02-28-2007 Council Agenda - Laserfiche WebLink

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CURRENT PROPERTY VALUATIONS Estimated Full Value of Taxable Property, 2005/06 $1,035,508 291' 2005/06 Assessor's 2005/06 Taxable Net Tax Market Value Capacity Real Estate $875,377,600 $10,971,149 Personal Property 6,331,700 125,831 Total Valuation $881,709,300 $11,096,980 Less: Captured Tax Increment Tax Capacity' (711,931) Fiscal Disparities Contribution' (1,261,201) Taxable Net Tax Capacity $ 9,123,848 Plus: Fiscal Disparities Distribution' 994,323 Adjusted Taxable Net Tax Capacity $10,118,171 Mobile Home Valuation' 2 4 $10,110,700 $100,422 According to the Minnesota Department of Revenue, the Assessor's Taxable Market Value (the "ATMV ") for the City of Little Canada is about 85.9% of the actual selling prices of property most recently sold in the City. That sales ratio was calculated by comparing the selling prices with the ATMV. Dividing the ATMV of real estate by 0.859 and adding personal property and mobile home ATMV, if any, results in an "Estimated Full Value of Taxable Property" for the City of $1,035,508,291. The captured tax increment value shown above represents the captured net tax capacity of tax increment financing districts in the City of Little Canada. Each community in the seven -county metropolitan area contributes 40% of the growth in its commercial - industrial property tax base since 1972 to an area pool which is then distributed among the municipalities on the basis of population, special needs, etc. Each governmental unit makes a contribution and receives a distribution- - sometimes gaining and sometimes contributing net tax capacity for tax purposes. Mobile home valuations are not included in the net tax capacity for purposes of determining tax capacity rates. However, valuations of mobile homes are determined at the beginning of the collection year, and the same tax capacity rates are applied to mobile home net tax capacity valuations as to real estate and personal property. 8