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12. Other revenue and other expenditure line items adjusted based on past history. <br /> <br />These changes result in the city proposed preliminary tax levy of $768,005 for 2026. This <br />compares to 2025 preliminary levy of $733,757 and 2025 final levy of $718,736. Using a 2026 <br />property tax levy of $768,005 and the City’s 2026 estimated tax capacity ($1,884,274) and <br />median valued home ($460,750) for Gem Lake, that median valued home, would pay City <br />property taxes of $1,806.40 in 2026 compared to 2025 preliminary levy of $1,725.55 (an <br />increase of $80.85) and the 2025 final levy amount of $1,680.37 (an increase of $126.03). <br /> <br />Again, as the City prepares its final 2026 budget the property tax levy can be lowered from the <br />preliminary levy but not increased above the preliminary levy. <br /> <br />The action requested tonight is for the City Council to adopt the resolution adopting the 2026 <br />preliminary property tax levy of $768,005. <br /> <br /> <br />Tom Kelly <br />Gem Lake City Treasurer <br />