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City Of <br />Pequot <br />Lakes <br />MEMORANDUM <br />TO: MAYOR AND CITY COUNCIL <br />FROM: SANDY PEINE, CITY CLERK <br />DATE: NOVEMBER 9, 2011 <br />SUBJECT: GENERAL REVENUE LEVY — TAX ABATEMENT LEVY <br />The question has been asked by the Council whether the tax abatement levy would be <br />levied against all taxpayers in the City of Pequot. After further research with Ehlers and <br />the County Auditor, we have learned that the tax abatement levy will be applied to all <br />taxpayers in Pequot Lakes. <br />How does this affect the General Revenue Levy? <br />At the November Council Meeting, the Council lowered the general revenue levy to <br />$1,483,000. This amount did not include the tax abatement levy of $28,526. <br />The tax abatement levy added to the general revenue levy increases the levy to <br />$1,511,526, which is a 2.15% increase from the 2011 levy. <br />How does this affect the Tax Rates? <br />All taxpayers in the City of Pequot Lakes will realize an additional tax rate for the <br />Oppidan tax abatement levy. <br />2012 Tax Rates for $1,483,000 general revenue levy and $28,526 tax abatement levy <br />• General City Tax Rate - 74.336% for general revenue levy + 1.43% for tax abatement <br />levy = 75.765% total general city tax rate <br />• Rural Service Tax Rate — 37.168% for general revenue levy + .715% for tax abatement <br />levy = 37.883% total rural service tax rate <br />Special Council Meeting <br />The Mayor has called a special Council meeting for November 22, 2011, at 6:30 p.m. for <br />the purpose of re- examining the general revenue levy that will be presented to the public <br />at the December 6a' budget hearing. <br />Please acknowledge that you will be able to attend by contacting me or Nancy Malecha <br />by November 1 5f. <br />