2023.09.18 Packet - Laserfiche WebLink

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2024 Proposed Tax Levy Page 3 Park Improvement Levy First instituted in 2007, this levy is used to finance capital improvements to the city’s neighborhood park system. The proposed neighborhood park improvement levy for 2024 is $92,000. Fire Relief Levy This levy is used to accumulate funds to meet the city’s future pension obligations for the Hugo Firefighter’s Relief Association. Taxes are levied in an amount equal to the PERA employer percentage as applied to total fire department wages and salaries. These funds are placed in a special revenue fund and can only be used to make mandatory contributions to the pension fund. The levy for 2024 is $27,869. Certified Property Tax Levy The total amount of property taxes to be certified to the county for inclusion in the truth‐in‐taxation notices amounts to $12,318,875. Fiscal Disparities Fiscal Disparities is a program designed by the state legislature to distribute a portion of growth in commercial and industrial tax values to cities in the seven‐county metropolitan area. Historically, the City of Hugo has been a “winner” in that we receive more value from the pool than we contribute. Washington County has certified the payable 2024 amount of $887,514, a decrease of $35,656 from the previous year. This amount serves to lower the total property tax dollars paid by residents of the city. Pay 2024 Proposed Certified Property Tax Levy $ 12,318,875 Less: Fiscal Disparities $ (887,514) Local Portion of Levy $ 11,431,361 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 13%. These numbers will most likely change when the county releases “final” numbers prior to the budget adoption meeting scheduled for December 4, 2023.