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CM OF <br /> REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 21• <br /> STAFF REPORT <br /> Report Number: 95-1513WS <br /> AGENDA SESSION DATE November 6, 1995 Report Date: 1 1—2-9 5 <br /> DISPOSITION <br /> Item Description: <br /> Proposed 1996 Budget & Property Tax Levy <br /> Administrator's Review/Recommendation: (� <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> $1IMMARY; <br /> I have learned that Ramsey County will use the same tax capacity values that were presented <br /> at our Information Meeting on the 1996 Budget to prepare Truth In Taxation notices which <br /> are to be mailed to taxpayers sometime after November 10 but before November 24. The <br /> County will next update tax capacity values after the Board of Equalization has heard all <br /> appeals of estimated market values. That is anticipated to be in late December or early <br /> January. Thus, the values we have now will be the best estimate we will have for the Budget <br /> Hearing. <br /> The following options regarding the 1996 property tax levy have been discussed at past <br /> budget work sessions: <br /> • If the City's proposed 1996 property tax levy becomes the adopted levy it would <br /> be 6.0% greater than the 1995 levy. The estimated effect upon the average <br /> homeowner ($85,302 home) is an increase in the City's share of the property tax <br /> levy of $17.24, or 7.03%. <br /> • If the adopted levy is a 3% increase over the 1995 levy the estimated effect upon <br /> the average homeowner would be an increase in the City's share of the property <br /> tax of $7.07, or 2.88%. <br /> • If the adopted levy is a 0% increase over the 1995 levy the estimated effect upon <br /> the average homeowner would be a decrease in the City's share of the property <br /> tax of $3.10, or 1.26%. <br /> These estimates are based upon the home's estimated market value increasing by 2.65% from <br /> 1995 to 1996 and the latest estimates of the City's aggregate net tax capacity values from <br /> Ramsey County. <br /> Dawn Postudensek, Sue Henry, and I are busy preparing a video on the Proposed 1996 <br /> Budget and Property Tax Levy. We plan to broadcast it two weeks prior to the November 29 <br /> Budget Hearing. <br /> RECOMMENDATION• <br />