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2021 Proposed Tax Levy  <br />Page 4  <br />  <br />Tax Rates  <br />  <br />Based on estimated market and tax capacity values, the levy proposed herein will move the urban and  <br />rural tax as follow:  <br />  <br /> Pay 2021 Percent <br /> Proposed Change <br /> <br />Tax Rate Calculations: <br /> <br />Local Portion of General Expense $ 7,618,451 <br />Divided by Tax Capacity $ 20,558,754 <br />Urban Tax Capacity for General <br />Expense 37.057% <br />Less 10% for Rural -3.706% <br /> <br />Local Portion of Debt Service Levy $ 446,000 <br />Divided by Total Tax Capacity $ 20,943,641 <br />Tax Capacity for Debt Service 2.130% <br /> <br />Total Urban Tax Rate 39.186% 0.00% <br />Total Rural Tax Rate 35.481% 0.52% <br />  <br />  <br />City Tax on Median Valued Homestead  <br />  <br />According to the latest Washington County data, the median taxable value of a homestead property in Hugo  <br />has increased $11,500 to $290,000, an increase of 4.13%.  The tax on this homestead will increase as  <br />follows:  <br />  <br /> Pay 2021 Percent <br /> Change <br /> <br />City Tax on Median Value Homestead: <br /> <br /> <br />Median Taxable Value Prior to <br />Exclusion $ 290,000 <br /> <br />4.13% <br /> Market Value Exclusion $ (11,140) <br /> Median Taxable Value After Exclusion $ 278,860 4.71% <br /> Tax Capacity $ 2,789 <br /> Net Tax $ 1,092.75 4.71% <br /> Dollar Change $ 49.14 <br /> <br /> <br />  <br />  <br />  <br />  <br />