12-02-2002 Truth In Taxation - Laserfiche WebLink

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The reduction in tiie tax capacity rate will result in a minimal increase in the City’s share of the property tax bill. Assuming a 10% increase in a home’s property value, the City’s share of the property tax bill will increase 4%. For a home valued at $200,000, this is an increase of$ 16.60. For a home valued at $3S0,000, the increase is $29.05. For a home valued at $500,000 the increase is $41.49. • Adoption of Final Budget and Tax Lew The City is required to hold a levy adoption hearing, at which the final budget and tax levy are adopted. This will be held at 7:00 p.m. on December 9,2002, which is a regular Council meeting date. Property Tax Impacts from All Taxing Jurisdictions The total property tax bill for Orono residents, as well as for many resident throughout Hennepin County, will increase substantially in 2003, but only a small portitm of the increase will be related to City levy increases. The attached news release indicates the County’s portion of property taxes will increase substantially. Also, voters in many school districts have approved levy referenda, which will have a substantial impact on the property tax bill. COUNCIL ACTION REQUESTED: Motion to aimounce that the final 2003 budget and tax levy will be adopted at the levy adoption hearing which will be held at 7:00 p.m. on December 9,2002. *