.93$ 5,162,000 19,380.36 2,589.43$ 15.42%
<br />15,000,000 50,626.80$ 15,486,000 58,424.44 7,797.65$ 15.40%
<br />COMMERCIAL/INDUSTRIAL - Market Value Change 3.24%
<br />Tax Year 2024 Tax Year 2025 Increase/Decrease % Chanage
<br />
<br />A median value commercial/industrial property ($905,828) will increase by $441.97 from the prior year
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