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to finance the Navarre Fire Station, and the purchase of fire apparatus and equipment needed for the <br />Fire Station. The total levy also includes a special levy of $83,000 to fund the repayment of <br />equipment certificates for the purchase of three replacement police squad cars, and a special levy <br />of $125,000 to ftuid the repayment of equipment certificates for the purchase of replacement <br />equipment in the Public Works Department. <br />The estimated tax capacity for taxes payable in the year 2004 is $18,142,562. This is an increase of <br />$2,556,915, or 16.41% over the 2003 tax capacity. Based on the City’s increased tax capacity and <br />the proposed tax levy, the tax capacity rate will be 17.599%. This is a reduction of 11.4% from the <br />2003 tax capacity rate. <br />The reduction in the tax capacity rate will result in a reduction in the City’s share of the property tax <br />bill. Ass'iming a 10% increase in a home’s property value, the City’s share of the property tax bill <br />for a home valued at $350,000, would be reduced by $17.85, or 2.6%. For a home valued at <br />$500,000 the reduction would be $25.51, or 2.6%. <br />Adoption of Final Budget and Tax Lew <br />The City is required to hold a levy adoption hearing, at which the final budget and tax levy are <br />adopted. This will be held at 7:00 p.m. on December 8.2003, which is a regular Council meeting <br />date. <br />COUNCIL ACITON REQUESTED: <br />Motion to announce that the final 2003 budget and tax levy will be adopted at the levy adoption <br />hearing which will be held at 7:00 p.m. on December 8.2003.