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<br />22
<br />City of Elk River
<br />Financial Analysis
<br />
<br />
<br />Tax Capacity, Certified Tax Levy, and City Tax Rate
<br />The chart below graphs the tax capacity, certified tax levy, and City tax rate for 2020 through 2024.
<br />The tax capacity is based on total tax capacity, prior to adjustments for captured Tax Increment
<br />Financing (TIF) and fiscal disparities. The certified tax levy amount is also prior to fiscal disparity
<br />adjustments.
<br />
<br />With market values continuing to climb, the City's tax capacity increased from 2023 to 2024, by
<br />$4,190,584, or 10.9%. With certified levy increasing at a lower rate to the taxable market value over
<br />the last five years, the City's tax rate has decreased from 46.2% in 2020 to 37.9% in 2024.
<br />
<br />$28,034,152 $29,673,445
<br />$31,875,813
<br />$38,393,611
<br />$43,047,251
<br />$13,632,710 $13,922,492 $14,725,913 $15,973,005 $17,054,338
<br />46.2%44.6%44.0%
<br />39.7%37.8%
<br />-5%
<br />5%
<br />15%
<br />25%
<br />35%
<br />45%
<br />55%
<br />65%
<br />75%
<br />85%
<br /> $-
<br /> $5,000,000
<br /> $10,000,000
<br /> $15,000,000
<br /> $20,000,000
<br /> $25,000,000
<br /> $30,000,000
<br /> $35,000,000
<br /> $40,000,000
<br /> $45,000,000
<br /> $50,000,000
<br />2020 2021 2022 2023 2024
<br />Tax Capacity, Certified Levy, and City Tax Rate
<br />Tax Capacity Certified Tax Levy City Tax Rate
<br />
<br />Page 397 of 637
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