|
<br />.
<br />
<br />.
<br />
<br />.
<br />
<br />PROPERTY TAX IMPACT OF SAMPLE PAY 2000 LEVIES
<br />
<br />Sample 5 - CommerciallIndustrial Property with Market Value of $300,000
<br />City $ Change % Change
<br />Tax Rate Citv Tax from 1999 from 1999
<br />
<br />Taxes Payable 2000
<br />8/30 proposal
<br />Add $150,000 . 9/2 NTC
<br />Taxes Payable 1999
<br />Taxes Payable 1998
<br />
<br />NTC
<br />8,700
<br />8,700
<br />8,700
<br />8,925
<br />10,050
<br />
<br />29.324%
<br />30.193%
<br />29.324%
<br />26.255%
<br />
<br />2,551.19
<br />2,626.79
<br />2,617.17
<br />2,638.63
<br />
<br />(65.98)
<br />9.62
<br />
<br />.2.52%
<br />0.37%
<br />
<br />Sample 6 - CommerciallIndustrial Property with Market Value of $1,000,000
<br />City $ Change % Change
<br />Tax Rate Citv Tax from 1999 from 1999
<br />
<br />Taxes Payable 2000
<br />8/30 proposal
<br />Add $150,000 . 9/2 NTC
<br />Taxes Payable 1999
<br />Taxes Payable 1998
<br />
<br />NTC
<br />32,500
<br />32,500
<br />32,500
<br />33,425
<br />38,050
<br />
<br />29.324%
<br />30.193%
<br />29.324%
<br />26.255%
<br />
<br />9,530.30
<br />9,812.73
<br />9,801.55
<br />9,990.03
<br />
<br />(271.25)
<br />11.18
<br />
<br />-2.77%
<br />0.11%
<br />
<br />Taxes Payable 2000 Tax Rate Notes:
<br />8/30 Proposal assumes 5% growth in NTC and Tax Rate of 29.324%.
<br />The next proposal provides an increase of $150,000 added to the 8/30 proposed tax levy.
<br />
<br />Net Tax Capacity (NTC) Growth Notes:
<br />The NTC used to calculate the above tax rates was the estimate provided by the
<br />County Assessor on September 2, 1999. Estimated pay 2000 NTC is 13,233,442.
<br />This includes the addition of TIF NTC totaling approximately 120,000.
<br />
<br />Tax Levy Notes:
<br />
<br />Taxes Payable 1999
<br />Taxes Payable 2000 . July 26 Proposal
<br />Taxes Payable 2000 . Aug. 30 Proposal
<br />Taxes Payable 2000. Aug. 30 Proposal + $150,000
<br />
<br />Net Levy General Fund Levy
<br />$3,629,214 $2,993,938
<br />$3,977,911 $3,293,950
<br />$3,845,583 $3,161,622
<br />$3,995,583 $3,311,622
<br />
<br />Please Note:
<br />These samples include City of Elk River tax only. Due to the Homestead Education Credit,
<br />the total tax due for many residential homestead properties has decreased in the past two
<br />years. The maximum education credit and percentage increased again for taxes payable 2000.
<br />The Legislature created this new credit to offset the shift in tax burden from higher value
<br />houses and commercial/industrial property to primarily lower to moderate value houses.
<br />Because the county, school district, and homestead educational credit rates are not yet
<br />available, it is not possible to estimate the total tax due on a given parcel
<br />
<br />9/2199
<br />Taxlevy
<br />
|