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MEMORANDUM <br /> DATE: November 6, 2001 <br /> TO: Mike Morrison, City Manager <br /> FROM: Roger Larson, Finance Director <br /> ITEM: 2002 PROPERTY TAX CALCULATION <br /> On June 30`h, the Governor signed into law major property tax reform. Early estimates <br /> projected by the State indicated that property taxes would decrease by approximately <br /> 20%. <br /> As part of the sweeping changes, HACA was eliminated to all Cities forcing them to levy <br /> back for their loss in revenue ($349,289 for St. Anthony). Fundamentally the changes <br /> made to the tax system, such as the elimination of HACA and new class rates, makes it <br /> almost impossible to compare last year's levy and tax rate to this years. <br /> As part of the restructuring process, the State expected Cities to levy back for their <br /> HACA loss; also knowing the changes would significantly increase City tax rates. <br /> However, we must not lose focus that restructuring of the property tax system overall <br /> means that taxpayers will see a 20% decrease in their property taxes. <br /> Listed below is a summary of the estimated property taxes St. Anthony taxpayers will <br /> experience in 2002: <br /> Hennepin County: <br /> ✓ Average valuation $163,000 <br /> ✓ 2001 property taxes $2,441.34 <br /> ✓ 2002 property taxes $2,114.63 <br /> ✓ Property tax relief ($ 326.71) <br /> ✓ Percentage decrease 15.5% <br /> Ramsey County: <br /> ✓ Average valuation $167,900 <br /> ✓ 2001 property taxes $2,670.69 <br /> ✓ 2002 property taxes $2,178.20 <br /> ✓ Property tax relief ($ 492.49) <br /> ✓ Percentage decrease 22.6% <br />