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Packet - Tax LevyCity of Otsego 2016 2017 2018 2018 2018 Median Appraised Value Authority 'ly Tax levy Calculations Tax Rate TNT Tax Rate Change TNT Tax Rate Change :ity of Otsego 37.921 Payable 2018 ISP11pe 36.565 -3.40% 36.559 -3.42% Uright County 39.970 39.599 Revised: November 22, 2017 0.81% 39.921 0.81% ;choo � District Current (11-27-2017) Adopted Preliminary Levy -1.74% 36.020 -1.74% ;ch.o Dist ict - RMV 19.441 19.373 19.391 0.09% Levy Description 2015 2016 2017 2018 Change Change 2018 Change Change Comment General Revenues 3,319,000 3,529,3S2 3,766,000 3,989,000 223,000 3,988,000 222,000 Tax Abatements 23,000 88,814 81,385 65,546 (IS,839) 65,546 (15,839) Debt Service 9.60% School District - RMV 384 421 9.64% 421 9.64% Serie: 2010D & Series 2011A 200,000 225,000 225,000 215,000 (10,000) 215,000 (10,000) Se rie 2010B 410,000 415,000 430,000 440,000 10,000 440,000 10,000 .I.b-total 610,000 640,000 655,000 655,000 - 0.00% 6SS,000 - 0.00% Capital Reserves Pavement Management 320,000 339,200 475,960 600,000 124,040 600,000 124,040 Trails Management 25,000 25,250 26,000 30,000 4,000 30,000 4,000 Capital Equipment 160000 168000 235,200 242,256 7,056 242,256 7,056 Parks Equipment 53:000 54:590 55,000 56,000 1,000 56,000 1,000 Fire Department 145,000 150,000 150,000 160,000 10,000 160,000 10,000 Storm Water 25,000 25,000 25,000 26,000 1,000 26,000 1,000 Capital Improvements - - 160,200 282,500 122,300 282,500 122,300 Sub -total 728,000 762,040 1,127,360 1,396,756 269,3961 23.90% 1,396,756 269,3961 23.90% Grand Total 4,680,000 5,020,206 5,629,745 6,106,302 476,557 6,105,302 475,557 Tax Capacity 11,358,615 13,238,424 14,873,116 16,699,855 16,699,855 Calculated Based on City's TNT Tax Rate G rowth (%) 16.55% 12.35% 12.28% 12.28% FLOATING FLOATING Tax Rate 41.202 37.921 37.852 36.565 36.559 Taxing 2016 2017 2018 2018 2018 Median Appraised Value Authority Final Tax Rate Final Tax Rate TNT Tax Rate Change TNT Tax Rate Change :ity of Otsego 37.921 37.852 36.565 -3.40% 36.559 -3.42% Uright County 39.970 39.599 39.921 0.81% 39.921 0.81% ;choo � District 39.266 36.659 36.020 -1.74% 36.020 -1.74% ;ch.o Dist ict - RMV 19.441 19.373 19.391 0.09% 19.391 0.09% Description 2017 2018 Change 2018 Change Median Appraised Value 198,300 217,206 9.53% 217,206 9.53% Less: MV Exclusion (19,393) (17,691) (17,691) Taxable Market Value 178,907 199,515 11.52% 199,515 11.52% Tax Capacity 1,789 1,995 1,995 2017 2018 2018 Taxing Estimated Estimated Estimated Authority Tax Tax Change Tax Change City of Otsego 677 730 7.83% 729 7.68% Wright County 708 796 12.43% 796 12.43% School District 656 719 9.60% 719 9.60% School District - RMV 384 421 9.64% 421 9.64% Total 2,425 2,666 9.94% 2,665 9.90% ,Annual Increase 241 240 Description 2017 2018 Change 2018 Change Median Residential Sale Price 300,000 300,000 0.00% 300,000 0.00% Less: MV Exclusion (10,240) (10,240) (10,240) Taxable Market Value 289,760 289,760 0.00% 289,760 0.00% Tax Capacity 2,898 2,898 2,898 2017 2018 2017 Taxing Estimated Estimated Estimated Authority Tax Tax Change Tax Change City of Otsego 1,097 1,060 -3.37% 1,059 -3.46% Wright County 1,147 1,157 0.87% 1,157 0.87% School District 1,062 1,G44 -1.69% 1,044 -1.69% School District - RMV 581 582 0.17% 582 0.1791 Total 3,887 3,843 -1.13% 3,842 -1.16% Annual Increase (44) (45) U:\Budget\2018\Property Taxes\Tax Levy Calculations The City r te is calculated by the Finance Director. County and School District tax rates were obtained from Wright County, and represent the tax rate from their respective preliminary levies and are NOT FINAL. Source = Wright County Assessor These are best estimates calculated by the Finance Director based upon information available at the time of presentation. These should only be considered as estimates, and ,should NOT be considered final. According to Edina Realty, the Median Sale Price for a residential home in Otsego currently is $300K. Obtained 11/21/2017. These are best estimates calculated by the Finance Director based upon information available at the time of presentation. These should only be considered as estimates, and ,should NOT be considered final. TAXES - 1 11-27 City of Otsego Property Tax Levy Calculations Future Tax Levies I I *� Revised: November 22, 2017 Levy Description 2016 2017 General Revenues 3,529,352 3,766,000 Tax Abatements 88,814 81,385 Debt Service Series 2010D & Series 2011A 225,000 225,000 Series 2010B 415,000 430,000 NEW - Kadler Street Project - - NEW - Fire Station NEW - PW Expansion NEW - City Hall NEW - Police Station TAXES - 2 Preliminary Projections 2018 2019 2020 2021 2022 2023 Comments 3,988,000 4,227,280 4,396,371 4,572,226 4,846,560 5,040,422 Alternating Increases - I Year @ 6% / 2 @ 4% 65,546 65,437 63,292 29,926 - - Current Abatements Only 215,000 205,000 195,000 195,000 400,000 400,000 Debt Expires = 2028 440,000 450,000 460,000 460,000 - - Debt Expires = 2021 - 60,462 48,559 47,352 46,039 44,569 $15M Issue - 15 Years - - - - 455,831 $5.OM Issue - 15 Years - Potential item when looking out this far. Potential item when looking out this far. Potential item when looking out this far. Sub -total 640,000 655,000 655,000 715,462 703,559 702,352 446,039 900,400 4.00% 4.00% 4.00% 4.00% 4.00% Tax Rate 37.921 37.852 Capital Reserves 36,580 37,322 36,814 36,018 36,952 increase/(Decrease) to Maintain Tax Rate 215,897 220,868 Pavement Management 339,200 475,960 600,000 800,000 1,000,000 1,000,000 1,100,000 1,100,000 Trails Management 25,250 26,000 30,000 31,000 32,000 33,000 34,000 35,000 Capital Equipment 168,000 235,200 242,256 260,000 280,000 300,000 320,000 340,000 Parks Equipment 54,590 55,000 56,000 57,000 58,000 59,000 60,000 61,000 Fire Reserve 150,000 150,000 160,000 170,000 180,000 190,000 200,000 - Storm Water 25,000 25,000 26,000 27,000 28,000 29,000 30,000 31,000 Capital Improvements - 160,200 282,500 - - - - - Sub -total 762,040 1,127,360 1,396,756 1,345,000 1,578,000 1,611,000 1,744,000 1,567,000 Grand Total 5,020,206 5,629,745 6,105,302 6,353,179 6,741,222 6,915,504 7,036,599 7,507,822 Increase $1,000 Annually Increase $20,000 Annually Increase $1,000 Annually Increase $10,000 Annually Until Debt Issued Increase $1,000 Annually Tax Capacity 13,238,424 14,873,116 16,699,855 17,367,849 18,062,563 18,785,066 19,536,468 20,317,927 Annual Capacity Increase of 4% Growth (%) 12.35% 12.28% 4.00% 4.00% 4.00% 4.00% 4.00% Tax Rate 37.921 37.852 36.559 36,580 37,322 36,814 36,018 36,952 increase/(Decrease) to Maintain Tax Rate 215,897 220,868 95,787 194,985 358,310 182,883 U:\Budget\2018\Property Taxes\Tax Levy Calculations FUTURE LEVIES