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Total Proposed Local <br />Budget <br />- Minus <br />All Non -Property <br />Tax Revenue, eg: <br />• State Aid <br />• Fees, etc <br />= Equals <br />JL `F %-,-L Ivy JL <br />Calculation <br />Property Tax <br />Revenue Needed <br />(Levy) <br />Divided by <br />= Equals <br />Property <br />Tax <br />Rate <br />("Tax Capacity" Rate) <br />Assessor's <br />Market Value <br />X times <br />State Mandated <br />Class Rates <br />= Equals <br />Total <br />"Tax Capacity" <br />(Formerly Assessed Value) <br />$1,850,862,700 <br />Total value of <br />all property <br />$22,112,492 <br />Actual value taxed <br />Source: Minnesota Center <br />for Public Finance Research <br />