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Below is the effect of decertification of TIF district 3 (adds $290,000 in tax capacity) and levy
<br />increases of 1, 2, and 3 percent on residential properties for the City levy only for 2015.
<br />
<br />Sample Estimated Home Tax Impact
<br />City of Mounds View Only
<br />Decertify
<br />TIF 3
<br />2014 2014 2015 2015 2015 2015
<br />Market Taxable 20014 Tax No levy Tax 1% levy Tax 2% levy Tax 3% levy
<br />Value Value Tax Increase Increase Increase Increase
<br />50,000$ 30,000 208 202 204 206 208
<br />100,000 71,800 497 485 489 493 497
<br />150,000 126,300 874 852 860 867 875
<br />200,000 180,800 1,252 1,220 1,231 1,242 1,252
<br />250,000 235,300 1,629 1,588 1,602 1,616 1,630
<br />300,000 289,800 2,006 1,956 1,973 1,990 2,007
<br />350,000 344,300 2,384 2,324 2,344 2,364 2,385
<br />400,000 398,800 2,761 2,692 2,715 2,739 2,762
<br />450,000 450,000 3,116 3,037 3,064 3,090 3,117
<br />Tax
<br />capacity for Local
<br />local rate tax rate Tax Levy
<br /> 2005 6,679,189$ 46.966 3,838,994
<br /> 2006 7,533,462 39.939 3,838,994
<br /> 2007 8,364,245 37.328 3,838,994
<br /> 2008 8,574,618 34.962 3,838,994
<br /> 2009 8,475,755 32.351 3,799,393
<br /> 2010 7.9% levy increase (Streets)7,580,259 40.968 4,099,393
<br /> 2011 2% levy increase (Gen Fund)7,039,380 41.172 4,181,381
<br /> 2012 (Mkt. Value Homestead Credit ended)6,421,849 48.893 4,181,381
<br /> 2013 6,026,790 50.422 4,181,381
<br /> 2014 2% levy increase (Gen Fund)6,985,345 44.301 4,265,010
<br /> 2014 after TIF Dist 3 decertified 7,275,106 42.564 4,265,010
<br /> 2014 after TIF Dist 3 decertified and 1% levy increase 7,275,106 43.151 4,307,660
<br /> 2014 after TIF Dist 3 decertified and 2% levy increase 7,275,106 43.737 4,350,310
<br /> 2014 after TIF Dist 3 decertified and 3% levy increase 7,275,106 44.323 4,392,960
<br />The above is an estimate of the effect on property taxes after TIF District 3 is decertified.
<br />Taxes will decline by 2.51%
<br />
<br />The City has settled all three union contracts (LELS Patrol, LELS Sergeants, and Public Works)
<br />for 2014, 2015, and 2016, with a cost of living wage increase of 2%. In addition, 19 employees
<br />will receive step or longevity increases in 2015 of 2% to 10%. The 2013 and 2012 budgets
<br />provided 1½% wage increases and the 2011 and 2010 budgets provided for no cost of living
<br />wage increase. Health insurance cost increases are not known, we will receive our rate notice
<br />in mid August. The impact to the budget will depend upon the size of the unknown rate
<br />increase. The City’s health insurance contribution increased $20 in 2014 to $980 per month
<br />compared with $42.67 in 2013. After some plan changes and being considered a small group
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