Agenda Packets - 1986/10/06 - Laserfiche WebLink

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Considering all the districts, It can be seen from the above that the city will have over 96% and the school And county districts will have over 99% of each respective district available for normal growth of tax base or valuation. Applying the percentage of the total mill rate In 1986 levied by each taxing jurisdiction to the projected mill rate and the estimated tax Increment received reveals the annual loss of tax dollars by each taxing jurisdiction as listed in the table below assuming development would occur without public Assistance. The finance plan Indicates we anticipate a tax increment at build out as follows: Captured Tax Assessed Increment Valuation Received Tax increment Finance District $10,516,892 $1,052,520 Based on the Curren' mill rate, the estimnted taxes received would be as follows for the taxing bodies: Mitts Percent Tax increment City of Mounds View 13.876 13.9% S 145,932 County of Ramsey 31.867 31.8% 335,142 School District #621 47.069 47.0% 495,019 Spec. ind. School Dist. #916 1.160 1.2% 12,200 Other 6.107 6.1% 64,227 Total 100.79 100.0% $1,052,520 The following table represents the additional mills that would have to be levied to compensate for the loss of tax dollars in estimated tax increments for each taxing jurisdiction. The tax Increments derived from the redevelopment project alluded to In the tax increment district would not be available to any of the taxing jurisdictions were It not for public intervention by the City. Although the Increases in assessed value due to development will not be available for the application of the mill levy for the durnVon of the tax Increment financing district, this new assessed value could eventually permit a mill levy decrease. if it could be assumed that the captured assessed value was available for each taxing jurisdiction, the non -receipt of tax dollars represented as tax increments may be determined. This deteembintion is facilitated by estimallnP hot much the mill levy for property outside of the tax Increment financing district would have to be Increased to raise the same amount of tax dollars in each taxing jurisdiction thnt would be available if the projects occurred without the assistance of the City.