Agenda Packets - 1985/09/03 - Laserfiche WebLink

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`� ,, /� /! fool" MEMO TO: FROM: DATE: Mayor 5 Co-.::::1 Finance Director -Treasurer Brayer August 26, 1985 RE: ESTIMATED 1986 CITY PROPERTY TAX LEVY r recently nhta;nPd PFrimatPs of 1986 Assessed Values from the Ramsey County Department of Property Taxation. Estimated 1986 Assessed Valuations are S3,068,OU8 higher than 1985 values. Estimated 1986 Assessed Valuations compared to actual 1985 Assessed Values are show below: Assessed Valuations 1985 1986 Real Estate $56,208,383 $58,318,853 Personal Property 1,304,577 1,304,577 Total Assessed $57,512,960 559,623,430 Fiscal Disparities: Contribution Values 1-I $ 4,192,525 S 3,282,587 Distribution Values lil 11,807,330 11,854,930 Adjusted Total Assessed $65,127,765 S68,195,773 This is an advantage to the City as there are more properties on which the property tax levy may be spread. Given the same mill rate an increase in assessed valuations will result in lower property taxes on individual properties. Based upon these estimated 1986 valuations the City's proposed tar levy of 41,47,733 is estimated to be 13.890 mills. This is a decrease of U.C43 mills from the :985 levy of 13.933 mills. A comparison of the 1985 and 1986 levies is shown below: 19P5 6 1986 City Property Ta> Levies Actual Estimated Fund 1981 _ 1986 Differan-,e General 13.103 13.062 -0.041 Forestry U.376 U.375 -0.001 Debt 0.454 0.453 -0.001 Total 13.933 13.890 -0.043 Attached is a calculation of the estimated City's share of the 1986 property tax levy, based upon the proposed 1986 property tax levy of $947,733, for three properties having estimated market values of $55,4UU, $77,200 and $SU,700 respectively. I have