CC TRUTH IN TAXATION MINUTES 12061995

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City Council Truth in Taxation Hearing Meeting Minutes • December 6, 1995 Page 4 1 Finance Director Larson explained the home is assigned a tax capacity. That number is taken 2 times the market value to give the amount of increase. He offered any residents with concern 3 over their valuation a brochure which explained the process for appeal. The first step would be 4 to read the brochure and contact the Hennepin County Appraiser. Then in April attend the Board 5 of Review meeting. He cautioned that if the home was re-appraised, the valuation may be 6 increased. 7 Mayor Ranallo stated no one is happy when taxes increase but the only way to reduce taxes is to 8 reduce services. 9 Mr. Robert Brown, 3304 Wendhurst, stated he has experienced an increase as high as everyone 10 else. He noted he would like to see a chart which illustrated several years tax capacity and 11 changes with further study of the tax capacity broken down into homestead, non-homestead and 12 commercial. 13 Finance Director Larson explained this had been illustrated at the October 3, 1995 work session. 14 Each time the market value decreases, the tax capacity increases. Mr. Brown stated the increase in market value of the home was not the only reason taxes 06 increased. 17 Mr. Peter Leba, 3316 Edward St.N.E., stated he has lived in St. Anthony for 41 years. He noted 18 the School Board estimated their portion of taxes would raise $50.00 to $150.00 per household if 19 the referendum passed. He questioned why the City couldn't estimate their increase like the 20 School Board. 21 Councilmember Fleming stated she agreed with Mr. Leba but that the City was unable to predict 22 these figures as they did not know how much property valuations would change. 23 Mr. Anthony Kazor, 3008-33rd Avenue N.E., stated he agreed with the City Council that if this 24 many people attend other meetings, there may be some changes made. He indicated he had 25 moved to St. Anthony six months ago and was proud to say he lived here. He noted the 26 commercial portion of the City is too small and that accounts for the increase to residents. He 27 encouraged more business in the City. He commended the City Council for the new business in 28 the American Monarch building. 29 Mayor Ranallo noted fifteen years ago when the Kenzington project was started, residents were 30 not happy with the use of tax increment financing. This is, however, an excellent way to get 31 businesses started. He noted tax increment financing was used with the American Monarch 2 building and the Arbors redevelopment. If these things had been done 20-25 years ago, the City would be much better off financially in 5 to 10 years.