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21 same as the preliminary EDA levy approved September 23, 2024. <br />22 <br />23 A median-valued single-family home of $360,500 will pay approximately $1,415 annually in <br />24 property taxes or $117.91 per month. This is an increase of $118 annually ($9.80 per <br />25 month). In exchange, residents receive; 24 x 7 x 365 police and fire protection, well- <br />26 maintained streets and parks, street lighting, and other services. <br />27 <br />28 The following table describes the different factors resulting in the increase in the 2025 city <br />29 tax levy: <br />30 <br />31 <br />32 <br />33 In addition to property taxes, the utility rates have a moderate increase in the water utility <br />34 and recycling rates to cover increased costs. The sewer and storm drainage rates will have <br />35 no increases in 2025. The combined impact on a median-valued single family home, with <br />36 water consumption of 12,000 gallons and sewer consumption of 11,000 gallons is depicted <br />37 in the table below. <br />38 <br />39 <br />40 <br />41 <br />42 As shown in the table, a median-valued home that has average household water usage will <br />43 see an estimated increase of $11.56 per month in 2025 for both property taxes and utility <br />44 costs. This represents a 6.56% increase. A PowerPoint presentation outlining the 2025 <br />45 Proposed Budget, Tax Levy, and Utility Rates will be presented at the Council meeting and <br />Page 2 of 3 <br />Qbhf!:!pg!745 <br /> <br />