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2017 Proposed Tax Levy <br />Page 5 <br />Effects of Increasing Tax Rate <br />Increasing the urban tax rate by 1% generates $53,000 in additional tax revenue. The tax on the median <br />taxable homestead would increase an additional $10.42. To clarify, each 1% in the rate would result in the <br />following urban tax rates: <br />Urban Tax Rate Increase Urban Tax Rate <br />0% <br />36.323% <br />1% <br />36.685% <br />2% <br />37.047% <br />3% <br />37.409% <br />4% <br />37.771% <br />5% <br />38.133% <br />Conclusion <br />Additional Taxes Generated <br />$ 53,000 <br />$106,000 <br />$159,000 <br />$212,000 <br />$265,000 <br />Cost to Each Homestead <br />$10.42 <br />$20.84 <br />$31.26 <br />$41.68 <br />$52.10 <br />The tax levy (as proposed herein) provides for a balanced operating budget while maintaining our existing <br />urban tax rate. The city can continue neighborhood street reconstruction projects while buying down our <br />existing debt. The levy will support adding an additional deputy (investigator) position to our law <br />enforcement contract and will fund an apprentice position in the street department. Both of these <br />positions can start at the beginning of the fiscal year. <br />Attachment <br />Resolution Approving Preliminary Tax Levy Payable in 2017 <br />