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Mayor & Council <br />r` Page 2 <br />January 27, 1987 <br />An increase in the property tax levy of 4 mills would have <br />the following effects on the gross tax (i.e., the tax <br />before the homestead credit and other property tax credits <br />are taken into consideration). <br />Market <br />Assessed <br />Increase in <br />Value <br />Value <br />Gross Tax <br />55,400 <br />9,972 <br />39.89 <br />77,200 <br />15,348 <br />61.39 <br />80,700 <br />16,363 <br />65.45 <br />102,700 <br />28,756 <br />115.02 <br />The gross tax increase could be reduced by the homestead <br />credit and other property tax credits. <br />Staff arbitrarily chose a 4 mill property tax levy to <br />illustrate the length of time required to complete these <br />projects at a lower mill rate than that required to <br />complete the projects as originally presented. That mill <br />rate was felt to be too much of a burden on City taxpayers. <br />Staff would appreciate Council direction on these matters. <br />Staff will be present at the next agenda session to discuss <br />the projects and to answer any questions that you may have. <br />