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City Council Regular
Meeting Date: 09/03/2019  
Subject:    Consider Resolution 19-86 Adopting Preliminary 2020 Tax Levy
From: Francine Hanson, Finance Director

A preliminary tax levy must be certified to the County by September 30, 2019 to compute parcel specific notices.
As discussed at the workshop on August 13 held to review the proposed 2020 budget, the proposed City tax levy is $29,542,330.  This levy can be reduced before final certification in December but cannot be increased.

The following summarizes key factors to determine the tax rate.  The net levy is divided by the net tax capacity value to determine the rateFiscal disparity distribution is the dollar amount that the City receives.  Fiscal disparity contribution is the value that the City’s commercial and industrial properties contribute to the pool.  Fiscal disparity distribution is calculated by using the value that the City gets from the pool multiplied by the prior year’s tax rate.
  Pay 2018 Pay 2019 Pay 2020
Tax levy 26,845,674 28,233,781 29,542,330
$ received from fiscal disparities (distribution) (5,128,478) (5,071,657) (5,179,114)
Net levy 21,717,196 23,162,124 24,363,216
Tax capacity value (preliminary pay 2020) 58,746,505 63,612,762 68,399,057
Value contributed (given) to fiscal disparity pool (7,158,294) (7,078,442) (7,506,061)
Captured tax increment (preliminary pay 2020) (328,617 (358,338) (380,000)
Net tax capacity value 51,259,594 56,175,982 60,512,996
Tax rate (preliminary) 42.367 41.231 40.261
Fiscal disparity distribution calculation:                                         
  Value received from the pool 11,600,005 11,970,772 12,560,910
  Prior year tax rate 44.211 42.367 41.231
  Fiscal disparity distribution 5,128,478 5,071,657 5,179,114

Adopt Resolution 19-86  Establishing the Preliminary Tax Levy for the City of Coon Rapids.

Resolution 19-86 Preliminary Tax Levy

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