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MINUTES <br />CITY COUNCIL <br />DECEMBER 4, 2006 <br />approximately 10%. Homes with a 15% increase in value will see City <br />taxes rise by 15% to 17%. <br />The Director reviewed City tax impact Co commercial/industrial properties <br />with no value increase from 2006 levels. These properties will see a 1% <br />decrease in City taxes. <br />Blesener noted that for 2007 48% of LiCCIe Canada homes will see a 0% to <br />just under 15% increase in valuation, while 47% of homes will see a 15% <br />increase in valuation. Blesener noted that this reflects the continuing shift <br />of the property tax burden from commercial properties to residential <br />properties. The City Administrator agreed, and noted that Che Limited <br />Market Value Program masked this property tax shift. <br />The Director reviewed the taxing jurisdictions in Little Canada, pointing <br />out that the City of Little Canada is responsible for approximately 20% of <br />the tax bill; School Dish•ict taxes account for about 29%, Ramsey County <br />is responsible for 43%, and the miscellaneous taxing jurisdictions total <br />8%. Those special taxing jurisdictions are the Metropolitan Council, <br />Metropolitan Mosquito control, Regional Transit Board, and <br />Ramsey/Washington Watershed District. <br />In reviewing total tax impact to residential properties with a 0% valuation <br />increase, property taxes will decrease by 3% to 5%. For residential <br />properties with a 10% valuation increase, total property taxes will increase <br />by 7% to 8%. Properties with a 15% valuation increase will see property <br />taxes increase 12% to 14%. <br />The Director noted that commercial/industrial properties with a 0% <br />valuation increase will see a decrease of approximately 4% in their total <br />property taxes. <br />With regard to Che future, the Director expected that residential property <br />values will continue to increase. There will also be the continued phase <br />out of Limited Market Value which will impact property owners' tax bills. <br />The Director concluded the Truth In Taxation presentation, and indicated <br />that the proposed 2007 Budget will be adopted at a budget hearing <br />scheduled for Wednesday, December 20, 2006, at 7:30 p.m. at the Little <br />Canada City Center. <br />Chuck Nelson, Yorkton Ridge, expressed concern with the increasing <br />residential property values, noting Chat Chis is not reflecCive of the housing <br />market in the Metro Area. The City Administrator explained Chat the <br />County is required to establish market values at 90% of Che average sales <br />ratio. There is typically a lag in the County's markeC value versus what is <br />