Laserfiche WebLink
MEMORANDUM <br />DATE: <br />November 24, 2009 <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 2010 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 />$1,246,414; the lease revenue bonds levy for the Public Works and Fire buildings is <br />$403,263; the tax abatement levy is $76,257 (Central/Emerald Park Improvements); and <br />the Public Employees Retirement levy is $7,500 for a combined Total Local Levy of <br />$4,678,945. <br />The 2010 tax rate of 54.444% is based on the amount of St. Anthony's Total Local Levy, <br />less the City's distribution from the Fiscal Disparities pool ($648,556) and then dividing <br />the total local levy by current valuation estimates from Hennepin and Ramsey Counties <br />($7,403,280). <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 2010 <br />tax rate increased from 50.328%. <br />The increases/decreases in the 2010 levies included: the general operating levy at no <br />increase; the road improvement levy increased $186,818; the public facilities levy <br />increased by $3,727; the tax abatement levy decreased ($3,037) and the PERA levy <br />remained the same as 2009. <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) 66.46% will see a decrease in their 2010 property taxes. <br />2) 29.43% will experience an increase of less the 5.0%. <br />3) 4.01% will increase between 5.0% -9.9%. <br />4) .05% will increase between10.0% - 14.9% increase. <br />5) .05% 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 2010 totals <br />$238,000 compared to $253,000 in 2009. <br />16 <br />