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18 | Page Note: when we discuss or illustrate values and capacity below, it is shown in the “Tax Year”, as opposed to the “Assessment Year”, which is the year prior. Those assessments are based on property and sales evaluations from the year prior to the assessment year, so values and capacity for the tax year lag roughly 1.5 - 2 years behind the actual market or construction activity. The total tax capacity for tax year 2026 for Lake Elmo increased by $1.4 million, or 3.73%, to $ 39,039,717, a similar increase to the prior year. In comparison, the 3 years prior (2022- 2024) averaged over 18% increases, and the 10-year average is 11.5%. The slowed increase in tax capacity is largely due to a cooldown of housing prices and development, along with a shift from single-family to multifamily construction. The increase in existing market value (market value excluding new improvements) is now under $26 million, compared to a 10-year average of approximately $120 million. Additionally, new improvements have slowed to just over $84 million, aligning more closely with the average seen between 2019 and 2022. The next chart shows Estimated Market Value (EMV) changes in the past 10 years. The green bar is the market value from each prior year, the blue bar shows the market value increase to that prior year existing value, and the red bar shows the market value of new improvements. EMV will follow similar trends as tax capacity, but they are different measures. - 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Tax Capacity $- $50,000,000 $100,000,000 $150,000,000 $200,000,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 New Improvements