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City of Pequot Lakes, Minnesota <br />May 16, 2013 <br />Page 3 <br />Urban Impact <br />Pages 8-10 - The annual tax impact to various urban taxing district properties of tliffering types and values, based on <br />the above phase-in. <br />Pages 11-13 — The cumulative change for each urban property over the six-year period. <br />In this example, page 8 shows a resitlential homestead valued at $200,000 in the urban district currently (2013) pays <br />$1,372 in City property taxes (school, county, special districts are in addition to this). Under the six-year phase-in, <br />this is projected to decline to $1,287 in year 1, $1,212 in year 2, until reaching $982 in year 6, the same as a <br />residential homestead in the rural taxing district in year 6. Page 11 shows that the change on this same $200,000 <br />residential homestead from 2013 to year 1 is an $85 decrease ($1,372 to $1,287) and over the six-year phase-in is a <br />$390 decrease ($1,372 to $982). Or in other words, a$200,000 residential homestead in the urban taxing tlistrict will <br />be paying $390 less in city taxes in year 6 than they are currently paying in 2013. <br />Public Sector Advisors <br />