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Tax Capacity Update Ramsey County recently provided preliminary Tax Capacity values. These values are used to analyze and predict the 2025 tax rate. As noted in the table below, the City of Little Canada’s tax capacity value decreased by 2.55%, and a lower tax capacity resulted in a higher tax rate. The tax rate is used in the annual calculation of property tax. The lower the tax rate, the lower the tax. Final Final Final Est. Final Tax Capacity % Tax Capacity % Tax Capacity % Tax Capacity % Values Change Values Change Values Change Values Change 2021/2022 2022/2023 2023/2024 2024/2025 TAXABLE VALUATIONS: Real Estate 15,748,259$ 1.61% 17,378,323$ 10.35% 19,414,661$ 11.72% 19,399,616$ -0.08% Personal Property 108,410 -47.44% 112,262 3.55% 119,182 6.16% 128,052 7.44% SUBTOTALS:15,856,669 0.97% 17,490,585 10.30% 19,533,843 11.68% 19,527,668 -0.03% Fiscal Disparities: Contribution (2,321,589) 13.03% (2,268,439) -2.29% (2,317,381) 2.16% (2,720,620) 17.40% Tax Increment (715,299) -0.50% (803,036) 12.27% (916,269) 14.10% (1,015,869) 10.87% TOTALS:12,819,781$ -0.87% 14,419,110$ 12.48% 16,300,193$ 13.05% 15,791,179$ -3.12% The decrease can be largely attributed to an increase in the City’s Fiscal Disparities Contribution to the Fiscal Disparities Tax-Base Sharing Program and legislative changes for taxes payable in 2025. 2025 Proposed Tax Rates The tax rate is an important factor used to calculate the city portion of a resident’s property tax bill. The basic calculation formula is as follows: Tax Rate x Home Market Value = City Tax 2024 % 2025 % TAX CAPACITY RATES: Budget Change Budget Change General Fund - 101 22.548 -4.24% 25.163 11.60% General capital Imp - 400 0.543 #DIV/0! 0.732 34.74% Fire Equipment Fund - 457 0.869 -10.40% 0.732 -15.79% Infrastructure Fund - 450 0.869 -10.40% 1.126 29.56% TOTALS:24.829 -2.57%27.752 11.77%