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2020 Proposed Tax Levy <br />Page 3 <br />Tax Rates <br />Based on estimated market and tax capacity values, the levy proposed herein will move the urban and <br />rural tax as follow - <br />Pay 2020 <br />Percent <br />Proposed <br />Change <br />Tax Rate Calculations: <br />Local Portion of General Expense <br />$ <br />7,488,723 <br />Divided by Tax Capacity <br />$ <br />19,236,967 <br />Urban Tax Capacity for General <br />Expense <br />38.929% <br />Less 10% for Rural <br />-3.893% <br />Local Portion of Debt Service Levy <br />$ <br />57,396 <br />Divided by Total Tax Capacity <br />$ <br />19,615,573 <br />Tax Capacity for Debt Service <br />0.293% <br />Total Urban Tax Rate <br />39.221 % <br />7.96% <br />Total Rural Tax Rate <br />35.329% <br />7.71% <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 $18,000 to $278,500, an increase of 6.91%. The tax on this homestead will increase as <br />follows: <br />Pay 2020 Percent <br />Change <br />City Tax on Median Value Homestead: <br />Median Taxable Value Prior to <br />Exclusion <br />$ <br />278,500 6.91 % <br />Market Value Exclusion <br />$ <br />{12,175) <br />Median Taxable Value After Exclusion <br />$ <br />266,325 7.95% <br />Tax Capacity <br />$ <br />2,663 <br />Net Tax <br />$ <br />1,044.56 16.72% <br />Dollar Change <br />$ <br />149.67 <br />