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

Home

! I I I ! I '1 I I I I I I I I i I I I TABLE 5 Property Values in the City of Ramse~ Assessor's Market Value Assessed Value Real Estate Personal Property Less Tax Increments Total $201,343,102 4,847,400 $206,190,502 $43,612,038 2,074,632 $45,686,670 Fiscal Disparities Values: Contribution Distribution Prior Year Values: (3,040,802) 7,428,403 $50,074,271 1982/83 1981/82 1980/81 1979/80 1978/79 $50,562,057(1) 43,774,740 39,285,579 ~, 33,488,386 28,557,668 (1) The apparent reduction in the City's Assessed Valuation between 1983 and 1984 is a reflection of a change ih the State's method of calculating Assessed Value. PROPERTY TAX LEVIES AND COLLECTIONS The tax year in Minnesota is January 1 to December 31. Taxes are collected by the County Treasurer. The sequence of events in the tax- ation of property begins with ~the certification of the property tax levy to the County Auditor on or before October 10th. The County Auditor then calculates the mill rates and spreads the taxes designed to meet these budget requirements. The resulting taxes on property are payable the following year. The 1984 due dates for taxes on real property are one-half on or before May 15 and one-half on or before October 15. The 1984 due dates for payment of personal property taxes are one-half on or before February 28 and one-half on or before June 30. Penalties on unpaid taxes occur as follows: on May 16, unpaid property taxes (first one-half) are penalized at a rate of 3% on property classified as homestead and 7% on property classified as non-homestead. Thereafter, an additional 1% is charged on the 16th day of each month up to and including October 16 for both homestead and non-homestead property. .On October 16 unpaid property taxes (second one-half) are penalized at a rate of 4% for both homestead and non-homestead property. Thereafter, an additiona~ 2% on homestead property and 4% on non-homestead property is charged on the 16th day of each month up to and including December 16. An additional 2% penalty is charged on the first business day in January following the year in which the taxes were due and interest is charged based on variable rates per annum, on the full amount of the taxes, penalties, and costs unpaid. Personal property tax not paid when due is penal- ized at a rate of 8%. Table 6 shows the City's tax levies and collections for collection years 1979 through 1984.