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City of Pequot Lakes, Minnesota
<br />May 16, 2013
<br />Page 2
<br />• 2013 Taxable Market Values and Net Tax Capacity for each taxing tlistrict as provitled by Crow Wing
<br />County as follows:
<br />Urban Taxing
<br />District
<br />Rural Taxing
<br />District
<br />Taxable Market Value 2013 Net Tax Capacity
<br />$88,471,500
<br />$150,459,900
<br />1,181,903
<br />1,553,001
<br />• Taxable Market Values and Net Tax Capacity are also projected to remain stable over the phase-in period
<br />Because of future unknowns, the assumption is the 2013 levy of $1,486,432 and property values will remain the
<br />same over the planning periotl. While this is unlikely to be the case, the assumption works well for this analysis to
<br />provide a static picture of impacts on various property types. If the same dollars are levied each year, the resulting
<br />tax rates are projected to be:
<br />Levy
<br />Net Tax Capacity - Urban
<br />Net Tax Capacity - Rural
<br />Total
<br />Urban Tax Rate
<br />Rural Tax Rate
<br />2013
<br />$ 1,486,432 $
<br />1,181,903
<br />1,553,001
<br />2, 734, 904
<br />75.900'/0
<br />37.950'�
<br />Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
<br />2014 2015 2016 2017 2018 2019
<br />1,486,432 $ 1,486,432 $ 1,486,432 $ 1,486,432 $ 1,486,432 $ 1,486,432
<br />1,181, 903 1,181,903
<br />1,553,001 1,553,001
<br />2,734,904 2,734,904
<br />71.195% 67.040'�0
<br />41.531% 44.693%
<br />1,181,903 1,181,903
<br />1,553,001 1,553,001
<br />2,734,904 2,734,904
<br />63.343°r6 60.032%
<br />47.507% 50.027%
<br />1,181, 903 1,181,903
<br />1,553,001 1,553,001
<br />2,734,904 2,734,904
<br />57.050'� 54.350'�
<br />52.296% 54.350'�0
<br />The annual impacts on various property owners of both the rural and urban taxing districts are shown on the following
<br />pages. The tables detail the following:
<br />Rural Imqact
<br />Pages 4-5 — The annual tax impact to various rural taxing district properties of differing types and values, based on
<br />the above phase-in.
<br />Pages 6-7 — The cumulative change for each rural property over the six-year period.
<br />For example, page 4 shows a residential homesteatl valued at $200,000 currently (2013) pays $686 in City property
<br />taxes (school, county, special districts are in adtlition to this). Under the six-year phase-in, this is projected to go to
<br />$751 in year 1, $808 in year 2, until reaching $982 in year 6. Page 6 shows that the change on this same $200,000
<br />residential homestead from 2013 to year 1 is $65 ($686 to $751) and over the six-year phase-in is $296 ($686 to
<br />$982). Or in other words, a$200,000 residential homestead in the rural taxing district will be paying $296 more in
<br />city taxes in year 6 than they are currently paying in 2013.
<br />Public Sector Advisors
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