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<br />Property Taxes <br />The State grants local municipalities the authority to levy taxes in order to fund operations and debt <br />payments. For the City of Little Canada, the property tax levy accounts for approximately 75% of the <br />General Fund revenues. <br />Per the City’s Financial Policy, “the total sum appropriated for the General Fund shall be less than the <br />total revenue by a safe margin”. It is the policy of the City that this “safe margin” will allow for property <br />tax collections of 97.5% in any given year”. The 2020 Budget continues to include this 97.5% collection <br />rate. During the last ten years, 2009 was the only year that property tax collections were less than the <br />97.5% collection rate <br /> <br /> <br />The following shows a 10-year historical perspective of the City’s property tax gross levy: <br /> <br /> <br /> 4