2017.09.05 CC Packet - Laserfiche WebLink

Home

2018 Proposed Tax Levy Page 4 Taxable Market Value and Tax Capacity The county tax department has released a preliminary estimate of taxable market value and tax capacity data for next year. The county estimates an increase in the total tax capacity of $1,756,784, or 11.75%. These numbers will most likely change when they release "final' numbers prior to the budget adoption meeting scheduled for December 4th Tax Rates Based on estimated market and tax capacity values, the levy recommended herein provides for no increase in the urban tax rate and a small decrease in the rural tax rate. City Tax on Median Valued Homestead According to the latest Washington County Assessment Report the median value of a homestead property in Hugo has increased $26,550 to $249,450, an increase of 11.91%. By keeping our urban tax rate the same the tax on this homestead will increase as follows: Pay 2018 Percent Proposed Change Tax Rate Calculations: Local Portion of General Expense $ 5,776,665 Divided by Tax Capacity $ 16,359,843 11.75% Urban Tax Capacity for General $ 2,347 Expense $ 35.310% 14.07% Less 10% for Rural $ -3.531% Local Portion of Debt Service Levy $ 169,349 Divided by Total Tax Capacity $ 16,709,834 11.75% Tax Capacity for Debt Service 1.817% Total Urban Tax Rate 36.323% 0.00% Total Rural Tax Rate 32.792% -0.24% City Tax on Median Valued Homestead According to the latest Washington County Assessment Report the median value of a homestead property in Hugo has increased $26,550 to $249,450, an increase of 11.91%. By keeping our urban tax rate the same the tax on this homestead will increase as follows: Pay 2018 Percent Proposed Change City Tax on Median Value Homestead: Median Taxable Homestead $ 249,450 11.91% Tax Capacity $ 2,347 Net Tax $ 852.37 14.07% Dollar Change $ 105.12