DEPARTMENT: Finance
FILE TYPE: Regular Action
TITLE
title
Adoption Of 2025 Certified Dakota County Maximum Proposed Tax Levy
end
PURPOSE/ACTION REQUESTED
Adopt a maximum proposed 2025 property tax levy of $167,648,832 for Dakota County.
SUMMARY
As part of the 2025 budget process, the County Board is required by state statute to adopt a resolution setting the maximum proposed property tax levy on or before September 30, 2024. The proposed levy is the amount that will be used on all Truth in Taxation (TNT) notices. The 2025 final levy to be adopted in December may not exceed the proposed levy amount except in a few narrow instances specified by Minn. Stat. ?275.065.
State requirements for public budget and levy hearings for 2025 are that, in lieu of the formerly mandated TNT hearing, counties are required to hold a meeting at which the budget and levy will be discussed, and the public is allowed to provide input. The meeting will be held on December 3, 2024, at 6:00 p.m.
After adoption of the 2025 maximum proposed property tax levy, the budget schedule continues as follows:
December 3 Budget/Levy (Truth in Taxation) Public Hearing
December 17 Adoption of the 2025 Budget and Property Tax Levy
On August 13, 2024, staff presented information at a County Board Budget Workshop regarding 2025 budget planning, including expected changes in revenue and expenditures, key assumptions and preliminary levy planning alternatives. On August 27, 2024, the County Manager summarized the 2025 spending pressures, funding sources, and levy strategies and made a recommendation of 9.92 percent increase in maximum levy.
RECOMMENDATION
recommendation
The County Manager recommends the County Board adopt a maximum proposed 2025 property tax levy of $167,648,832 for Dakota County. Given anticipated inflationary cost pressures, a tax levy in this amount, in combination with continued reallocation of existing financial resources, is estimated to be sufficient to cover cost gr...
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