Laserfiche WebLink
2025 Proposed Tax Levy  <br />Page 4  <br />  <br />Tax Rates  <br />  <br />The total proposed 2025 property tax levy of $12,847,855 will move the urban tax rate to 39.190% 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 rate as follow:  <br />  <br /> Pay 2025 <br /> Proposed <br /> <br />Tax Rate Calculations: <br /> <br />Local Portion of General Expense $ 10,913,133 <br />Divided by Tax Capacity $ 30,155,386 <br />Urban Tax Capacity for General <br />Expense 36.190% <br />Less 10% for Rural -3.619% <br /> <br />Local Portion of Debt Service Levy $ 918,964 <br />Divided by Total Tax Capacity $ 30,633,595 <br />Tax Capacity for Debt Service 3.000% <br /> <br />Total Urban Tax Rate 39.190% <br />Total Rural Tax Rate 35.571% <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 decreased $20,550 to $389,400, a decrease of 5.01%.  The tax on this homestead will decrease as  <br />follows, largely due the to the changes in the Homestead Market Value Exclusion Program’s maximum  <br />exclusion amount:  <br />  <br /> Pay 2025 Percent <br /> Change <br /> <br />City Tax on Median Value Homestead: <br /> <br /> <br />Median Taxable Value Prior to Exclusion $ 389,400 -5.01% <br /> Market Value Exclusion $ (11,504) <br /> Median Taxable Value After Exclusion $ 377,896 -7.74% <br /> Tax Capacity $ 3,779 <br /> Net Tax $ 1,481 -1.00% <br /> Dollar Change $ (15) <br /> <br /> <br />  <br />