Agenda - Council - 09/25/1984 - Laserfiche WebLink

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I I I I I I I I I I i I i I I I I I TABLE 4 Overlapping Debt to the City of Ramsey General % of Debt Portion Obligation Allocable Allocable Debt to the Cit~ to the Cit~ Anoka County $ 7,797,000(1) 4.597% I.S.D. ~11 -. 15,860,702(2) 8.348% I.S.D. ~728 12,693,188(1) 7.481% Metropolitan Council 9,607,026(3) .344% $ 358,428 1,324,051 949,577 33,048 ~2,665,104 (1) Net debt as of July 31, 1984 Net debt as of June 30, 1984 (3) Excludes $140,900,000 of sewer bonds issued by the Metropolitan Council and sewer bonds issued by various government units now within the metropolitan sewer system, which debt has been assumed by the Metropolitan Council. These bonds are supported from sewer service charges to the governmental units within the metropolitan sewer system. Includes Metropolitan Council bonds for parks and open space. PROPERTY VALUATIONS AND TAXES MARKET AND ASSESSED VALUES THE ESTIMATED MARKET VALUE of taxable property is the price which a property is estimated to bring in a competitive market under all conditions requisite to a fair sal~. All taxable property is viewed by. the local assessor at least once every four years and assessed annually as of January 2. The Adjusted Estimated Market Value is the ratio between the actual sale price of residential property and the estimated market value. This sales ratio is computed by the State Department of Revenue to monitor assessment practices and isolate housing market trends. The most recent sales ratio for the City of Ramsey is a 1982 ratio of 83~'8%. THE ASSESSED VALUE is obtained by applying the statutory classifica- tion percentages, varying with the type of property, to the Estimated Market Value. For residential homestead property, the first $30,000 of market value is assessed at 17%, the next $30,000 is assessed at 19%, and the balance at 30%. A property qualified as a "homestead" if it is occupied by the owner on the assessment date. For qualified commercial/industrial property, the first $60,000 is assessed at 34% and the balance at 43%. Table 5 below shows the Assessor's market and Assessed Values of taxable property within the City for assessment year 1983/collection year 1984 and the Assessed Value for such property for the five prior years. _l 4