Area cities approve 2015 budgets, tax levies

Home values slowly rebounding; commercial property values stay low

With the soon-approaching beginning of the new year, local city councils have been busy approving their 2015 budgets and tax levies before a Dec. 30 deadline.

Falcon Heights, Lauderdale, Little Canada and Roseville have each adopted a budget for next year, ranging from just over $1 million in Lauderdale to $52 million in Roseville.

The recovery of the housing market means the average homeowner will see an increase in property taxes whether a city increased its levy or not, due to increased home values.

The Review took a look at Ramsey County median single-family home values from the past 10 years in each city. The majority of local municipalities saw residential property values hit a high in 2007, just before the Great Recession, and many are still reeling from the hit.

Commercial property values this year saw more variability from city to city, but stayed closer to the decade low than the peak.

Falcon Heights

At a Dec. 10 meeting, Falcon Heights council members unanimously approved keeping the tax levy flat at $1.08 million and a $1.87 million general fund budget for 2015.

The city's median single-family home is currently valued at $251,500, about $36,100 lower than the peak in 2007. The median home value bottomed out in 2012 at $218,900.

The median commercial property value stayed stagnant at $600,000, down more than $200,000 since the decade high of $822,300 in 2009.

Lauderdale

The Lauderdale City Council voted to approve the 2015 budget and a flat tax levy at its Dec. 9 meeting.

City officials unanimously approved a $1.2 million budget and no tax levy increase.

In 2014, the median single-family home in Lauderdale is valued at $175,000, slowly creeping up from its decade low of $163,600 last year. The median home reached its peak at $205,200 in 2007.

The median commercial property value is currently $619,400, slightly up since the past decade's low of $604,000 in 2012. The values peaked at $764,700 in 2008.

Little Canada

Little Canada council members voted to approve the 2015 budget and tax levy at a special meeting Dec. 15.

The $2.88 million budget was approved unanimously (4-0 with Mayor Bill Blesener absent) and the tax levy was certified at a 3 percent increase from last year, trimmed down from the 3.5 percent maximum increase the council initially approved in September.

This year, the median single-family home in Little Canada is valued at $216,950. Last year marked the lowest year for home values, with the median home valued at $204,600. The highest median home value was reached in 2007 at $266,350.

The median commercial property value is currently at its lowest point in the past decade, at $359,700. Values hit their peak in 2009 at $488,800.

Roseville

Roseville city officials approved the 2015 budget and tax levy at the Dec. 8 council meeting. The $52.05 million budget for next year passed unanimously, but the council went back and forth with the tax levy.

The vote was split 3-2, but the $18.28 million total levy for next year was approved, representing a 1.5 percent increase—more than two points less than the initial 3.6 percent maximum increase approved in September.

Council members Jason Etten and Tammy McGehee voted against the tax levy after a lengthy discussion regarding the use of city cash reserves to provide taxpayer relief.

Today, the median single-family home in Roseville is valued at $216,500, about $32,900 less than the $249,400 peak in 2007. Values bottomed out in 2012 with the median home reaching a low of $188,400.

Commercial properties are slowly gaining ground, with the median value at about $1.46 million this year, up from a low of $1.42 million in 2012. Still, it's down about $200,000 from a high of about $1.67 million in 2008.

Johanna Holub can be reached at jholub@lillienews.com or 651-748-7813. Follow her on Twitter @jholubnews.

 

Rate this article: 
No votes yet
Comment Here