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ITEM 3City of Otsego Property Tax Levy Calculations Payable 2019 Revised: August 21, 2019 Preliminary (8-26-2019) Preliminary (8-12-2019) Levy Description 2016 2017 2018 2019 2020 Change Change 2020 Change Change Comment General Revenues 3,529,352 3,766,000 3,986,000 4,210,000 4,520,000 310,000 7.36% 4,576,000 366,000 8.69% NEW - Updated to Reflect Changes Tax Abatements 88,814 81,385 65,546 60,816 56,491 (4,325) -7.11% 56,491 (4,325) Debt Service 475,960 600,000 800,000 950,000 150,000 950,000 150,000 Series 2010D & Series 2011A 225,000 225,000 215,000 205,000 195,000 (10,000) 195,000 (10,000) Series 20108 415,000 430,000 440,000 450,000 460,000 10,000 460,000 10,000 Series 2018A - - - 79,293 91,757 12,464 91,757 12,464 Sub -total 640,000 655,000 655,000 734,293 746,757 12,464 1 1.70%1 746,757 12,4641 1.70% Capital Reserves Pavement Management Trails Management Parks Equipment Capital Equipment Revolving Fire Reserve Storm Water Capital Improvements City Buildings & Property Sub -total 339,200 475,960 600,000 800,000 950,000 150,000 950,000 150,000 25,250 26,000 30,000 32,000 33,000 1,000 33,000 1,000 54,590 55,000 56,000 58,000 60,000 2,000 60,000 2,000 168,000 235,200 242,256 260,000 280,000 20,000 280,000 20,000 150,000 150,000 160,000 170,000 180,000 10,000 180,000 10,000 25,000 25,000 26,000 30,000 32,000 2,000 32,000 2,000 - 160,200 282,500 355,000 316,000 (39,000) 260,000 (95,000) - - - - 20,000 20,000 20,000 20,000 762,040 1,127,360 1,396,756 1,705,000 1,871,000 166,000 9.74% 1,815,000 110,0001 6.45% Grand Total 5,020,206 5,629,745 6,103,302 6,710,109 7,194,248 484,139 7.227% 7,194,248 484,139 7.22% Tax Capacity 13,238,424 14,873,116 16,783,003 18,695,511 20,158,430 20,158,430 Growth (%) 16.55% 12.35% 12.84% 11.40% 7.82% 7.82% Net Tax Capacity 13,238,424 14,872,821 16,696,008 18,6D8,540 19,956,846 19,956,846 Growth (%) 16.55% 12.35% 12.26% 11.46% 7.25% 7.25% Tax Rate 37.921 37.852 36.556 36.060 36.049 36.049 Population 14,968 15,472 16,019 16,605 17,323 17,323 Tax Levy Per Capita 335 364 381 404 415 415 Taxing 2016 2017 2018 2019 2020 2020 2020 Median Appraised Value Authority Final Tax Rate Final Tax Rate Final Tax Rate Final Tax Rate Estimate Change Estimate Change .ity of Otsego 37.921 37.852 36.556 36.060 36.049 -0.03% 36.049 -0.03% NrightCounty 39.970 39.599 39.946 44.273 44.273 0.00% 44.273 0.00% ichool District 39.266 36.659 36.137 32.865 32.865 0.00% 32.865 0.00% ichool District- RMV 19.441 19.373 19.422 19.430 19.430 0.00% 19.430 0.00% Description 2017 2018 2019 2020 Change 2020 Change Median Appraised Value 198,300 217,206 220,572 247,859 12.377% 247,859 12.37% Less: MV Exclusion (19,393) (17,691) (17,389) (14,933) (14,933) Taxable Market Value 178,907 199,515 203,183 232,926 14.64% 232,926 14.64% Tax Capacity 1,789 1,995 2,032 2,329 2,329 2017 2018 2019 2020 2020 Taxing Estimated Estimated Estimated Estimated Estimated Authority Tax Tax Tax Tax Change Tax Change City of Otsego 677 729 733 840 14.60% 840 14.60% Wright County 708 797 900 1,031 14.56% 1,031 14.56% School District 656 721 668 766 14.67% 766 14.67% School District- RMV 384 422 429 482 12.35% 482 12.35% Total 2,425 2,669 2,730 3,119 14.25% 3,119 14.25% Annual Increase 4504 X:\Budget\2020\Property Taxes\Tax Levy Calculations NO CHANGE FROM 7-29-2019 Estimated at 1% of County Provided Value Estimated at 99% of Tax Capacity Source = MN State Demographer The City rate 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 are best estimates calculated by the e Director based upon information )le at the time of presentation. These only be considered as estimates, and NOT be considered final. 8-26