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Winter 2017-18
<br />City Hall - 3800 Laverne Avenue North - Lake Elmo, Minnesota 55042 (651) 747-3900
<br />2018 Preliminary General Fund Budget
<br />On September 19, 2017, the City Council adopted a 2018
<br />Preliminary General Fund Budget of $4,700,538, which
<br />is an increase of $749,152 or approximately 18.96%
<br />compared the 2017 Adopted General Fund Budget of
<br />$3,951,386.
<br />2018 Preliminary Property Tax Levy
<br />Also on September 19, the City Council approved the 2018
<br />Preliminary Property Tax Levy of $3,626,406, which is an
<br />increase of $675,980, or approximately 22.91% when
<br />compared to the 2017 Final Property Tax Levy. This net in-
<br />crease is attributed to the General Fund proposed request
<br />of $593,771, Debt Service increases of $339,166 and a
<br />decrease in Library Levy of $256,957, which will now be
<br />part of the Washington County system in 2018. The 2018
<br />Preliminary Property Tax Levy adopted by the City Coun-
<br />cil, will be used by Washington County to calculate parcel
<br />specific notices mailed to taxpayers in mid-November. The
<br />2018 Preliminary Property Tax Levy may not be increased,
<br />but could be decreased, as budget work continues before
<br />the December adoption.
<br />2018 Preliminary City Property Tax Rate:
<br />The City’s 2018 Preliminary Property Tax Rate is approxi-
<br />mately 22.60%, compared to 20.02% for the 2017 Final
<br />Property Tax Rate, which is an increase of approximately
<br />12.91%. This lesser increase compared to the property
<br />levy is a result of increased tax capacity within the City
<br />spreading the property tax levy over a larger number of
<br />properties. From 2013 Final to 2018 Proposed, tax ca-
<br />pacity has increased from approximately $11.38 million
<br />to $16.05 million or approximately 40.94%. During that
<br />same time, the tax rate has declined from 27.82% to the
<br />proposed rate of 22.60%, or a decrease of approximately
<br />18.75%. The 2018 tax capacity and tax rate will experi-
<br />ence minor fluctuations as Washington County refines its
<br />Pay 2018 taxing information throughout the year, and will
<br />not become final until early 2018 when the property tax
<br />statements to go out.
<br />2018 Property Tax Levy Impact on a Median Value
<br />Homesteaded Property - City Share of Taxes
<br />For a median valued home of $378,300 that experiences a
<br />change in valuation of approximately 1.19%, to $382,800,
<br />based on information from Washington County, the esti-
<br />mated City share of property taxes for the Preliminary
<br />2018 Property Tax Levy would be $858.88 compared to
<br />$750.88 for the 2017 Final Property Tax Levy. This is an
<br />increase of $108.00, or approximately 14.4% for the es-
<br />timated City share of property taxes. This information is
<br />contingent upon changes in overall valuation, tax capacity,
<br />and the City’s 2018 Final Property Tax Levy.
<br />Public Hearing on 2018 Budget and 2018 Final Tax
<br />Levy - Tuesday, December 5, 2017 at 7:00 p.m.
<br />Scheduled to occur on December 5, 2017 at the Regu-
<br />lar City Council meeting will be the Public Hearing on the
<br />2018 Final Property Tax Levy and 2018 Budget. After the
<br />Public Hearing, the City Council will consider and adopt
<br />the 2018 Final Property Tax Levy, 2018 Budget, and 2018
<br />– 2022 Capital Improvement Plan. If necessary, the City
<br />Council can hold open the Public Hearing for continuation
<br />at the December 19, 2017 Regular City Council meeting,
<br />and upon closure of Public Hearing will consider adoption
<br />of the aforementioned items.
<br />2018 Budget Update
<br />City Hall - 3800 Laverne Avenue North - Lake Elmo, Minnesota 55042 (651) 747-3900
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