Laserfiche WebLink
Preliminary information has been obtained from the County relating to tax capacity valuations <br /> 40 and fiscal disparity which will be used to calculate the 1997 property taxes. The City's total tax <br /> capacity valuation increased$267,551 or 4.75%. After factoring in the fiscal disparity tax <br /> capacity valuation,the net local change was $153,059 or 3.3% (i.e. the benefit the City receives <br /> from fiscal disparity decreased from prior years). After factoring in fiscal disparities, if the City <br /> kept its tax capacity rate at the same rate as the 1996 rate,property tax collections would increase <br /> $32,100 or 2%. <br /> The State's property tax system, especially in the metropolitan area, is somewhat complex, in <br /> that there are numerous factors which dictate a property owner's actual taxes and change in <br /> property tax from the previous year. Property has different classifications (residential, <br /> commercial, etc.) each of which has a different tax capacity percentage. Even within <br /> classifications, there aredifferent tax capacity percentages (for residential property,the <br /> percentage for the first$72,000 is 1%, while the percentage for the value over$72,000 is 2%). <br /> Each year, the County can adjust the market value for some or all of the property within the City. <br /> Also, there are changes for new construction, changes in use or ownership of property (from <br /> residential to commercial, from homesteaded to non-homesteaded, from taxable to tax exempt <br /> (i.e. church or government ownership)) and changes in the valuation of commercial and <br /> industrial property within the entire metropolitan area(fiscal disparity). As such,most property <br /> tax payers actual change in property taxes will vary from the City's change in tax capacity rate or <br /> change in total property tax levy. <br /> III <br /> • <br /> . . <br /> 0 <br />