The City Council adopted the 2015 property tax levy and operating budget on December 3, 2014. The 2015 proposed tax levy for all purposes is $13,402,100 or a 5.54% increase over the 2014 levy of $12,699,130. The proposed levy includes $11,915,100 for General Fund operations, $111,500 for EDA, $500,000 for the Public Safety/City Hall project interfund loan and $875,500 in required debt levies for City backed bonds.
The tax levy increase, combined with a 13.2% tax base increase result in a tax rate of 41.6% compared to the 2014 tax rate of 43.73%. 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.