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25 <br /> • It is too early to predict the impact of the levy, however, based on the trend that our <br /> valuation numbers are increasing, it is assumed that most of the proposed levy increase <br /> will be offset by increased city valuation. <br /> Another factor that has.impacted property taxes has been the State mandated changes to <br /> the Class Rates. The effect of these changes has been a gradual shift of the tax burden <br /> from commercial/industrial properties to residential properties. For year 2001, there <br /> are no changes to the Class Rates, with the exception of a special classification for <br /> airport properties. <br /> Recommendation: <br /> In compliance with the Truth in Taxation Act, Council approve resolution#00-067, <br /> setting a proposed tax levy and budget for 2001; setting December 11`x, 2000 as the <br /> intital hearing date and a reconvening date of December 20' to discuss and adopt a final <br /> property tax levy and budget. <br /> • <br />