10-10-2022 City Council Packet - Laserfiche WebLink

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City of Lino Lakes and Lino Lakes Economic Development Authority Section N Original Net Tax Capacity The County Auditor shall certify the original net tax capacity of the TIF District. This value will be equal to the total net tax capacity of all property in the TIF District as certified by the State Commissioner of Revenue. For districts certified between January 1 and June 30, inclusive, this value is based on the previous assessment year. For districts certified between July 1 and December 31, inclusive, this value is based on the current assessment year. The Estimated Market Value of all property within the TIF District as of January 2, 2022, for taxes payable in 2023, is $699,300. Upon establishment of the TIF District, it is estimated that the original net tax capacity of the TIF District will increase as a result of the property reclassifying as commercial -industrial. Each year the County Auditor shall certify the amount that the original net tax capacity has increased or decreased as a result of: (1) changes in the tax-exempt status of property; (2) reductions or enlargements of the geographic area of the TIF District; (3) changes due to stipulation agreements or abatements; or (4) changes in property classification rates. Section O Original Tax Capacity Rate The County Auditor shall also certify the original tax capacity rate of the TIF District. This rate shall be the sum of all local tax rates that apply to property in the TIF District. This rate shall be for the same taxes payable year as the original net tax capacity. In future years, the amount of tax increment generated by the TIF District will be calculated using the lesser of (a) the sum of the current local tax rates at that time or (b) the original tax capacity rate of the TIF District. It is anticipated the request for certification of the District will occur after June 30, 2023 and the local tax rates for taxes levied in 2023 and payable in 2024 will apply. The payable 2024 rates are not available at the time of drafting of the TIF Plan. For purposes of estimating the tax increment generated by the TIF District, the sum of the local tax rates for taxes levied in 2021 and payable in 2022 of 105.106% have been used and are shown below: 2021 /2022 Taxing Jurisdiction Local Tax Rate City of Lino Lakes 40.154% Anoka County 29.605% ISD 12 31.074% Other 4.273% Total 105.106% Baker Tilly Municipal Advisors, LLC Page 8