HomeMy WebLinkAbout#30 2017 Tax Impact WorksheetProposed Pay 2017 Property Tax Impact Worksheet
Taxing District:
STEP 1 - Calculate the Taxing District's Tax Rate:
Actual Proposed %
Item Pay 2016 Pay 2017 Change
(A)(B)(C)
1.Levy before reduction for state aids $3,112,204 $3,080,426 -1.0%
2.State Aids - $0 $0 0.0%
3.Certifed Property Tax Levy = $3,112,204 $3,080,426 -1.021%
4.Fiscal Disparity Portion of Levy - $157,509 $161,272 2.4%
5.Local Portion of Levy = $2,954,695 $2,919,154 -1.2%
6.Local Taxable Value 2017 is an ESTIMATE ÷ 12,779,339 13,995,965 9.5%
7.Local Tax Rate = 23.121%20.857%-9.8%
8.Market Value Referenda Levy $0 $0 0.0%
9.Fiscal Disparity Portion of Levy (SD only)- $0 $0 0.0%
10.Local Portion of Levy = $0 $0 0.0%
11.Referenda Market Value 2017 is an ESTIMATE ÷ 1,175,646,100 1,278,432,400 8.7%
12.Market Value Referenda Rate = 0.00000%0.00000%0.0%
STEP 2 - Calculate the Impact of the Taxing District's Rate on Residential Homestead Taxes:
13.Assumes a 2.1%change in market value from 2016 to 2017, which is the city median change.
(D)(E)(F)(G)(H)
Market Homestead Taxing
Value Market Taxable District
Before Value Market Tax Portion of
Exclusion Exclusion Value Capacity Tax
Actual Pay 2016
Pay 2016 76,000 @40%500,000@1.0%(A7 x G) +
MV - rem @ 9%(D) - (E)rem @ 1.25%(A12 X D)
14.368,100 4,100 364,000 3,640 $841.60
15.97,900 28,400 69,500 695 $160.69
16.146,900 24,000 122,900 1,229 $284.16
17.244,900 15,200 229,700 2,297 $531.09
18.391,800 2,000 389,800 3,898 $901.26
Proposed Pay 2017
Pay 2017 MV 76,000 @40%500,000@1.0%(B7 x G) +
X 1.021 - rem @ 9%(D) - (E)rem @ 1.25%(B12 x D)
19.375,800 3,400 372,400 3,724 $776.71 ($64.89)
20.100,000 28,200 71,800 718 $149.75
21.150,000 23,700 126,300 1,263 $263.42
22.250,000 14,700 235,300 2,353 $490.77
23.400,000 1,200 398,800 3,988 $831.78
Percentage Change from 2016 to 2017
24.2.1%-17.1%2.3%2.3%-7.7%
25.2.1%-0.7%3.3%3.3%-6.8%
26.2.1%-1.3%2.8%2.8%-7.3%
27.2.1%-3.3%2.4%2.4%-7.6%
28.2.1%-40.0%2.3%2.3%-7.7%
0800 Lake Elmo
Tax Increase
(Decrease)
Instructions for Calculating a Residential Homestead Property Tax:
D.Market Value of Residential Homestead
Assumes that the Pay 2017 market value changed from Pay 2016 by 2.1%.
Countywide, the median change in market value from Pay 2016 to Pay 2017 is 1.1%.
E.Calculate the Homestead Market Value Exclusion
40% of the first 76,000 of market value (D), reduced by 9% on the market value over 76,000
The exclusion decreases as the market value over 76,000 increases, until a 413,300 home receives 0 exclusion.
F.Calculate Taxable Market Value
Market Value before Exclusion (D) - Homestead Market Value Exclusion (E).
G.Calculate the Net Tax Capacity of a Residential Homestead
Pay 2016:1st 500,000 of (F) Taxable Market Value @ 1.00%, remainder @ 1.25%
Pay 2017:1st 500,000 of (F) Taxable Market Value @ 1.00%, remainder @ 1.25%
H.Calculate the Taxing District's portion of the Tax
Pay 2016:multiply the Pay 2016 net tax capacity (G) by the Pay 2016 tax capacity local tax rate (A7), plus
multiply the Pay 2016 market value before exclusion (D) by the Pay 2016 market value tax rate (A12)
Pay 2017:multiply the Pay 2017 net tax capacity (G) by the Pay 2017 tax capacity local tax rate (B7) , plus
multiply the Pay 2017 market value before exclusion (D) by the Pay 2017 market value tax rate (B12)
19-23.Line 19 will default to the median residential homestead value for the taxing authority for taxes payable in 2016.
24-28.Calculate the % increase/decrease from 2016 to 2017
(2017 -2016) / 2016
There is no longer a homestead credit. The market value homestead credit was eliminated starting with taxes payable in
2012 and was replaced with a market value exclusion for homestead property.