The City Council adopted the 2014 property tax levy and operating budget on December 3, 2013. The 2014 proposed tax levy for all purposes is $12,699,130 or a 3.7% increase over the 2013 levy of $12,241,250. The proposed levy includes $11,265,030 for General Fund operations, $108,100 for EDA, $500,000 for the Public Safety/City Hall project interfund loan and $826,000 in required debt levies for City backed bonds.
This is the first increase in the tax levy in five years. However the tax levy increase, combined with a 5.8% tax base increase result in a tax rate of 43.73% compared to the 2013 tax rate of 45.01%. The impact of this rate change on individual City properties will depend on a variety of factors.
Click here for a brief Minnesota Public Radio video that was produced to help you understand your property tax bill.