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12-05-2022 TNT (2)
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12-05-2022 TNT (2)
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Last modified
1/28/2025 4:51:30 PM
Creation date
1/10/2023 2:32:58 PM
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MV Commission Documents
Commission Name
City Council
Commission Doc Type
Agenda Packets
MEETINGDATE
12/5/2022
Supplemental fields
City Council Document Type
Packets
Date
12/5/2022
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1
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Translating the City’s tax levy into your property tax bill requires us to understand the complicated property tax system set up by the State of Minnesota. This is a very simplified illustration of that system.
The county assessor assigns a taxable value to each property in the city.
These values are multiplied by rates according to classes of property as set by the state.
The result is the total tax capacity of all property in the city.
The city, county, and school district adopt their tax levies as a dollar amount, $3,838,000 for the city of Mounds View.
The total of these tax levies is then divided by the tax capacity of all property to produce the Tax Capacity Rate.
Your tax bill starts with the Taxable Value of your home, which was part of the Taxable Value of All Property.
This is multiplied by the class rate for homes, which is 1% of the first $500,000 of value, then 1.25% of the value over $500,000, which results in the tax capacity of your home.
The tax capacity of your home is multiplied by the Tax Capacity Rate, as determined in the first part of the process, to produce your tax bill.
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What Your Tax Dollars <br />Buy <br />Median Market Valued Home in Mounds View 307,900$ <br />City Tax on Median Valued Home 1,093.97$ <br />Police 523.02 47.81% <br />Public Works 114.73 10.49% <br />Fire 100.84 9.22% <br />Parks and Recreation 83.89 7.67% <br />Administration (Council, Commissions,98.25 8.98% <br /> Admin, Elections, Finance, Central Services) <br />PW Building Debt Service levy 60.04 5.49% <br />Community Development 40.69 3.72% <br />Community Center 50.76 4.64% <br />Street Construction 21.76 1.99% <br />1,093.97$ 100.00%
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