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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 tlistrict as provided by Crow Wing <br />County as follows: <br />Urban Taxing <br />District <br />Rural Taxing <br />District <br />Taxabie 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 antl property values wili 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 tlollars are levied each year, the resulting <br />tax rates are projected to be: <br />Lev� <br />hie� T�.x �a�taci#y - �1��an <br />t�e� Tax �Ga�aci� - R€aEeJ <br />Tota 1 <br />Urb�n Tax Ra#e <br />FC�ura! Tax Rat� <br />fi�13 <br />� 1,�.8��,432 � <br />1� 14'1s �1XJ <br />1��.�'�piD4i'� <br />� <br />T5.9�'96 <br />37.95U96 <br />Year 1 <br />2Q14 <br />1���,�32 � <br />�.A1,O�.r76i+�i <br />1p��3piJlll <br />2. �3�, 9� <br />67.t3�t)% <br />44.6�3°1� <br />Year 2 <br />2+U1 r <br />1Y48�;�32 $ <br />�p.LQ�Zp]RPJ <br />1���.}P1J4J1 <br />2, �'3�t9� <br />60.{�32'9b <br />S�.#7�7'� <br />Year 3 <br />Zf�15 <br />iq°R�p�J'L <br />1*�Y7��R�� <br />1.P��3..iD01 <br />i'g A.2°Fy7il�i <br />r4..3�Q96 <br />5�t_3,�°+6 <br />The annual impacts on various property owners of both the rural antl urban taxing districts are shown on the following <br />pages. The tables detail the following: <br />Rural Impact <br />Pages 3-4 — The annual tax impact to various rural taxing district properties of differing types and values, basetl on <br />the above phase-in. <br />For example, page 3 shows a residential homestead valued at $200,000 currently (2013) paying $686 in City <br />property taxes (school, county, special districts are in addition to this). Under the three-year phase-in, this is <br />projectetl to go to $808 in year 1, $904 in year 2, reaching $982 in year 3. In summary, a$200,000 residential <br />homestead in the rural taxing district will be paying $296 more in city taxes in year 3 than they are currently paying in <br />2013. <br />