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11-07-1994 WS
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11-07-1994 WS
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7/2/2018 9:03:55 AM
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MV City Council
City Council Document Type
City Council Packets
Date
11/7/1994
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This reduction in expenditures would allow a reduction in the proposed 1995 General Fund property tax <br /> levy of$35,360. The adjustments in Proposed 1995 General Fund Revenues is listed below. <br /> GENERAL FUND REVENUE ADJUSTMENTS <br /> General Fund Revenues 9/6/94 $3,474,609 <br /> Reduce property tax levy ($35,360) <br /> General Fund Revenues 11/7/94 $3,439,249 <br /> If the 1995 property tax levy is reduced by $35,360 the General Fund levy would be an increase of <br /> 2.56% over the 1994 levy; due to a small reduction in the 1995 levy for debt service on the 1991 Fire <br /> Improvement Bonds the overall levy would be an increase of 2.02% over the 1994 levy. The 1994 and <br /> proposed 1995 property tax levies are shown below. <br /> • <br /> COMPARISON OF 1994 & 1995 PROPOSED TAX LEVIES <br /> Fund 1994 1995 Change $ Change % <br /> General Fund $1,451,421 $1,488,632 $37,211 2.56 <br /> Fire Bonds 100,417 94,596 (5,821) (5.80) <br /> Total Levy $1,551,838 $1,583,228 $31,390 2.02 <br /> Revised tax capacity values have been received from Ramsey County. The City's adjusted tax capacity <br /> value is estimated at $6,163,200 compared to the 1994 tax capacity of $6,326,693. These new values <br /> have been taken into consideration in calculations of the estimated 1995 property tax rate and property <br /> taxes on various homes. <br /> Information has also been received from the Ramsey County Assessor's office about the change in <br /> market values of homes in Mounds View. The median change in market is 1.47% for taxes payable in <br /> 1995. Changes in estimated market value for residential property based on the percentage change in <br /> estimated market value are listed below. <br />
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