12-08-93 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL DECEMBER 8, 1993 The foregoing resolution was duly seconded by LaValle. Ayes (5) LaValle, Scalze, Pedersen, Hanson, Morelan. Nays (0). Resolution declared adopted. 1994 Mayor Hanson opened the Truth In Taxation Hearing for BUDGET consideration of the 1994 Budget. TRUTH IN TAXATION The City Administrator welcomed those people in HEARING attendance this evening as well as the viewing audience at home. The Administrator indicated that all property owners received a notice of proposed property tax for 1994 from Ramsey County. That notice listed the tax impacts by various jurisdictions on the property tax bill. The purpose of the Truth In Taxation Hearing is to discuss the City's portion of the tax bill. The Administrator reported that there are many factors that affect the tax bill. These include the following: 1. Local Spending (City, County, School, Other); 2. Classification of Property; 3. Class Rates; 4. Market Value of Affected Property; 5. Total Market Value of Jurisdiction; 6. HACA Distribution; and 7. Fiscal Disparities. The Administrator reported that for the City's portion of the tax bill in 1994, there is no change proposed, that is a zero percent net levy increase from 1993. However, the City's total tax capacity is down by 2.38% for 1994. This is due to reductions in commercial and industrial property values on a metro-wide basis; the State changing class rate percentages on high-valued commercial and industrial properties shifting the burden to residential properties; and increases in market value for many residential properties. It appears that many average-valued homes in Little Canada had market value increases between $3,00o and $10,000. The Administrator aqain pointed out that the City is proposing a zero percent net levy increase. However, due to the factors just explained, and with no Page 2