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2026 Proposed Tax Levy  <br />Page 4  <br />  <br />Tax Rates  <br />  <br />The total proposed 2026 property tax levy of $13,567,000 will keep the urban tax rate at 39.107% 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 follows:  <br />  <br /> Pay 2026 <br /> Proposed <br /> <br />Tax Rate Calculations: <br /> <br />Local Portion of General Expense $ 11,534,023 <br />Divided by Tax Capacity $ 31,781,183 <br />Urban Tax Capacity for General <br />Expense 36.292% <br />Less 10% for Rural -3.629% <br /> <br />Local Portion of Debt Service Levy $ 908,647 <br />Divided by Total Tax Capacity $ 32,280,263 <br />Tax Capacity for Debt Service 2.815% <br /> <br />Total Urban Tax Rate 39.107% <br />Total Rural Tax Rate 35.478% <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 $11,700 to $408,700, an increase of 2.95%.  The tax on this homestead will increase as  <br />follows:  <br />  <br /> Pay 2026 Percent <br /> Change <br /> <br />City Tax on Median Value Homestead: <br /> <br /> <br />Median Taxable Value Prior to Exclusion $ 408,700 2.95% <br />Market Value Exclusion $ (9,767) <br />Median Taxable Value After Exclusion $ 398,933 3.30% <br />Tax Capacity $ 3,989 <br />Net Tax $ 1,560 2.74% <br />Dollar Change $ 42 <br /> <br />  <br />  <br />  <br />