7.1. SR 07-03-2017 - Laserfiche WebLink

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City of Elk River, Minnesota SPRINGSTED Page 8 Section N Original Net Tax Capacity The County Auditor shall certify the original net tax capacity of the TIF District. This value will be equal to the total net tax capacity of all property in the TIF District as certified by the State Commissioner of Revenue. For districts certified between January 1 and June 30, inclusive, this value is based on the previous assessment year. For districts certified between July 1 and December 31, inclusive, this value is based on the current assessment year. The Estimated Taxable Value of all property within the TIF District as of January 2, 2017, for taxes payable in 2018, is $1,352,500. Upon establishment of the district and subsequent reclassification of the property, the estimated original net tax capacity of the TIF District is estimated to be $20,874. This assumes the properties are reclassified from residential to commercial-industrial. This value is also assumed to be the value of the properties, including land and building, as of the date the substandard buildings occupied the parcel. Each year the County Auditor shall certify the amount that the original net tax capacity has increased or decreased as a result of: (1) changes in the tax-exempt status of property; (2) reductions or enlargements of the geographic area of the TIF District; (3) changes due to stipulation agreements or abatements; or (4) changes in property classification rates. Section O Original Local Tax Rate The County Auditor shall also certify the original local tax rate of the TIF District. This rate shall be the sum of all local tax rates that apply to property in the TIF District. This rate shall be for the same taxes payable year as the original net tax capacity. In future years, the amount of tax increment generated by the TIF District will be calculated using the lesser of (a) the sum of the current local tax rates at that time or (b) the original local tax rate of the TIF District. The sum of all local tax rates that apply to property in the TIF District, for taxes levied in 2017 and payable in 2018 shall be the original tax capacity assuming the request for certification is made after June 30, 2017. The County Auditor shall certify the amount for taxes payable 2018 as the original tax capacity rate of the TIF District. For purposes of estimating the tax increment generated by the TIF District, the sum of the local tax rates for taxes levied in 2016 and payable in 2017, is 137.819% as shown below. 2016/2017 Taxing Jurisdiction Local Tax Rate City of Elk River 46.193% Sherburne County 50.458% ISD #728 36.659% Other 4.509% Total 137.819%