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MEMORANDUM <br />DATE: December 20, 2011 <br />TO: Mark Casey, City Manager <br />FROM: Roger Larson, Finance Director <br />ITEM: TAX RATE CALCULATION AND IMPACT <br />For collectible 2012 taxes, the proposed general fund levy totals $3,045,166 (this <br />represents a 4.8% increase in last years levy). The road improvement levy totals <br />$1,500,755; the lease revenue bonds levy for the Public Works and Fire buildings is <br />$409,773; the tax abatement levy is $149,395 (Central/Emerald Park Improvements); <br />and the Public Employees Retirement levy is $7,500 for a combined Total Local Levy of <br />$4,804,437. <br />The 2012 tax rate of 67.194% is based on the amount of St. Anthony's Total Local Levy <br />$5,112,589, less the City's distribution from the Fiscal Disparities pool ($633,375) and <br />then dividing the total local levy by current valuation estimates from Hennepin and <br />Ramsey Counties ($6,666,339). <br />Combining the factors that contribute to the amount of property taxes paid (the general <br />operating fund levy; the road improvement levy; the public facilities levy; the tax <br />abatement levy; and the PERA levy) with a shift/decline in the tax base due to <br />implementation of the "Homestead Market Value Exclusion", the 2012 tax rate <br />increased. <br />The increases in the 2012 levies totaling $239,344 include: the general operating levy <br />increased $99,655; the road improvement levy increased $132,263; the public facilities <br />levy increased by $3,097; the tax abatement levy increased $4,329 and the PERA levy <br />remained the same as 2011. <br />In early November, Property Tax Statements were mailed to St. Anthony residents. A <br />percentage breakdown of the "decrease or increase" in 2012 property taxes for St. <br />Anthony residential properties is as follows: <br />1) 19.6% will receive a 20% decrease to a 0% increase. <br />2) 59.7% will experience an increase of 1.0% to 4.9%. <br />3) 19.8% will increase between 5.0% - 9.9%. <br />4) .9% will see an increase greater than 10.0%. <br />To reflect housing sales and the real estate market, the County Assessor indicates that <br />overall residential property values have declined. The median valuation in 2012 totals <br />$223,000 compared to $225,000 in 2011. <br />16 <br />