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2019 Proposed Tax Levy <br />Page 5 <br />City Tax on Median Valued Homestead <br />According to the latest Washington County data, the median taxable value of a homestead property in Hugo <br />has increased $10,355 to $259,458, an increase of 4.16%. By keeping our urban tax rate the same the tax <br />on this homestead will increase as follows: <br />Pay 2019 <br />Percent <br />Proposed <br />Change <br />City Tax on Median Value <br />Homestead: <br />Median Taxable Homestead <br />$ <br />259,458 <br />4.16% <br />Tax Capacity <br />$ <br />2,595 <br />Net Tax <br />$ <br />942.62 <br />4.16% <br />Dollar Change <br />$ <br />37.63 <br />Maximum Tax Levy <br />The preliminary tax levy adopted by the Council on September 17t' 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 />Conclusion <br />The tax levy (as proposed herein) provides for a balanced operating budget while maintaining our existing <br />urban tax rate. The tax levy provides funds to maintain a flat tax rate should the total taxable value of <br />properties in the city decrease due to a downturn in the local economy. The city can continue <br />neighborhood street reconstruction projects while buying down our existing debt. <br />Attachment <br />Resolution Approving Preliminary Tax Levy Payable in 2019 <br />