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HomeMy WebLinkAboutPropertyTaxLevyInfo11-090210City of Lake Elmo2011 Property Tax Levy InformationScenario: A B CTax Rate: Variable Variable VariableGeneral Fund Levy: Variable Variable VariableLevy Limit Increase: 1.68% 1.68% 1.68%New Special Levies:2010 Street Bonds: 10 Years 10 Years 10 Years2010 MVHC: Yes Yes Yes2011 MVHC: Yes No YesScenario: A B CActual Actual Actual Actual Actual ActualHypothetical Hypothetical HypotheticalEstimated Estimated EstimatedPay Pay Pay Pay Pay PayPay Pay PayChange Change Change2005 2006 2007 2008 2009 20102011 2011 201110-11 10-11 10-11Taxable Market Value:Personal Property9,709,700 9,743,100 10,600,200 10,433,900 10,398,200 10,427,60010,427,600 10,427,600 10,427,600 estimated0.0% 0.0% 0.0%Real Estate900,729,000 1,007,853,800 1,120,409,900 1,136,225,600 1,197,674,100 1,190,785,8001,132,849,900 1,132,849,900 1,132,849,900 estimated-4.9% -4.9% -4.9%Total Taxable Market Value910,438,7001,017,596,9001,131,010,1001,146,659,5001,208,072,3001,201,213,4001,143,277,5001,143,277,5001,143,277,500Washington County estimated 06/03/10-4.8%-4.8%-4.8%Tax Capacity:Personal Property190,625 190,955 207,913 203,610 201,896 202,299192,184 192,184 192,184 estimated-5.0% -5.0% -5.0%Real Estate9,790,389 11,007,760 12,506,910 12,750,173 13,490,182 13,394,42312,724,702 12,724,702 12,724,702 estimated-5.0% -5.0% -5.0%Total Tax Capacity9,981,014 11,198,715 12,714,823 12,953,783 13,692,078 13,596,72212,916,886 12,916,886 12,916,886 Washington County estimated 06/03/10 -5.0% -5.0% -5.0%Less: Power Line(726) (719) (805) (727) (561) (538)(511) (511) (511) estimated-5.0% -5.0% -5.0%Less: Fiscal Disparities Contribution (545,746) (622,732) (697,660) (926,367) (934,833) (1,015,346)(964,579) (964,579) (964,579) estimated-5.0% -5.0% -5.0%Less: Tax Increment Tax Capacity 0 0 0 0 0 00 0 0#DIV/0! #DIV/0! #DIV/0!Tax Capacity Used for Local Rate 9,434,542 10,575,264 12,016,358 12,026,689 12,756,684 12,580,83811,951,796 11,951,796 11,951,796-5.0% -5.0% -5.0%Plus: Fiscal Disparities Distribution 497,198 534,305 581,951 654,448 838,719 839,486832,358 832,358 832,358 per Washington County -0.8% -0.8% -0.8%Adjusted Net Tax Capacity9,931,74011,109,56912,598,30912,681,13713,595,40313,420,32412,784,15412,784,15412,784,154-4.7%-4.7%-4.7%Tax Capacity Rates:City Local Tax Capacity Rate 19.375% 19.351% 19.274% 20.553% 19.878% 20.479%22.583% 22.269% 21.914%10.3% 8.7% 7.0%Area Wide Tax Capacity Rate (Fiscal Disparities) 19.320% 19.375% 19.351% 19.274% 20.553% 19.878%20.479% 20.479% 20.479%3.0% 3.0% 3.0%Taxes:Local Taxes1,827,930 2,046,419 2,315,987 2,471,864 2,535,820 2,576,4702,699,098 2,661,580 2,619,0984.8% 3.3% 1.7%Fiscal Disparities ***96,059 103,521 112,613 126,136 172,383 166,876170,461 170,461 170,4612.1% 2.1% 2.1%Estimated Net Levy1,923,989 2,149,940 2,428,600 2,598,000 2,708,203 2,743,3462,869,559 2,832,041 2,789,5594.6% 3.2% 1.7%Difference0 0 0 0 0 00 0 0#DIV/0! #DIV/0! #DIV/0!Actual Net Levy1,923,9892,149,9402,428,6002,598,0002,708,2032,743,3462,869,5592,832,0412,789,5594.6%3.2%1.7%General Fund Levy: Regular Levy1,629,067 1,830,669 2,051,847 2,221,486 2,332,130 2,360,7902,409,867 2,409,867 2,409,867 2010 levy limit = $2,360,790 2.1% 2.1% 2.1% 2008 MVHC Unallotment Recovery 0 0 0 0 0 19,3650 0 0 actual MVHC unallotment cut 12/08 -100.0% -100.0% -100.0% 2009 MVHC Unallotment Recovery 0 0 0 0 0 35,4750 0 0 actual MVHC unallotment cut 2009 -100.0% -100.0% -100.0% 2010 MVHC Ratified Unallotment Cut Recovery 0 0 0 0 0 037,518 37,518 37,518 estimated MVHC ratified unallotment cut 2010 #DIV/0! #DIV/0! #DIV/0! 2011 MVHC Cut Recovery0 0 0 0 0 037,518 0 37,518 estimated MVHC cut 2011 #DIV/0! #DIV/0! #DIV/0! Total General Fund Levy 1,629,067 1,830,669 2,051,847 2,221,486 2,332,130 2,415,6302,484,903 2,447,385 2,484,9032.9% 1.3% 2.9%Debt Service Levies: 2004A G.O. CIP Bonds294,922 319,271 319,638 319,843 319,885 220,000220,000 220,000 140,000 per debt fund prospective analysis 0.0% 0.0% -36.4% 2006A G.O. Equipment Certificates 0 0 57,115 56,671 56,188 56,71656,118 56,118 56,118 per debt schedule (105% of debt service) -1.1% -1.1% -1.1% 2009 G.O. Improvement Bonds0 0 0 0 0 51,00050,544 50,544 50,544 per debt schedule (105% of debt service) -0.9% -0.9% -0.9% 2010 G.O. Improvement Bonds0 0 0 0 0 057,994 57,994 57,994 estimated#DIV/0! #DIV/0! #DIV/0! Total Debt Service Levies 294,922 319,271 376,753 376,514 376,073 327,716384,656 384,656 304,65617.4% 17.4% -7.0%Actual Net Levy (Including Fiscal Disparities)1,923,9892,149,9402,428,6002,598,0002,708,2032,743,3462,869,5592,832,0412,789,5594.6%3.2%1.7%General Fund Local Tax Capacity Rate 16.405% 16.477% 16.284% 17.574% 17.118% 18.033%19.556% 19.245% 19.521%8.4% 6.7% 8.2%Special Levies Local Tax Capacity Rate 2.970% 2.874% 2.990% 2.979% 2.760% 2.446%3.027% 3.025% 2.393%23.7% 23.6% -2.2%19.375%19.351%19.274%20.553%19.878%20.479%22.583%22.269%21.914%10.3%8.7%7.0%*** Calculation based on Fiscal Disparities Distribution multiplied by prior year City Local Tax Capacity Rate City of Lake Elmo 2011 Proposed Property Tax Scenario Residential Homesteads SCENARIO A Levy to Levy Limit; Levy Back 2010 & 2011 Cuts; 2010 Bonds Over 10 Years 2010 2011 Change Tax Rate:Variable 20.479% 22.583% 10.3% General Fund Levy: Regular Levy Variable $2,360,790 $2,409,867 $49,077 2008 MVHC Unallotment Recovery Yes $19,365 $0 ($19,365) 2009 MVHC Unallotment Recovery Yes $35,475 $0 ($35,475) 2010 MVHC Cut Recovery Yes $0 $37,518 $37,518 2011 MVHC Cut Recovery Yes $0 $37,518 $37,518 Total General Fund Levy:$2,415,630 $2,484,903 $69,273 Debt Service Levies:Variable $327,716 $384,656 $56,940 Total Levy:$2,743,346 $2,869,559 $126,213 2010 CITY PROPERTY TAXES City Local City Market Tax Tax Capacity Property Value Capacity * Rate Taxes 2010 2010 Pay 2010 2010 $100,000 $1,000 20.479% $205 $300,000 $3,000 20.479% $614 $500,000 $5,000 20.479% $1,024 $700,000 $7,500 20.479% $1,536 2011 CITY PROPERTY TAXES (WITH NO MARKET VALUE CHANGE) Market City Local City Property Percentage Value Tax Tax Capacity Property Taxes Tax 2011 Capacity * Rate Taxes Increase Increase NO CHANGE 2011 Pay 2011 2011 (Decrease) (Decrease) $100,000 $1,000 22.583% $226 $21 10.3% $300,000 $3,000 22.583% $677 $63 10.3% $500,000 $5,000 22.583% $1,129 $105 10.3% $700,000 $7,500 22.583% $1,694 $158 10.3% 2011 CITY PROPERTY TAXES (WITH 5.0% MARKET VALUE DECREASE) Market Value City Local City Property Percentage 2011 Tax Tax Capacity Property Taxes Tax DECREASE OF Capacity * Rate Taxes Increase Increase -5.0%2011 Pay 2011 2011 (Decrease) (Decrease) $95,000 $950 22.583% $215 $10 4.8% $285,000 $2,850 22.583% $644 $29 4.8% $475,000 $4,750 22.583% $1,073 $49 4.8% $665,000 $7,063 22.583% $1,595 $59 3.8% * Tax Capacity rates for residential homesteads are 1.00% of the first $500,000 of market value, plus 1.25% of any market value over $500,000 City of Lake Elmo 2011 Proposed Property Tax Scenario Residential Homesteads SCENARIO B Levy to Levy Limit; Levy Back 2010 Cuts Only; 2010 Bonds Over 10 Years 2010 2011 Change Tax Rate:Variable 20.479% 22.269% 8.7% General Fund Levy: Regular Levy Variable $2,360,790 $2,409,867 $49,077 2008 MVHC Unallotment Recovery Yes $19,365 $0 ($19,365) 2009 MVHC Unallotment Recovery Yes $35,475 $0 ($35,475) 2010 MVHC Cut Recovery Yes $0 $37,518 $37,518 2011 MVHC Cut Recovery No $0 $0 $0 Total General Fund Levy:$2,415,630 $2,447,385 $31,755 Debt Service Levies:Variable $327,716 $384,656 $56,940 Total Levy:$2,743,346 $2,832,041 $88,695 2010 CITY PROPERTY TAXES City Local City Market Tax Tax Capacity Property Value Capacity * Rate Taxes 2010 2010 Pay 2010 2010 $100,000 $1,000 20.479% $205 $300,000 $3,000 20.479% $614 $500,000 $5,000 20.479% $1,024 $700,000 $7,500 20.479% $1,536 2011 CITY PROPERTY TAXES (WITH NO MARKET VALUE CHANGE) Market City Local City Property Percentage Value Tax Tax Capacity Property Taxes Tax 2011 Capacity * Rate Taxes Increase Increase NO CHANGE 2011 Pay 2011 2011 (Decrease) (Decrease) $100,000 $1,000 22.269% $223 $18 8.7% $300,000 $3,000 22.269% $668 $54 8.7% $500,000 $5,000 22.269% $1,113 $89 8.7% $700,000 $7,500 22.269% $1,670 $134 8.7% 2011 CITY PROPERTY TAXES (WITH 5.0% MARKET VALUE DECREASE) Market Value City Local City Property Percentage 2011 Tax Tax Capacity Property Taxes Tax DECREASE OF Capacity * Rate Taxes Increase Increase -5.0%2011 Pay 2011 2011 (Decrease) (Decrease) $95,000 $950 22.269% $212 $7 3.3% $285,000 $2,850 22.269% $635 $20 3.3% $475,000 $4,750 22.269% $1,058 $34 3.3% $665,000 $7,063 22.269% $1,573 $37 2.4% * Tax Capacity rates for residential homesteads are 1.00% of the first $500,000 of market value, plus 1.25% of any market value over $500,000 City of Lake Elmo 2011 Proposed Property Tax Scenario Residential Homesteads SCENARIO C Levy to Levy Limit; Levy Back 2010 & 2011 Cuts; 2010 Bonds Over 10 Years; Reduce 2004A Bonds Levy 2010 2011 Change Tax Rate:Variable 20.479% 21.914% 7.0% General Fund Levy: Regular Levy Variable $2,360,790 $2,409,867 $49,077 2008 MVHC Unallotment Recovery Yes $19,365 $0 ($19,365) 2009 MVHC Unallotment Recovery Yes $35,475 $0 ($35,475) 2010 MVHC Cut Recovery Yes $0 $37,518 $37,518 2011 MVHC Cut Recovery Yes $0 $37,518 $37,518 Total General Fund Levy:$2,415,630 $2,484,903 $69,273 Debt Service Levies:Variable $327,716 $304,656 ($23,060) Total Levy:$2,743,346 $2,789,559 $46,213 2010 CITY PROPERTY TAXES City Local City Market Tax Tax Capacity Property Value Capacity * Rate Taxes 2010 2010 Pay 2010 2010 $100,000 $1,000 20.479% $205 $300,000 $3,000 20.479% $614 $500,000 $5,000 20.479% $1,024 $700,000 $7,500 20.479% $1,536 2011 CITY PROPERTY TAXES (WITH NO MARKET VALUE CHANGE) Market City Local City Property Percentage Value Tax Tax Capacity Property Taxes Tax 2011 Capacity * Rate Taxes Increase Increase NO CHANGE 2011 Pay 2011 2011 (Decrease) (Decrease) $100,000 $1,000 21.914% $219 $14 7.0% $300,000 $3,000 21.914% $657 $43 7.0% $500,000 $5,000 21.914% $1,096 $72 7.0% $700,000 $7,500 21.914% $1,644 $108 7.0% 2011 CITY PROPERTY TAXES (WITH 5.0% MARKET VALUE DECREASE) Market Value City Local City Property Percentage 2011 Tax Tax Capacity Property Taxes Tax DECREASE OF Capacity * Rate Taxes Increase Increase -5.0%2011 Pay 2011 2011 (Decrease) (Decrease) $95,000 $950 21.914% $208 $3 1.7% $285,000 $2,850 21.914% $625 $10 1.7% $475,000 $4,750 21.914% $1,041 $17 1.7% $665,000 $7,063 21.914% $1,548 $12 0.8% * Tax Capacity rates for residential homesteads are 1.00% of the first $500,000 of market value, plus 1.25% of any market value over $500,000