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05-06-2024 Council Work Session Packet
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05-06-2024 Council Work Session Packet
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5/8/2024 9:55:25 AM
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5/8/2024 9:50:57 AM
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City Council
Council Document Type
Council Packet
Meeting Date
05/06/2024
Council Meeting Type
Work Session Regular
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In regards to the assumed increase in the tax rate, estimated market value for taxes payable <br />2025 (2024 assessment) increased 2.20%, primarily due to new construction, as presented at <br />this evening’s Local Board of Appeals and Equalization meeting. The 2024-2028 Financial Plan <br />assumed a 0.70% increase in tax capacity. <br /> <br />Note: Estimated market value is adjusted for several factors, most notably the homestead <br />market value exclusion, to arrive at taxable market value. Then, the taxable market value is <br />multiplied by a property type class rate to arrive at tax capacity. The class rate for residential <br />homestead properties up to $500,000 is 1.00%. <br /> Above is a Lino Lakes property close to the median value of $406,300. For taxes payable <br />2024, the homestead exclusion phased out for properties valued over $413,800. For taxes <br />payable 2025, the maximum exclusion amount was increased and isn’t phased out until <br />properties are valued over $517,200. The above property’s estimated market value <br />decreased 3.57% while the taxable market value decreased 5.42%. Therefore, the increase <br />in estimated market value city-wide may not result in increased tax capacity due to taxable <br />market value decreasing at a larger rate for a median value home. <br /> <br />Providing city services at current levels with tax capacity decreasing or increasing at a lower <br />rate than the tax levy results in an increased city tax rate. <br />40
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