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MINI7TES <br />CITY COUNCIL <br />NOVII~SBER 30, 1994 <br />properties in Little Canada there has been no increase <br />in market value for payable 1995 taxes, 34% of <br />properties are seeing an increase of 1 to 5 percent in <br />market value; and 58% are seeing an increase of 5 to 10 <br />percent. This means that the tax burden is beinq <br />shifted to residential properties because there has <br />been little change in the valuation of commercial and <br />industrial properties. <br />The Administrator pointed out that when the County <br />mailed property owners their Truth In Taxation hearing <br />notices, the City was proposing a 3.3% increase in its <br />net levy. If a property had no increase in property <br />value, the notice should have reflected a 3.3% increase <br />in the City's portion of property taxes. However, if <br />there was an increase in market value, that increase <br />would be higher. <br />The Administrator reported that since that time, the <br />City Council has held several Budget workshops and has <br />reduced the net levy amount down to a 0% increase. <br />Therefore, the City is not contributing to any increase <br />for taxes payable in 1995. If a property value has <br />remained the same, the property owner will actually see <br />a decrease in the amount of property taxes due the <br />City. This is because the County has increased total <br />property valuations in the City by 2.6%. However, for <br />those properties with market value increases, property <br />taxes will increase. <br />Hanson pointed out that the City does not establish <br />property values. <br />The Administrator replied that that was correct. The <br />Ramsey County Assessor's Office is responsible for <br />setting property values. The Administrator also <br />pointed out that for the most part the property values <br />on commercial and industrial properties have remained <br />constant, therefore, the City's share of property taxes <br />for these properties will be going down. <br />The Administrator reported that if properties have seen <br />an increase in value, the property owner has a couple <br />of options. The first would be that valuation <br />increases can be appealed to the County. For <br />information on this process, property owners can call <br />the County Assessor's Office at 266-2111. Property <br />owners can also file for a property tax refund or <br />2 <br />