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City Council TNT Memo - 12/1/2008 <br /> Page 2 of 4 <br /> 2009 TRUTH IN TAXATION HEARING FOR <br /> THE CITY OF PEQUOT LAKES <br /> Minnesota State Law requires cities to hold a truth in taxation hearing to discuss and <br /> seek public comment on the City's proposed budget and proposed property tax. The <br /> City of Pequot Lakes could have opted not to hold this Truth in Taxation hearing <br /> because our levy increase is under the set threshold of$1,548,313. <br /> The purpose of the Truth in Taxation Hearing is to discuss and seek public comment on <br /> the City's proposed budgets and proposed property tax levy for 2009. The initial hearing <br /> must also include a discussion of the percentage increase in the property tax rate. <br /> (Pequot Lakes residents will not see an increase in their City tax due to the City's levy <br /> and budgets). <br /> The City's proposed general fund levy for 2009 is $1,474,000. This is an increase of <br /> $16,000 which equates to a 1.09% increase in the levy from 2008. This increase is <br /> based on the proposed general fund budget for 2009 of$1,790,450, which is an <br /> increase of 1.26% from the 2008 budget. <br /> The chart below shows how the proposed levy (Tax Generated Column) affects the <br /> City's tax rate for 2009. The City has two taxing districts. Both districts will see a tax rate <br /> decrease. <br /> 2009 PROPERTY TAX LEVY - $1 ,474,000 <br /> TAX RATE <br /> TAX DISTRICT NET TAX TAX RATE TAX PERCENTAGE <br /> CAPACITY GENERATED DECREASE <br /> FROM 2008 <br /> General 1,346,077 64.995% 874,882 -1.723% <br /> Rural Service 1,843,581 32.497% 599,118 -.862% <br /> Total 3,189,658 1,474,000 <br /> 2008 PROPERTY TAX LEVY - $1,458,000 <br /> (for comparison purposes) <br /> TAX DISTRICT NET TAX TAX RATE TAX <br /> CAPACITY GENERATED <br /> General 1,350,469 66.718% 901,006 <br /> Rural Service 1,669,698 33.359% 556,994 <br /> Total 3,020,167 1,458,000 <br />