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2017 Proposed Tax Levy <br />Page 4 <br />Tax Rates <br />Based on estimated market and tax capacity values, the levy recommended herein provides for no <br />increase in the urban tax rate and a small decrease in the rural tax rate. <br />City Tax on Median Valued Homestead <br />According to the latest Washington County Assessment Report the median value of a homestead property <br />in Hugo has increased $11,300 to $287,900, an increase of 4.09%. By keeping our urban tax rate the same <br />the tax on this homestead will increase as follows: <br />Pay 2017 <br />Pay 2017 <br />Percent <br />Proposed <br />Change <br />Proposed <br />Change <br />Tax Rate Calculations: <br />Homestead: <br />Local Portion of General Expense <br />$ <br />5,053,528 <br />Tax Capacity <br />Divided by Tax Capacity <br />$ <br />14,645,082 <br />4.70% <br />Urban Tax Capacity for General <br />Dollar Change <br />$ 41.06 <br />Expense <br />34.507% <br />Less 10% for Rural <br />-3.451% <br />Local Portion of Debt Service Levy <br />$ <br />271,917 <br />Divided by Total Tax Capacity <br />$ <br />14,966,450 <br />4.70% <br />Tax Capacity for Debt Service <br />1.817% <br />Total Urban Tax Rate <br />36.323% <br />0.00% <br />Total Rural Tax Rate <br />32.873% <br />-0.03% <br />City Tax on Median Valued Homestead <br />According to the latest Washington County Assessment Report the median value of a homestead property <br />in Hugo has increased $11,300 to $287,900, an increase of 4.09%. By keeping our urban tax rate the same <br />the tax on this homestead will increase as follows: <br />Maximum Tax Levy <br />The preliminary tax levy adopted by the Council on September 19th can be decreased (but not increased) <br />following the budget and tax levy public hearing in December. Thus, the preliminary levy needs to be set <br />at the maximum amount that the Council determines is appropriate. <br />Pay 2017 <br />Percent <br />Proposed <br />Change <br />City Tax on Median Value <br />Homestead: <br />Median Taxable Homestead <br />$ 287,900 <br />4.09% <br />Tax Capacity <br />$ 2,879 <br />Net Tax <br />$ 1,045.75 <br />4.09% <br />Dollar Change <br />$ 41.06 <br />Maximum Tax Levy <br />The preliminary tax levy adopted by the Council on September 19th can be decreased (but not increased) <br />following the budget and tax levy public hearing in December. Thus, the preliminary levy needs to be set <br />at the maximum amount that the Council determines is appropriate. <br />