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commercial -industrial values and Local which is the tax capacity values of properties <br />located within the City. The projections assume a 1.5% annual growth rate in these <br />values. <br />The Tax Levy for 1995 is based upon the 1995 proposed General Fund budget. For the <br />years 1996 - 1999 the Levy is based upon Tax Increase - Infl presented in the exhibit <br />'Revenue Projections", Tax Increase - New Programs presented in the exhibit "Revenue <br />and Expenditure Projections", and the amount needed for debt service on Fire <br />Improvement Bonds issued in 1991. The local rate is the most significant because that <br />rate is used to calculate the property taxes on residential properties. That rate varies from <br />25.828% in 1995 to 41.479% in 1999. <br />The projected City's portion of property taxes on three residential properties for the years <br />1995 - 1999 is presented in the exhibit entitled "Taxes On Residential Homes". Those <br />properties 1995 Estimated Market Values are $75,350, $87,908, and $99,420 respectively. <br />The projections assume a 2% annual growth rate in the homes Estimated Market Values <br />during the years 1996 - 1999. The estimated City property taxes for these properties and <br />the anmrnl increases have been calculated for the years 1995 - 1999. The projected <br />property tax bills presented here are estimates based upon the public service program on <br />this Long Term Financial Plan. Actual property taxes are based upon the budget and <br />property tax levy adopted by the Council each year. <br />55 <br />