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  <br />2023 Proposed Tax Levy  <br />Page 4  <br />  <br />Tax Rates  <br />  <br />The total proposed 2023 property tax levy of $10,988,874 will allow the urban tax rate to be lowered to  <br />36.274% of tax capacity.  <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 2023 <br /> Proposed <br /> <br />Tax Rate Calculations: <br /> <br />Local Portion of General Expense $ 9,156,882 <br />Divided by Tax Capacity $ 27,708,395 <br />Urban Tax Capacity for General <br />Expense 33.047% <br />Less 10% for Rural -3.305% <br /> <br />Local Portion of Debt Service Levy $ 908,822 <br />Divided by Total Tax Capacity $ 28,165,280 <br />Tax Capacity for Debt Service 3.227% <br /> <br />Total Urban Tax Rate 36.274% <br />Total Rural Tax Rate 32.969% <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 $63,700 to $379,300, an increase of 20.18%.  The tax on this homestead will increase as  <br />follows:  <br />  <br /> Pay 2023 Percent <br /> Change <br /> <br />City Tax on Median Value Homestead: <br /> <br /> <br />Median Taxable Value Prior to <br />Exclusion $ 379,300 <br /> <br />20.18% <br /> Market Value Exclusion $ (3,103) <br /> Median Taxable Value After Exclusion $ 376,197 22.63% <br /> Tax Capacity $ 3,762 <br /> Net Tax $ 1,365 12.90% <br /> Dollar Change $ 156 <br /> <br /> <br />