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City of Pequot Lakes, Minnesota
<br />May 21, 2013
<br />Page 2
<br />• 2013 Taxable Market Values and Net Tax Capacity for each taxing district as provided by Crow Wing
<br />County as follows:
<br />Urban Taxing
<br />District
<br />Rural Taxing
<br />District
<br />Taxable Market Value
<br />$88,471,500
<br />$150,459,900
<br />2013 Net Tax Capacity
<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 $1,486,432 and property values will remain the
<br />same over the planning period. While this is unlikely to be the case, the assumption works well for this analysis to
<br />provide a static picture of impacts on various property types. If the same dollars are levied each year, the resulting
<br />tax rates are projected to be:
<br />Le?�y
<br />f�e� Tax Capaci�y - CJ��a�
<br />�de#Tax Ca�aei�yr- Ru�al
<br />Tc��a A
<br />Urb�an �ax F�ate
<br />Rural Tax Rate
<br />2D13
<br />$ 1,48�6,�32 �
<br />1,1�1,9�3
<br />1,SS3, U(�1
<br />2, 73��9�U4
<br />iS.gQ�0�6
<br />37.95�
<br />Year 1
<br />2014
<br />1,A�Si6,�13� $
<br />1,181,'9�3
<br />1,553,OU1
<br />2, i34, 9�Q�
<br />67.04�096
<br />44.b9396
<br />Year 2
<br />2(115
<br />1,�F36,�32 $
<br />lp 1�1p 7M1.OJ
<br />1,553,U�U1
<br />2,i34,9�
<br />60.€�32i6
<br />5a.a2► �
<br />Year 3
<br />2016
<br />1,48�6,432
<br />1_,18iP9�3
<br />1,g�3,0�1
<br />Zy I �i�x��
<br />54.35U96
<br />5�4.35t)l6
<br />The annual impacts on various property owners of both the rural and urban taxing tlistricts are shown on the following
<br />pages. The tables detail the following:
<br />Rural Impact
<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 three-year period.
<br />For example, page 4 shows a residential homestead valued at $200,000 currently (2013) pays $686 in City property
<br />taxes (school, county, special districts are in addition to this). Under the three-year phase-in, this is projected to go to
<br />$808 in year 1, $904 in year 2, reaching $982 in year 3. Page 6 shows that the change on this same $200,000
<br />residential homestead from 2013 to year 1 is $122 ($686 to $808) and over the three-year phase-in is $296 ($686 to
<br />$982). Or in other words, a$200,000 resitlential homesteatl in the rural taxing district will be paying $296 more in
<br />city taxes in year 3 than they are currently paying in 2013.
<br />Public Sector Advisors
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