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Mounds View City Council I Page 15 <br /> • Regular Meeting October 24, 1994 <br /> Brager advised that in order to minimize taxes the Council is <br /> considering a development district to pay for the Business <br /> Program, using TIF Funds to pay for Economic Development, use <br /> of franchise fee to finance services and buy down property <br /> taxes, and the Housing Inspector to become self supporting <br /> through fees. He noted that the increase in budget <br /> expenditures is 10.4% but through the Council's efforts to <br /> minimize taxes, the average home will see a tax increase of <br /> $16 in 1995. <br /> Orduno reported that Staff was just notified on Thursday by <br /> Ramsey County that there will be a $4,224. 37 increase for <br /> dispatching services. <br /> Brager concluded his presentation by presenting a pie chart <br /> showing divisions of the City's revenues, noting that property <br /> taxes are only 44% of the total. He then turned the <br /> presentation over to Mayor Linke. <br /> Mayor Linke noted that he would be discussing the impact of <br /> the Proposed 1995 Budget on individuals. He explained there <br /> 1111 are three formulas that are used to determine the property <br /> taxes. The first formula starts with the market value, which <br /> is set by Ramsey County. Multiply that by the tax formula <br /> which is set by the legislature which equals the property's <br /> tax capacity value. <br /> Linke mentioned that the next formula is the only one that the <br /> City of Mounds View has any effect on. For the last two years, <br /> the residential property tax value has increased, commercial <br /> and apartments decreased, which brought down the entire tax <br /> capacity of the City. That formula comes up with the City's <br /> tax rate. <br /> Linke explained that in order to calculate what you pay, <br /> multiply the property tax capacity value by the City's tax <br /> rate. <br /> Linke explained the property tax capacity value for 1992, 1993 <br /> and 1994 broken down by residential, apartments, and <br /> commercial. Unfortunately, Ramsey County will not have these <br /> figures for 1995 until the end of December. <br /> Linke noted that the total tax capacity for the City of Mounds <br /> View has increased for the first time in three years. The <br /> total tax levy is $1, 994, 059. From that, state aids are <br /> deducted, and the remaining figure is presented to the County <br /> . which deducts fiscal disparities. That figure is the net tax <br /> levy. <br />