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CITY OF GEM LAKE <br />Heritage Hall <br />4200 Otter Lake Road | Gem Lake, MN 55110 <br />651-747-2790/92 | 651-747-2795 (fax) <br />E-mail city@gemlakemn.org <br /> <br />13. 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 $733,757.00 for 2025. This <br />compares to 2024 preliminary levy of $717,742.00 and 2024 final levy of $697,081.00. Using a <br />2025 property tax levy of $733,757.00 and the City’s 2025 estimated tax capacity <br />($1,799,843.00) and median valued home ($443,750.00) for Gem lake, that median valued home, <br />would pay City property taxes of $1,725.55 in 2025 compared to 2024 preliminary levy of <br />$1,872.22 (a decrease of $146.67) and the 2024 final levy amount of $1,652.20 (an increase of <br />$73.35). <br /> <br />One final change for the 2025 budget was a legislative change, which increased the market value <br />exclusion from 40% of the first $76,000 to the first $95,000 minus 9% of the value between <br />$95,000 to $517,200 (was $76,000 to $413,800). Homes valued at or above $517,200 do not <br />receive an exclusion compared to $413,800 previously. This change saves the median value <br />home $26.10 in City taxes in 2025. <br /> <br />Again, as the City prepares it final 2025 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 2025 <br />preliminary property tax levy of $733,757.00. <br /> <br />