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2007 TRUTH IN TAXATION HEARING FOR <br /> THE CITY OF PEQUOT LAKES <br /> The law requires cities to hold a truth in taxation hearing to discuss and seek public <br /> comment on the city's proposed budget and proposed property tax levy for the following <br /> year. This year Pequot Lakes would qualify for an exemption in this requirement due to <br /> the small increase in the proposed tax levy. Any levy with an increase of 6.4% or less is <br /> exempt from the hearing requirement. The Mayor chose to hold the hearing for citizens <br /> who wish to be informed of the City's proposed budget and levy for 2007. <br /> The City's proposed general fund levy for 2007 is $1,360,000. This is an increase of <br /> $60,000 which equates to a 4.6% increase in the levy from 2006. This increase is based <br /> on the proposed general fund budget for 2007 of$1,630,290, which is an increase of <br /> 5% from the 2006 budget. <br /> The chart below shows the City's tax rate for 2007. The City has three taxing districts. <br /> Two of the three districts will see a tax rate decrease. <br /> 2007 PROPERTY TAX LEVY - $1 ,360,000 <br /> TAX RATE <br /> TAX DISTRICT NET TAX TAX RATE TAX PERCENTAGE <br /> CAPACITY GENERATED INCREASE FROM <br /> 2006 <br /> General 999,214 72.569% 725,122 -8.514% <br /> Rural Service 1,405,352 36.285% 509,927 -4.257% <br /> Annexation 171,9541 72.665% 124,951 1.265% <br /> Total 2,576,520 1 1,360,000 <br /> 2006 PROPERTY TAX LEVY - $1,300,000 <br /> (for comparison purposes) <br /> TAX RATE <br /> TAX DISTRICT NET TAX TAX RATE TAX PERCENTAGE <br /> CAPACITY GENERATED INCREASE FROM <br /> 2005 <br /> General 855,983 81.083% 694,059 1.922% <br /> Rural Service 1,210,281 40.542% 490,668 .961% <br /> Annexation 161,447 71.400% 115,273 9.584% <br /> `.. Total 2,227,711 1,300,000 <br /> C:\My Documents\City Clerk\Council Meetings\2006 CC Agenda Items\120406 Sp.Mtg\TNT Wrno.doc <br />