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City of Pequot Lakes, Minnesota <br />May 21, 2013 <br />Page 3 <br />Urban Imqact <br />Pages 8-9 - The annual tax impact to various urban taxing tlistrict properties of differing types and values, based on <br />the above phase-in. <br />Pages 10-11 — The cumulative change for each urban property over the three-year periotl. <br />In this example, page 8 shows a residential 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 three-year phase-in, <br />this is projected to tlecline to $1,212 in year 1, $1,085 in year 2, reaching $982 in year 3, the same as a residential <br />homestead in the rural taxing district in year 3. Page 10 shows that the change on this same $200,000 residential <br />homesteatl from 2013 to year 1 is a$160 decrease ($1,372 to $1,212) antl over the three-year phase-in is a$390 <br />decrease ($1,372 to $982). Or in other words, a$200,000 residential homestead in the urban taxing district will be <br />paying $390 less in city taxes in year 3 than they are currently paying in 2013. <br />Public Sector Advisors <br />