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<br />
<br />and the red bar shows the market value of new improvements. EMV will follow similar trends as tax
<br />capacity, but they are different measures.
<br />
<br />
<br />Again, the local tax rate is the ratio of the city’s local levy (total levy – fiscal disparity distribution) to tax
<br />capacity. This rate is then applied to the tax capacity of individual properties to determine the local tax due.
<br />Lake Elmo’s final local tax rate for 2024 was 24.63%. The estimated local tax rate for the above levy is
<br />26.77%, an increase of 2.14%. (Up from 2% at the Budget Workshop.)
<br />
<br />The Median Home Value fell this year; from $585,700 in 2024 to $581,700 for tax year 2025. When
<br />applying the estimated tax rate to a median value home, you would see an increase of $117 in city tax for
<br />the year, or $9.75 per month.
<br />
<br /> 2024 2025
<br />Median Value Home 585,700 581,700
<br />Tax Rate - -
<br />24.63% (final 2024) 1,495 1,483
<br />26.77% (est. 2025) 1,617 1,612
<br />2.14% change in Tax Rate $117 increase on MVH
<br />
<br />The table below shows the city tax impact based on home values. (added after Budget Workshop.)
<br /> 2024 2025 Change (actual) (projected)
<br />Tax Rate 24.63% 26.77% 2.14%
<br />Home Value City Taxes Change ($)
<br />$250,000 616 669 53
<br />$300,000 739 803 64
<br />$350,000 862 937 75
<br />$400,000 985 1071 86
<br />$450,000 1108 1205 96
<br />$500,000 2755 2995 239
<br />$550,000 2909 3162 253
<br />$600,000 3063 3329 266
<br />$650,000 3217 3497 279
<br />$700,000 3371 3664 293
<br />$750,000 3525 3831 306
<br />$800,000 3679 3999 319
<br />
<br /> -
<br /> 500,000,000
<br /> 1,000,000,000
<br /> 1,500,000,000
<br /> 2,000,000,000
<br /> 2,500,000,000
<br /> 3,000,000,000
<br /> 3,500,000,000
<br /> 4,000,000,000
<br />2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
<br />Estimated Market Values
<br />Existing MV (PY)Existing MV Increase New Improvements
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