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HomeMy WebLinkAbout3.C. Property Tax Impacts-Scott COunty Information 23 August 9, 2012 To: From: JAL Subject: Scott County Property Tax Initial Data Attached for review and discussion is the preliminary property tax comparison data, as provided by Scott County. This data provides the first preliminary review of the following: • Tax Capacity (tax base) — this has decreased from 2012 rates, from $35,402,744 to $32,452,476, slightly under 9 % • Tax Increment (TIF) amounts are calculated by the County, as for the upcoming tax year, have little impact on the calculations • Fiscal Disparity amounts have yet to finalized by the State /County process, and this will result in changes in late August /early September • Tax Rate, due to the decrease in values, will increase. These rates will adjust in the next month, as the County will update when tax judgments are received, as well as updates to Fiscal Disparity • The portion of the grid that is labeled "market value tax" is specific to the 2004B debt, for the Vierling Fire Station Headquarters The grid area labeled "residential impacts" contains critical information when reviewing tax impacts as follows: • % Estimated Market Value EMV column provides the details specific to the number and percentage of properties that will see either a Market Value increase or decrease • The taxable market values are provided for 2012 and 2013, as well as the percentage of change between 2012 and 2013 • The columns following the percentages can provide a guide for the estimated changes in tax impact, specific to the City levy • Each property tax statements provides for tax impact for the County, School and City, and the information provided is specific to the City portion of the tax statements 3 options have been included in the 8/13/2012 packet, as follows: • Levy maintained at 2012 level - $14,717,438 • Levy increased 5 % for 2013 - $ 15,453,310 (increase of $735,872) • Levy increased 5 % plus increase of Fire referendum levy of $30,000, (increase of $765,872) As Council continues to discuss budget decisions, these tax comparisons may be useful for discussion and analysis. Maintain Levy at 2012 Level WHAT IF TAX COMPARISON PAY 2012 vs Pay 2013 - Shakopee City FISCAL YEAR 2012 - 4, . MARKET.VALUE TAX 41,988,858 TAX CAPACITY - $ 14,717,438- FINAL CERTIFIED LEVY. - $ 3,347,179,800 Taxable Market Value (155,002) TIF ( -) - $ (1= ,740;447) FISCAL DISPARITY,( -)' $ 3,482,752,100' Referendum Market .Value (6,431,112) FISCAL DISPARITY( -) °$;12;976,991' TAX LEVY OR SPREAD LEVY ' - .$ • $ 120,000 CERTIFIED LEVY 35,402,744 NET TAX CAPACITY - Tax Rate 36.655% 0.00345% Tax• Rate • "FISCAL XEAR:i201 3'..r...7.7.7.="77::-.7: ::: ,. !'":..... , ...._... . ,:r. `�`� .._. s .. ,. _ ._r d 7::::=7.:,-7. ZMARKET VALUE -TAXI .. ... .. . '- K - ti ,,: --,� -s - ^ . N..- NtV'a�AU+�rk(C 39,136,997: Gro T a x Capacit $ 14,717,438 PROPOSED LEVY $ 3070;137 <,200'' Taxable Market Value . 147 942) . TIF. $:.:(1 FISCAL;DISPARITY,(( =) $ :;: . 3; 2 16;600;,900 Referendum Market�YValue .. ; (6,536,579.) FISC AL DISPARITY,(- $412,976,991" TAX LEVY OISPREAD LEV 120,000 PROPOSED LEVY -.., $ - ^' `32,452,476 NET�TAX , „ : ._ • . , `" ,... "Taxe Rate.._ . _ . r " :39:988% . ; - . ,.., , .. , .,. . ,.v `'k ',.:-._ ' .., .. 0 ;00373 %'; , m;, Tax ?;Rate" ., .. " ... . 2012 Median Value: $ 191,900 2013 Median Value: $ 170,100 . 2013 Average Value: $ 189,300 Median Value % Change - 11.4% • -% EMV Value # of % Taxable Taxable Taxable % Net Net Net Net Range affected of Market Value Market Value Change Payable Payable Change Difference Inc /Dec Properties Total 2012 2013 12 vs 13 2012 2013 12 vs 13 % Change Shakopee : Mt +15.01 +% - 0% $ 195,039 $ 229,881 17,86% $ 722.26 $ 919.24 $ 206.12 28.8% +10.01- 15.00% 3 0% $ 195,039 $ 224,074 14.89% $ 722.26 $ 896.02 $ 182.70 25.6% -•;'::;: _ +5.01- 10.00% 20 0% $ 195,039 $ 212,460 8.93% $ 722.26 $ 849.58 $ 135.86 19.0% +0.01 - 5.00% 112 1% $ 195,039 $ 200,846 2.98% $ 722.26 $ 803.14 $ 89.02 12.5% , z - No Change 149 1% $ 195,039 $ 195,039 0.00% $ 722.26 $ 779.92 $ 65.60 9.2% -0.01- 5.00% 782 7% $ 195,039 $ 189,232 - 2.98% $ 722.26 $ 756.69 $ 42.18 5.9% -5.01 - 10.00% 3,154 28% $ 195,039 $ 177,618 - 8.93% $ 722.26 $ 710.25 $ (4.66) -0.7% -10,00 - 15.00% 3,038 27% $ 195,039 $ 166,004 - 14.89% $ 722.26 $ 663.81 $ (51.50) -7.2% 4,002 36% $ 195,039 $ 160,197 - 17.86% $ 722.26 $ 640.59 $ (74.92) - 10.5% 11,260 100% 2013 City Tax Impact with increases - modified 8/10/2012 I ZI Shakopee 10:25 AM 5% Increase Over 2012 Levy WHAT IF TAX COMPARISON PAY 2012 vs Pay 2013 - Shakopee City FISCAL YEAR 2012 - .. : .7MARKET VALUE .TAX . 41,988,858 TAX CAPACITY . $ 14,717,438-` FINAL CERTIFIED LEVY .$ 3,347,179,800 Taxable MarketValue (155,002) TIF ( -) = $ (1,740,447) FISCAL DISPARITY.( -) •$ 3,482,752,100 Referendum "Market .Value t. (6,431,112) FISCAL DISPARITY ( -) $ 12,976,991: TAX LEVY OR SPREAD LEVY $ 120,000 CERTIFIED LEVY 35,402,744 NET TAX CAPACITY Tax -Rate 36.655% - 0.00345 %. Tax Rate :FISCAL`:iYEAR20133'..' .r ,.... , ._. .:. zY .... _.........._,. ET,V _ -^ _ .. . .. -. ,.� ;:. ... �. ,.�....., ,..,.: M EST >• - ARK ALU AXf"' "�"` .vww�.ta.._a..�t.r r °•._.�.'.. y;: .. -..;. ...+rr�.ti.. ova :ir�..aas.�..a..ar..s....+1 I ry :. + ... ,,39036,997 Gross Tax Capacity . _ $ 15 453,310 PROPOSED LEVY $ 3,070,137,200 Taxable MarketyValue r.,. P ` , "' '` ' A > 3. 600900 Referendum` Market> Value �` ( ^147,9,42) TIF O` � r ... ..' = � $1''(1 ;74 FISCALrDISP.ARI,TY ,' $_ :w. � 216 ,.�� ,� - - -,� ,�.�.�:_....__._....._...- _�� _.. _., ::•,(6,536,579) FISCAL-J ISPA;RITY:(-) $,13,712,863 TAX LEVY OR!- SPREAD LEVY $ 120,000 PROPOSED LEVY . 32;452 NET TAX CAPACITY: , . • -. .,...,. , K _ : _, .._; ' ... ;Tax Rate,,.. :_... .. _.42 255%.. ... 7 _ ., .., , - . , .`0'00373 % Tax x�Rate' . __. ::,. ' . "' 2012 Median Value: $ 191,900 2013 Median Value: $ 170,100 2013 Average Value: $ 189,300 Median Value % Change -11.4% % EMV Value # of % Taxable Taxable Taxable % Net Net Net Net Range affected of Market Value Market Value Change Payable Payable Change Difference Inc /Dec Properties Total 2012 2013 12 vs 13 2012 2013 12 vs 13 % Change Shakopee +15.01 +% - 0% $ 195,039 $ 229,881 17.86% $ 722.26 $ 971.37 $ 258.24 36.1% +10.01- 15.00% 3 0% $ 195,039 $ 224,074 14.89% $ 722.26 $ 946.83 $ 233.51 32.7% -t; +5.01 - 10.00% 20 0% $ 195,039 $ 212,460 8.93% $ 722.26 $ 897.75 $ 184.04 25.7% +0.01 -5.00% 112 1% $ 195,039 $ 200,846 2.98% $ 722.26 $ 848.68 $ 134.56 18.8% No Change 149 1% $ 195,039 $ 195,039 0.00% $ 722.26 $ 824.14 $ 109.83 • 15.4% - 0.01 -5.00% 782 7% $ 195,039 $ 189,232 -2.98% $ 722.26 $ 799.60 $ 85.09 11.9% -5.01 - 10.00% 3,154 28% $ 195,039 $ 177,618 -8.93% $ 722.26 $ 750.53 $ 35.62 5.0% -10.00 - 15.00% 3,038 27% $ 195,039 $ 166,004 - 14.89% $ 722.26 $ 701.45 $ (13.85) -1.9% -15.01% + 4,002 36% $ 195,039 $ 160,197 - 17.86% $ 722.26 _ $ 676.92 _ $ (38.59) -5.4% 11,260 100% 2013 City Tax Impact with increases - modified 8/10/2012 al Shak + 5% 10:25 AM 5% Increase Over 2012 Levy Plus Increased Fire Levy WHAT IF TAX COMPARISON PAY 2012 vs Pay 2013 - Shakopee City -: FISCAL YEAR 2012 ..--- - : . .MARKET-VALUE.TAX 41,988,858 TAX CAPACITY: $ 14,717,438 FINAL CERTIFIED. LEVY ' $ 3,347,179,800 Taxable Market Value - (155,002) TIF ( -) $ (1740,447) FISCAL DISPARITY ( -) $ 3,482,752,100 Referendum Market Value (6,431,112) FISCAL DISPARITY ( -). • $ 12;976,99V TAX LEVY OR SPREAD LEVY $ 120,000° CERTIFIED LEVY 35,402,744 NET TAX CAPACITY Tax Rate • . 36.655% -- 0.00345% Tax-Rate ' FISCAL"YEAR -2013 ^` Y EYT . __ . . ,. ,.. . ,.. ..._ __..._ _r � ......�.... ....... _ , .... -.. _ ._ .._... �. , ...""` ":MARKET�,VALU .. AX .. . _ 39,1 Gross Tax`Ca acity $ PROPOSED LEVY $ 3 Taxabl M arket Value . ^ �r✓ , ^e � `J �� , a+.-..'�'rr. -, .. . r t r .r . is � ..... 4 ..� m .r .•,�: .•. (147942) TIF (.),> $.�(1,740,447�) FISCAc.ipisP_ A -) ,�$ 3 Referendum ;; Market Value, .(6 FIS DISPARITYO $ TAX -LEVY OR SPREAD�LEVY .: $ 150,000 PROPOSED LEVY -.. 32,452,476; NET T CAPA v^ --rr- r7 . . , _ "1 - ' '"• t 42 255 ° / 00466 x,Rat _ ... ... .. ..... . . ._ . ;_l?ax;;Ra e. .... ,.. _.,.,... . ° -':.. , . _ .. , , . _ .�. .. .-.... 40: % _ . Ta e:'7:.„ ..»`" 1.�.. - 2012 Median Value: $ 191,900 . - 2013 Median Value: $ 170,100 2013 Average Value: $ 189,300 Median Value % Change - 11.4% % EMV Value # of % Taxable Taxable Taxable % Net Net Net Net Range affected of Market Value Market Value Change Payable Payable Change Difference Inc /Dec Properties Total 2012 2013 12 vs 13 2012 2013 12 vs 13 % Change „.,.•. +15.01 +% - 0% $ 195,039 $ 229,881 17.86% $ 722.26 $ 971.37 $ 260.53 36.4% Sh , , ' +10.01- 15.00% 3 0% $ 195,039 $ 224,074 14.89% $ 722.26 $ 946.83 $ 235.74 33.0% +5.01- 10.00% 20 0% $ 195,039 $ 212,460 8.93% $ 722.26 $ 897.75 $ 186.17 26.0% +0.01 -5.00% 112 1% $ 195,039 $ 200,846 2.98% $ 722.26 $ 848.68 $ 136.60 19.1% No Change 149 1% $ 195,039 $ 195,039 0,00% $ 722,26 $ 824,14 $ 111.81 15.6% - 0,01 -5.00% 782 7% $ 195,039 $ 189,232 - 2.98% $ 722.26 $ 799.60 $ 87.03 12.2% -5.01 - 10.00% 3,154 28% $ 195,039 $ 177,618 - 8.93% $ 722.26 $ 750.53 $ 37.46 5.2% -10.00 - 15.00% 3,038 27% $ 195,039 $ 166,004 - 14.89% $ 722.26 $ 701.45 $ (12.11) -1.7% ,. -15.01% + 4,002 36% $ 195,039 $ 160,197 - 17.86% $ 722.26 $ 676.92 $ (36.90) -5.2% 11,260 100% 2013 City Tax Impact with increases - modified 8/10/2012 o Shak + 5% +Fire 10:26 AM 27 Scott County's Cities Tax Rates 2013 Tax City Rate Belle Plaine 90.60% Elko New Market 53.31% Jordan 75.42% Prior Lake 31.81% Savage 54.28% Shakopee 39.99%