Memo Property Tax Impacts
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To: Steve Mielke, City Manager
From: Bob WilS~ity Assessor
Date: Wednesday, July 27, 1994
Subject: Property Tax Impacts
You have asked for property tax impact estimates for the following scenarios:
(#1) Freeze the tax levy at 93-4 level
(the levy before credits would be $4,953,600)
(#2) Freeze the levy after credits at 93-4 level
e (the levy before credits would be $4,896,536)
(#3) Freeze the tax rate at 93-4 level
(the levy before credits would be $4,989,186)
Estimates as of 7/26/94 are as follows:
The amount of HACA would increase $11,362; fiscal disparities distribution would
decrease $68,426; the total tax capacity for the city would increase $135,418.
The tax impact on various properties in Hopkins is:
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. ESTIMATED PROPERTY TAX IMPACTS FOR HOPKINS
TAXES PAYABLE 1994 VS. TAXES PAYABLE 1995
IResidential Homestead I
Estimated Taxes
Market Payable Scenario Scenario Scenario
Value 1994 #1 #2 #3
$ 72,000 $ 198.29 -$ 2.40 -$ 5.02 No Change
84,000 264.39 - 3.20 - 6.70 No Change
105,000 380.06 - 4.60 - 9.63 No Change
150,000 627.92 - 7.60 - 15.91 No Change
225,000 1,041 .03 - 12.61 - 26.39 No Change
300,000 1,454.13 - 17.60 - 36.85 No Change
Assumes no change in market value from 1993 to 1994. Dollar amounts are figured on
the City's portion of the homestead tax.
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IC ommerci a 1/ I nd ustri a I I
Estimated Taxes
Market Payable Scenario Scenario Scenario
Value 1994 #1 #2 #3
$ 196,000 $ 2,480.03 -$ 28.66 -$ 59.47 No Change
1,125,000 14,234.86 - 164.47 - 341.33 No Change
Assumes no change in market value from 1993 to 1994. Dollar amounts are figured on
the City's portion of the property tax.
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ESTIMATED PROPERTY TAX IMPACTS FOR HOPKINS .
TAXES PAYABLE 1994 VS. TAXES PAYABLE 1995
IResidential Homestead J
1993 1994
Estimated Taxes Estimated
Market Payable Market Scenario Scenario Scenario
Value 1994 Value #1 #2 #3
$ 72,000 $ 198.29 $ 75,600 +$17.19 +$14.30 +$19.83
84,000 264.39 88,200 + 19.65 + 15.85 + 23,13
105,000 380.06 110,300 + 24.24 + 18.82 + 29.19
150,000 627.92 157,500 + 33.21 + 24.35 + 41.31
225,000 1,041.03 236,300 + 45.42 + 34.28 + 62.24
300,000 1,454.13 315,000 + 64.02 + 43.68 + 82.62
Assumes a 5 percent increase in market value from 1993 to 1994. Dollar amounts are figured
on the City's portion of the homestead tax.
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ICommercial/lndustrial I
Estimated Taxes
Market Payable Scenario Scenario Scenario
Value 1994 #1 #2 #3
$ 196,000 $ 2,480.03 -$ 28.66 $ 59.47 No Change
1,125,000 14,234.86 - 164.47 - 341.33 No Change
Assumes no change in market value from 1993 to 1994. Dollar amounts are figured on the
City's portion of the property tax.
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