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City Council Truth in Taxation Hearing Meeting Minutes December 3, 1997 Page 2 1 Hall/Community Center building. Mornson explained that the current building is more 2 expensive to maintain as it is used more than the old building. The demand has exceeded 3 what was expected but this is being adjusted for in the 1998 Budget. 4 Mornson displayed and explained the distribution of the City Taxes on a home valued at 5 $114,000. The City Taxes will be approximately $430.30 for 1998. 6 7 Mornson displayed and explained a Proposed Property Tax statement for 1998 for a home 8 valued at $114,000. The City Taxes will increase from $406.65 to $430.29. The total 9 Property Tax including all categories will decrease from $2,191.83 to $2,003.46. Mornson 10 explained that the decrease is primarily the responsibility of the State of Minnesota funneling 11 more funds into the school districts in the State. 12 Mary Bauer, 4000 Foss Road, #103 and #203, stated that she owns two condominiums which 13 are both 928 square feet in area. The 1998 proposed property tax for the condominium which 14 she lives in and is homesteaded is $564.64 and the 1998 proposed property tax for the second 15 is $1,111.90. No one resides in the second condominium and it is not homesteaded. Both 16 have the same valuation. She.questioned why there was such a large discrepancy in taxes. 17 Councilmember Faust noted that the difference in property taxes between a homesteaded 18 property and a non-homesteaded property is approximately double under legislated law. He 19 suggested that Ms. Bauer may be able to homestead the property by use of a relative 20 homestead if her daughter owned and occupied the condominium by December 1, 1997 and 21 this was filed with Ramsey County by December 15, 1997. 22 Finance Director Roger Larson displayed a graph that was presented by Hennepin County. 23 He noted that the average assessed price of residential property in the City of St. Anthony was 24 $91,500 and the average selling price was $103,000. The assessors, per State guidelines, must 25 provide an assessed value of 93% of the selling price. Residential property owners in the City 26 of St. Anthony may see an increase in valuation in 1999 due to the difference in the assessed 27 values versus selling values. 28 29 V. SET DATE FOR CONTINUATION OR ADOPTION HEARING FOR THE 1998 30 BUDGET AND TAX LEVY FOR WEDNESDAY, DECEMBER 17, 1997 AT 7:30 P.M. 31 Motion by Marks, second by Enrooth to set adoption hearing for the 1998 Budget and Tax 32 Levy for Wednesday, December 17, 1997 at 7:30 P.M. 33 Motion carried unanimously. 34 VI. CLOSE PUBLIC HEARING. 35 Motion by Wagner, second by Enrooth to close the public hearing at 7:16 P.M. 36 Motion carried unanimously.