Agenda Packets - 1988/02/22 - Laserfiche WebLink

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Total Assessed Value Tax increment Finance District 1/2/87 Total $ 710,000 Latest Assessed Value of Each Government Qody: % of District to Total Ramsey County $3,315,892,299 .0021 School District #621 $ 605,174,784 .1170 City of Mounds View 5 59,887,551 1.1860 Considering all the districts, it can be seen from the above that 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 estimate in 1988 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 an anticipated tax increment at build out as follows: Captured Tax R Assessed Increment Valuation Received Tax Increment Finance District $1,447,000 : 169,300 Based on an estimated mill rate, the estimated taxes received would be as follows for the taxing bodies: Mills Percent Taxlncroment City 16.742 14.3% $ 24,210 County 33.730 28.8 48,758 School District 59.076 50.5 85,496 Other 7.378, 6.4 10,836 Total 116.926 100.00% $ 169,300 ine iuiiuirmy .o.. __ ._b,c rcpre_E<-•• rc :ra additional mills that would have to be .-- - levied to compensate for the loss of tax dollars In estimated tax Increments fur each taxing jurisdiction. The tax increments derived from the development alluded to in the tax Increment district would not be available to any of the taxing jurisdictions were It not for p!iblic intervention by the City. Although the Increases in assessed value due to development will not be available for tie application of the mill levy for the duration of the tax Increment finanr d district, this new assessed value eoul,i eventually permit a mill levy decrease. If it could he assumed that the captured 8