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2017 Proposed Tax Levy <br />Page 3 <br />Seal Coating (Chip -Sealing) Levy <br />This levy (diverted from the CIP levy in 2012) is designed to provide additional funds for annual seal <br />coating, crack filling and traffic striping. Augmenting these programs will enable the city to eventually <br />"catch up" with recommended street maintenance standards. The proposed levy for next year is $64,909. <br />Capital Improvement Levy <br />This levy, first instituted in 2006, is used to defray a portion of the city's share of street reconstruction <br />projects. The proposed levy for 2017 is $539,657. When combined with state construction aid, these <br />funds will allow us to continue improving our network of streets without the need to issue additional <br />debt. <br />Certified Property Tax Levy <br />To recap, the total amount of property taxes to be certified to the county for inclusion in the truth -in - <br />taxation notices amounts to $5,928,521. This represents an increase of $294,450, the particulars of which <br />have been identified above. <br />Fiscal Disparities <br />Fiscal Disparities is a program designed by the state legislature to distribute a portion of growth in <br />commercial and industrial tax values to cities in the seven -county metropolitan area. Historically, the City <br />of Hugo has been a "winner" in that we receive more value from the pool than we contribute. <br />Washington County has certified the payable 2017 amount of $603,076, an increase of $55,420 from the <br />previous year. This amount serves to lower the total property tax dollars paid by residents of the city. <br />Pay 2017 <br />Proposed <br />Certified Property Tax Levy $ 5,928,521 <br />Less: Fiscal Disparities $ (603,076) <br />Local Portion of Levy $ 5,325,445 <br />Taxable Market Value and Tax Capacity <br />The county tax department has released a preliminary estimate of taxable market value and tax capacity <br />data for next year. The county estimates an increase in the total tax capacity of $672,336, or 4.70%. These <br />numbers will most likely change when they release "final" numbers prior to the budget adoption meeting <br />scheduled for December 511 <br />