Agenda Packets - 1991/11/04 - Laserfiche WebLink

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o • The City's gross property tax levy for 1992 is 14.80% more than the 1991 property tax levy. The table below compares the 1991 and 1992 property tsx leives of the City. GROSS PROPERTY TAX LEVIES 1991 - 1992 City of Mounds View Levy 1991 1992 Change $ Change % General $1, 342, 315 $1, 425, 642 $83, 327 6.21 Capital Notes 100,955 100, 955 0 0 Fire Bonds 0 130,231 130,231 100. 00 Total $1,443 , 270 $1, 656, 828 $213 , 558 14.80 Without the fire bond levy the City's gross property tax levy would increase 6.21% as a result of levying for the reduction in State Aid(LGA) . The above 1992 gross property tax levy is the levy that was certified to Ramsey County for use in preparing parcel specific Truth In Taxation notices to property taxpayers. Through an • interpretation of 1991 tax law changes concerning Truth In Taxation requirements, the Department of Revenue is requiring the notices mailed to taxpayers and published newspaper advertisements to reflect the City's net levies(gross levy - homestead and agricultural aid(HACA) , equalization aid, and fiscal disparities tax) . The net levy is the amount of taxes that the County collects from taxpayers. Last year these notices provided for the use of gross levies. The table below compares the City's net tax levies for 1991 and 1992 . NET PROPERTY TAX LEVIES - 1991 & 1992 City of Mounds View 1991 1992 Change $ Change % Gross levy $1,443,270 $1, 656,828 $213,558 14.80 HACA 310,826 330, 826 19, 505 6. 30 Equalization Aid 30, 148 29, 949 -199 -.70 Fiscal disparities 382,787 316, 144 -66, 643 -17.40 Net tax levy $719,509 $980,404 $260,895 36. 30 Because the Department of Revenue is requiring Truth In Taxation notices contain the net tax levy the notices the City must 0 publish in the newspaper will state that the City's 1992 levy will increase 36. 3% from the 1991 levy. Attached is a copy of