Laserfiche WebLink
Pursuant to M.S., Section 469.777, Subds. 1 and 2, the County Auditor shall <br />certify in each year (beginning in the payment year 2023) the amount by <br />which the original value has increased or decreased as a result of: <br />1. Change in tax exempt status of property; <br />2. Reduction or enlargement of the geographic boundaries of the district; <br />3. Change due to adjustments, negotiated or court -ordered abatements; <br />4. Change in the use of the property and classification; <br />5. Change in state law governing class rates; or <br />6. Change in previously issued building permits. <br />In any year in which the current Net Tax Capacity (NTC) value of the District <br />declines below the ONTC, no value will be captured and no tax increment will <br />be payable to the City. <br />The original local tax rate for the District will be the local tax rate for taxes <br />payable 2022, assuming the request for certification is made before June 30, <br />2022). The 2022 tax rates are not available at this time, therefore the ONTC <br />and the 2021 Original Local Tax Rate for the District appear in the table below. <br />Pursuant to M.S., Section 469.774 Subd. 4 and M.S., Section 469.777, Subd. 1, 2, <br />and 4, the estimated Captured Net Tax Capacity (CTC) of the District, within <br />Development District No. 1, upon completion of the projects within the <br />District, will annually approximate tax increment revenues as shown in the <br />table below. The City requests 100 percent of the available increase in tax <br />capacity for repayment of its obligations and current expenditures, beginning <br />in the tax year payable 2023. The Project Tax Capacity (PTC) listed is an <br />estimate of values when the projects within the District are completed. <br />Project Tax Capacity <br />Project estimated Tax Capacity upon completion 766,301 <br />Original estimated Net Tax Capacity 58,206 <br />Fiscal Disparities 265,968 <br />Estimated Captured Tax Capacity 442,127 <br />Original Local Tax Rate 91.2060% Pay 2021 <br />Estimated Annual Tax Increment $403,247 <br />Percent Retainted by the City 100% <br />Note: Tax capacity includes a 3% inflation factor for the duration of the District. The tax capacity <br />included in this chart is the estimated tax capacity of the District in year 31. The tax capacity <br />of the District in year one is estimated to be $100,125. <br />City of Ramsey <br />Tax Increment Financing District No. 18 (Oppidan Industrial) 6 <br />