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MEMORANDUM <br />DATE: <br />November 23, 2010 <br />TO: <br />Mike Mornson, City Manager <br />FROM: <br />Roger Larson, Finance Director <br />ITEM: <br />TAX RATE CALCULATION AND IMPACT <br />For collectible 2011 taxes, the proposed general fund levy totals $2,945,511 (this <br />represents a 0% increase in last years levy). The road improvement levy totals <br />$1,299,684; the lease revenue bonds levy for the Public Works and Fire buildings is <br />$406,676; the tax abatement levy is $145,066 (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 2011 tax rate of 58.555% is based on the amount of St. Anthony's Total Local Levy <br />$4,804,437, less the City's distribution from the Fiscal Disparities pool ($677,138) and <br />then dividing the total local levy by current valuation estimates from Hennepin and <br />Ramsey Counties ($7,048,803). <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 property values that have declined, the 2011 <br />tax rate increased 4.174% from 2010. <br />The increases in the 2011 levies totaling $125,492 included: the general operating levy <br />at no increase; the road improvement levy increased $53,270; the public facilities levy <br />increased by $3,413; the tax abatement levy increased $68,809 and the PERA levy <br />remained the same as 2010. <br />In early November, Property Tax Statements were mailed to St. Anthony residents. A <br />percentage breakdown of the "decrease or increase" in property taxes for St. Anthony <br />residential properties is as follows: <br />1) 30.19% will receive a decrease in their 2011 property taxes. <br />2) 36.71 % will experience an increase of less the 5.0%. <br />3) 32.46% will increase between 5.0% - 9.9%. <br />4) .52% will increase between10.0% - 14.9% increase. <br />5) .12% will be greater than 15%. <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 2011 totals <br />$225,000 compared to $238,000 in 2010. <br />16 <br />