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HomeMy WebLinkAbout2023 Tax Impact EstimatesProposed Pay 2023 Property Tax Impact Worksheet Taxing District: STEP 1 - Calculate the Taxing District's Tax Rate: Actual Proposed % Item Pay 2022 Pay 2023 Change (A)(B)(C) 1.Levy before reduction for state aids $7,468,748 $7,896,325 5.7% 2.State Aids - $0 $0 0.0% 3.Certified Property Tax Levy = $7,468,748 $7,896,325 5.725% 4.Fiscal Disparity Portion of Levy - $294,401 $433,046 47.1% 5.Local Portion of Levy = $7,174,347 $7,463,279 4.0% 6.Local Taxable Value ÷ 23,487,099 $30,692,153 30.7% 7.Local Tax Rate = 30.546%24.317%-20.4% 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 ÷ 0 0 0.0% 12.Market Value Referenda Rate = 0.00000%0.00000%0.0% 0800 Lake Elmo STEP 2 - Calculate the Impact of the Taxing District's Rate on Residential Homestead Taxes: 13.Assumes a 20.4%change in market value from 2022 to 2023, 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 2022 Pay 2022 76,000 @40%500,000@1.0%(A7 x G) + MV - rem @ 9%(D) - (E)rem @ 1.25%(A12 X D) 14.459,700 0 459,700 4,597 $1,404.20 15.207,600 18,600 189,000 1,890 $577.32 16.249,200 14,800 234,400 2,344 $716.00 17.290,700 11,100 279,600 2,796 $854.06 18.332,200 7,300 324,900 3,249 $992.44 Proposed Pay 2023 Pay 2023 MV 76,000 @40%500,000@1.0%(B7 x G) + X 1.204 - rem @ 9%(D) - (E)rem @ 1.25%(B12 x D) 19.553,500 0 553,500 5,669 $1,378.53 20.250,000 14,700 235,300 2,353 $572.18 21.300,000 10,200 289,800 2,898 $704.71 22.350,000 5,700 344,300 3,443 $837.23 23.400,000 1,200 398,800 3,988 $969.76 Percentage Change from 2022 to 2023 24.20.4%0.0%20.4%23.3%-1.8% 25.20.4%-21.0%24.5%24.5%-0.9% 26.20.4%-31.1%23.6%23.6%-1.6% 27.20.4%-48.6%23.1%23.1%-2.0% 28.20.4%-83.6%22.7%22.7%-2.3%