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2024 Proposed Tax Levy  <br />Page 4  <br />  <br />Tax Rates  <br />  <br />The total proposed 2024 property tax levy of $12,318,875 will keep the urban tax rate at 36.371% of tax  <br />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 2024 <br /> Proposed <br /> <br />Tax Rate Calculations: <br /> <br />Local Portion of General Expense $ 10,509,867 <br />Divided by Tax Capacity $ 31,390,418 <br />Urban Tax Capacity for General <br />Expense 33.481% <br />Less 10% for Rural -3.348% <br /> <br />Local Portion of Debt Service Levy $ 921,494 <br />Divided by Total Tax Capacity $ 31,886,972 <br />Tax Capacity for Debt Service 2.890% <br /> <br />Total Urban Tax Rate 36.371% <br />Total Rural Tax Rate 33.023% <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 $25,300 to $408,700, an increase of 6.60%.  The tax on this homestead will increase as  <br />follows:  <br />  <br /> Pay 2024 Percent <br /> Change <br /> <br />City Tax on Median Value Homestead: <br /> <br /> <br />Median Taxable Value Prior to <br />Exclusion $ 408,700 <br /> <br />6.60% <br /> Market Value Exclusion $ (457) <br /> Median Taxable Value After Exclusion $ 408,243 7.24% <br /> Tax Capacity $ 4,082 <br /> Net Tax $ 1,485 7.24% <br /> Dollar Change $ 100 <br /> <br /> <br />  <br />