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Memo - City Council
<br />2014 Proposed Preliminary Budget and Tax Levy
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<br />have seen a decrease in this area of 3.69%, but you must also factor in tax petitions and appeals
<br />that have adjusted values. There is a backlog of tax court petitions and there were several
<br />retirements, with the recent hiring of new tax court judges, they are working to get through the
<br />backlog of petitions.
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<br />PRELIMINARY TAX LEVY
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<br />The table below provides a comparison of the 2013 adopted levy and the 3.05% levy increase the
<br />
<br />City Council directed staff to prepare for the preliminary levy at its August 26,2013
<br />worksession. It shows a comparison of the tax rate at this levy amount.
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<br />ActualProposed%
<br />ItemPay 2013Pay 2014Change
<br />(A)(B)(C)
<br />1.Levy before reduction for state aids$3,191,230$3,289,0273.1%
<br />2.State Aids- $0$00.0%
<br />3.Certifed Property Tax Levy= $3,191,230$3,289,0273.1%
<br />4.Fiscal Disparity Portion of Levy- $240,789$254,7385.8%
<br />5.Local Portion of Levy= $2,950,441$3,034,2892.8%
<br />6.Local Taxable Value÷ 10,563,16910,741,7491.7%
<br />7.Local Tax Rate= 27.931%28.248%1.1%
<br />8.Market Value Referenda Levy $0$00.0%
<br />9.Fiscal Disparity Portion of Levy (SDs only)- $0$00.0%
<br />10.Local Levy= $0$00.0%
<br />11.Referenda Market Value÷ 1,035,471,7001,055,008,7001.9%
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<br />12.Market Value Referenda Rate= 0.00000%0.00000%0.0%
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<br />You will see that the levy has been increased per Council directive, which combined with the
<br />(line 6), results in a 1.1% increase in the tax rate.
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<br />The result to the medium valued ($264,700)
<br />
<br />(D)(E)(F)(G)(I)
<br />TaxableTaxing
<br />MarketHomesteadTaxableDistrict
<br />ValueExclusionMarketTaxNet
<br />B/4 CreditCreditValueCapacityTax
<br />Proposed Pay 2014
<br />Impact from Market Shifts
<br />Pay 2013 MV76,000@.40%500,000@1.0%(B7 x G) +
<br />and Fiscal DisparitiesImpact from Levy IncrTotal Change
<br />X 0.988(D - E)rem @ 1.25%(B12 x D)
<br /> - rem up to 413799 @.09%Annual IncreaseMonthly incr.Annual IncreaseMonthly incr.Annual IncreaseMonthly incr.
<br />Estimated Tax District rate as % of total rate:
<br />150,000 23,740 126,2601,263$356.77$5.07$ 0.42$11.50$ 0.96$16.57$ 1.38
<br />264,700 13,417 251,2832,513$709.87$7.14$ 0.59$22.89$ 1.91$30.03$ 2.50
<br />350,000 5,740 344,2603,443$972.58$8.59$ 0.72$31.37$ 2.61$39.96$ 3.33
<br />500,000 - 500,0005,000$1,412.40$8.29$ 0.69$45.55$ 3.80$53.84$ 4.49
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<br />750,000 - 750,0008,125$2,295.15$22.96$ 1.91$74.02$ 6.17$96.98$ 8.08
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