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3-Tax Levy SummaryCity of OtsegoProperty Tax Levy CalculationsPayable 2022Revised: June 3, 2021$% $%2017 2018 2019 2020 2021 2022 Change Change 2022 Change Change CommentGeneral Revenues 3,766,000        3,986,000        4,210,000        4,518,000      4,671,000      4,904,550      233,550          5.00% 4,904,550        233,550          5.00%Tax Abatements 81,385              65,546              60,816              56,491            45,874            40,422            (5,452)             ‐11.88% 40,422             (5,452)             ‐11.88%Debt ServiceSeries 2010B 430,000            440,000            450,000            460,000          460,000          ‐                       (460,000)        ‐                        (460,000)       Series 2018A ‐                         ‐                         79,293              91,758            94,551            97,187            2,636              97,187             2,636             Series 2020A 225,000            215,000            205,000            195,000          195,000          450,000          255,000          450,000           255,000         **NEW** ‐                         ‐                         ‐                         ‐                       ‐                       ‐                       ‐                       ‐                        ‐                      Discussion Point.Sub‐total 655,000            655,000            734,293            746,758          749,551          547,187          (202,364)        ‐27.00% 547,187           (202,364)        ‐27.00%Capital ReservesPavement Management 475,960            600,000            800,000            950,000          1,050,000      1,100,000      50,000            1,100,000        50,000           Trails Management 26,000              30,000              32,000              33,000            40,000            43,000            3,000              43,000             3,000             Discussion Point.Parks Equipment 55,000              56,000              58,000             60,000           62,000           64,000           2,000             64,000            2,000             Capital Equipment Revolving235,200           242,256           260,000           280,000         300,000         320,000         20,000           320,000          20,000           Discussion Point.Fire Reserve150,000           160,000           170,000           180,000         190,000         200,000         10,000           200,000          10,000           Storm Water25,000             26,000             30,000             32,000           34,000           36,000           2,000             36,000            2,000             Capital Improvements160,200           282,500           355,000           318,000         661,000         543,266         (117,734)       1,041,527       380,527         City Buildings & Property‐                        ‐                        ‐                         20,000           25,000           30,000           5,000             30,000            5,000             Sub‐total1,127,360       1,396,756       1,705,000       1,873,000     2,362,000     2,336,266     (25,734)          ‐1.09% 2,834,527       472,527         20.01%Grand Total5,629,745       6,103,302       6,710,109       7,194,249     7,828,425     7,828,425     ‐                       0.00% 8,326,686       498,261         6.36%Tax Capacity14,873,116     16,783,003     18,695,511     20,742,285   22,876,221   24,331,856   24,331,856     1% of Local Board of Appeal EstimateGrowth (%)12.35% 12.84% 11.40% 10.95% 10.29%6.36%6.36%Net Tax Capacity14,872,821     16,696,008     18,608,540     20,497,278   22,591,258   24,028,761   24,028,761     98.75% of Tax Capacity (Based on 2021)Growth (%)12.35% 12.26% 11.46% 10.15% 10.22%6.36%6.36%Tax Rate37.852             36.556             36.060             35.099           34.653           32.579           34.653            Population15,472             16,019             16,605             17,323           18,130           18,130           18,130            Source = MN State DemographerTax Levy Per Capita364                   381                   404                   415                 432                 432                 459                  Taxing2017 2018 2019 2020 202120222022AuthorityFinal Tax Rate Final Tax Rate Final Tax Rate Final Tax Rate Final Tax Rate Estimate ChangeEstimate ChangeCity of Otsego37.852             36.556             36.060             35.099           34.653           32.579           ‐5.98%34.653            0.00%Wright County39.599             39.946             44.273             44.421           43.719           43.719           0.00%43.719            0.00%School District36.659             36.137             32.865             34.371           31.717           31.717           0.00%31.717            0.00%School District ‐ RMV19.373             19.422             19.430             29.961           30.598           30.598           0.00%30.598            0.00%Description2017 2018 2019 2020 20212022 Change2022 ChangeMedian Appraised Value198,300           217,206           220,572           247,859         258,455         290,081         12.24%290,081          12.24%Less: MV Exclusion(19,393)            (17,691)            (17,389)            (14,933)          (13,979)          (11,133)          (11,133)           Taxable Market Value178,907           199,515           203,183           232,926         244,476         278,948         14.10%278,948          14.10%Tax Capacity1,789               1,995               2,032               2,329             2,445             2,789             2,789              2017 2018 2019 2020 202120222022TaxingEstimated Estimated Estimated Estimated Estimated EstimatedEstimatedAuthorityTaxTaxTaxTaxTaxTax ChangeTax ChangeCity of Otsego677                   729                   733                   818                 847                 909                 7.32%967                  14.17%Wright County708                   797                   900                   1,035             1,069             1,220             14.13%1,220              14.13%School District656                   721                   668                   801                 775                 885                 14.19%885                  14.19%School District ‐ RMV384                   422                   429                   743                 791                 888                 12.26%888                  12.26%Total2,425               2,669               2,730               3,397             3,482             3,902             12.06%3,960              13.73%Annual Increase420                 478                  Maintain Tax LevyMaintain Tax RateLevy DescriptionThe 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 AssessorThese 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.X:\Budget\2022\Property Taxes\Tax Levy Calculations6‐14Item 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