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V = The sum total of the municipalities estimated market <br />value within the entire District expressed in units of <br />$1,000,000. <br />All figures shall be carried out to one (1) decimal place <br />for the functioning of the formula. Except as modified by <br />Sections 7.2, 7.3, and 7.4 the municipalities proportionate <br />share of total budget contribution shall be determined by <br />multiplying the municipalities percentage times the annual <br />budget. The municipalities contribution shall be <br />recalculated on an annual basis by June let the year <br />preceding the budget year to which the calculation shall <br />apply. Each municipality shall pay over to the District the <br />amount owing in four (4) equal installments on January 31, <br />April 30, July 31, and October 31 of each year. <br />7.2 Balancing Formula. The purpose of the balancing formula is <br />to assure that each municipality in the District will have <br />fire costs for a typical residential taxpayer within a <br />similar range. The formula will calculate the <br />municipality's cost for that taxpayer for fire services to <br />determine if they fall greater than ten percent (10%) above <br />or ten percent (10%) below the average tax paid by a <br />household for fire service in the District. <br />Balancing Formula. <br />Step 1. (NT x TC) x (FP - CL) = FT for that specific <br />municipality <br />Step 2. FT of each municipality is then averaged to equal <br />AFT <br />Step 3. If necessary, payments are calculated to bring all <br />municipalities into a range is + or - 10% AFT <br />NT = the net taxes paid by a single family residence with ars <br />estimated market value of $80,000 for taxes collectible <br />in the year that the budget 18 to be expended, as <br />determined by the Anoka County Auditor's office for <br />each specific municipality. The estimated market value <br />figure shall be adjusted upward from $80,000 to the <br />average value of a home in the entire District in 1995 <br />and every (5) years thereafter. <br />TC = the tax capacity of the particular municipality in the <br />District for taxes collectable in the year that the <br />budget is to be expended. The tax capacity is the tax <br />rata or other appropriate term which determines the <br />percentage of the total tax bill (NT) that is paid by a <br />residential property owner in that municipality. <br />FP = the fire payment for taxes collectable in the year that <br />the budget is to be expended as determined by the <br />-10- <br />