Title
RESOLUTION PROPOSING THE SUM TO BE RAISED BY TAXATION FOR THE SPECIAL TAXING DISTRICT, HOUSING AND REDEVELOPMENT AUTHORITY, FOR THE YEAR 2025.
Body
CITY PROPOSAL:
RESOLVED, that pursuant to Minnesota Statutes, Section 469.033, subdivision 6, the City Council adopts the following proposed property tax levy:
Section 1. The sum to be raised by taxation for the year 2025 for the housing and redevelopment authority taxing district’s operation is hereby determined to be the sum of $1,811,427 which sum is levied against the taxable property of the city of Duluth and appropriated to the various accounts as set forth in the following sections, see Exhibit A.
Section 2. That pursuant to Minnesota Statute 469.033, subdivision 6, there will be levied for the purpose of providing for the housing and redevelopment authority special taxing district the sum of $1,811,427.
Statement of Purpose
STATEMENT OF PURPOSE: The HRA may levy a tax upon all taxable property within the taxing district subject to the consent by resolution of the City Council. Unlike other City property tax levies which require an ordinance, this resolution completes the process to certify the final 2025 property tax levy for the Housing and Redevelopment Authority and will not return in December.
The full levy allowable by law in Minnesota State Statute 469.033, subdivision 6 of .0185 percent of estimated market value for 2025 is in excess of $1.983 Million. The HRA proposes to keep its tax rate the same at 0.0169 percent. This will capture a gain of $105,160, or an increase of 6.16%.
Per the HRA’s calculations, the estimated annual increase of the HRA portion of property taxes to a home valued at $240,100 is $0.05 - the estimated amount of the HRA portion of property taxes paid in 2024 was $34.34 and it is estimated to be $34.39 in 2025