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I
<br /> Trend of Values
<br /> Indicated Estimated Taxable Taxable Tax
<br /> Market Value(a) Market Value Assessed Value Ca aci (c)
<br /> 1991 $324,378,870(b) $310,106,200 N/A $6,495,623(4)
<br /> 1990 332,032,967 302,150,000 N/A 7,018,833
<br /> 1989 329,536,324 301,196,200 N/A 7,041,340
<br /> 1988 311,628,889 280,466,000 N/A 8,202,795
<br /> 1987 293,994,317 269,004,800 $64,550,178 6,036,042
<br /> (a) Calculated by dividing the county assessor's estimated market value by the sales ratio determined for
<br /> the City each year by the State Department of Revenue.
<br /> (b) The reduction in indicated market value in 1991 is due primarily to an increase in the sales ratio from
<br /> 91.0%in 1990 to 95.6%in 1991.
<br /> (c) For property taxes payable in 1989, assessed value of property was replaced with gross tax capacity
<br /> in determining properly taxes. Gross tax capacity was approximately 12.5% of assessed value for
<br /> most property classes and, like assessed value, was calculated by applying a statutory formula to the
<br /> estimated market value of the property. Beginning with taxes payable in 1990, net tax capacity has
<br /> replaced gross tax capacity as the basis on which taxes are levied. Net tax capacity differs from gross
<br /> tax capacity primarily by having lower values for homestead residential and certain agricultural
<br /> property(see Appendix 11).
<br /> (4) The reduction in taxable tax capacity in 1991 is due primarily to a reduction in commerciallindustrial
<br /> property class rates for taxes payable in 1992.
<br /> Ten of the Largest Taxpayers In the City
<br /> 1991 Net
<br /> Taxpayer Type of Property Tax Capacity
<br /> Apache Plaza Investment Company Shopping Center $ 533,648
<br /> St. Anthony LaNel Apartment Buildings 270,375
<br /> Equinox Properties Apartment Buildings 235,872
<br /> St. Anthony Nursing Home/Chandler
<br /> Place Health Facility 208,509
<br /> Individual Industrial 141,335
<br /> Firstar Bank of Minnesota Bank 114,630
<br /> Northern Gopher Enterprises, Inc. Apartment Buildings 107,396
<br /> Individual Apartment Buildings 105,457
<br /> St. Anthony Minneapolis, Inc. Commercial 99,763
<br /> Northern States Power Company utility 83,366
<br /> Total $1,900,351
<br /> Represents 29.3%of the City's total 1991 taxable net tax capacity.
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