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Memo - City Council
<br /> 2013 Proposed Preliminary Budget and Tax Levy
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<br /> PRELIMINARY TAX LEVY
<br /> The table below provides a comparison of the 2012 adopted levy and the 4.1% levy increase the
<br /> City Council directed staff to prepare for the preliminary worksession discussion on September
<br /> 4, 2012. It also shows a comparison of the tax rate at this levy amount.
<br /> Actual Proposed %
<br /> Item Pay 2012 Pay 2013 Change.
<br /> A B C
<br /> 1. Levy before reduction for state aids $3,096,994 $3,225,510 4.1%
<br /> 2. State Aids $0 $0 0.0%
<br /> 3. Certifed Property Tax Le = $3,096,994 $3,225,510 4.1%
<br /> 4. Fiscal Disparity Portion of Le $262,344 $240,789 -8.2°i%
<br /> 5. Local Portion of Le = $2,834,650 $2,984,721 5.3%
<br /> 6. Local Taxable Value - 11,097,287 10,608,032 44%
<br /> 7. Local Tax Rate = 25.544% 28.136% 10.1%
<br /> 8. Market Value Referenda Le $0 $0 0.0%
<br /> 9. Fiscal Disparity Portion of Le SDs on $0 $0 0.0%
<br /> 10. Local Le - $0 $0 0.0%
<br /> 11. Referenda Market Value - 1,074 744,200 1,033,972,000 -3.8 io
<br /> 12. Market Value Referenda Rate - 0.00000% 0.00000% 0.0%
<br /> You will see that the levy has been increased per Council directive, which combined with the
<br /> City's share of the Fiscal Disparities decrease (line 4), as well as the City's Tax Capacity
<br /> decrease (line 6), results in a 10.1% increase in the tax rate.
<br /> The result to the median valued ($257,400) taxpayer's tax bill is shown below:
<br /> D E F G H I
<br /> Taxable Taxing
<br /> 'Market Homestead Taxable District
<br /> Value Exclusion Market Tax Net
<br /> B/4 Credit Credit Value Capacity Tax'
<br /> Pro s Pav 2013 Impact from Market Shifts
<br /> Pay 2013 MV 76,000@.40% 500,000@1.0% (87 x G)+ and Fiscal Disparities Impact from Levy Incr Total Change
<br /> X0.988 (D-E) rem @ 1.25% (812 x D) Annual Increase Monthly incr.,nnual Increas Monthly incr. Annual Increase Monthly incr.
<br /> Estimated Tax District rate as%of total rate: N/A
<br /> 150,000 23,740 126,260 1,263 $355.36 $7.59 $ 0.63 $15.30 $ 1.28 $7.71 $ 0.64
<br /> 257,400 14,074 243,326 2,433 $684.55 $9.31 $ 0.78 $29.46 $ 2.45 $20.15
<br /> 350,000 5,740 344,260 3,443 $968.72 ($10.43) $ (0.87) $41.69 $ 3.47 $31.26 $ 2.61
<br /> 500,000 500,000 5,000 $1 406.80 ($26.48) $ (2.21) $60.55 $ 5.05 $34.07 $ 2.84
<br /> 750,000 750 000 8 125 $2 286.05 ($30.84) $ (2.57) $98.39 $ 8.20 $67.55 $ 5.63
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