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4 - Tax Levy Calculations (2023)City of Otsego Property Tax Levy Calculations Payable 2023 Revised: August 5, 2022 $% $% 2021 2022 2023 Change Change 2023 Change Change General Revenues 4,671,000        5,009,000        5,271,000      262,000          5.23% 5,271,000        262,000          5.23% Tax Abatements 45,874              40,228              87,744            47,516            118.12% 87,744              47,516            118.12% Debt Service Series 2010B 460,000            ‐                        ‐                       ‐                       ‐                         ‐                       Series 2018A 94,551              97,187              94,415            (2,772)             94,415              (2,772)             Series 2020A 195,000            450,000            450,000          ‐                       450,000            ‐                       **NEW** ‐                         ‐                        ‐                       ‐                       ‐                         ‐                       Sub‐total 749,551            547,187            544,415          (2,772)             ‐0.51% 544,415            (2,772)             ‐0.51% Capital Reserves Pavement Management 1,050,000        1,100,000        1,100,000      ‐                       1,100,000        ‐                       Trails Management 40,000              63,000              65,000            2,000              65,000              2,000              Parks Equipment 62,000              64,000              70,000            6,000              70,000              6,000              Capital Equipment Revolving 300,000            320,000            480,346          160,346          480,346            160,346          Fire Reserve 190,000            200,000            210,000          10,000            210,000            10,000            Storm Water 34,000              36,000              38,000            2,000              38,000              2,000              Capital Improvements 661,000            1,175,590        ‐                       (1,175,590)     ‐                         (1,175,590)     City Buildings & Property 25,000              30,000              35,000            5,000              35,000              5,000              Sub‐total 2,362,000        2,988,590        1,998,346      (990,244)        ‐33.13% 1,998,346        (990,244)        ‐33.13% Tax Rate Management (Flexibility) 2,468,821      1,252,365        Grand Total 7,828,425        8,585,005        10,370,326    1,785,321      20.80% 9,153,870        568,865          6.63% Growth (%) 8.82% 9.66% Tax Capacity 22,876,221      25,254,743      30,504,905    30,504,905      Growth (%) 10.29% 10.40% 20.79% 20.79% Net Tax Capacity 22,591,258      24,852,871      30,019,489    30,019,489      Growth (%) 10.22% 10.01% 20.79% 20.79% Tax Rate 34.653              34.545              34.545            30.493              Population 18,130              19,966              21,289            21,289              Tax Levy Per Capita 432                   430                   487                 430                   Taxing 2021 2022 2023 2023 Authority Final Tax Rate Final Tax Rate Estimate Change Estimate Change City of Otsego 34.653              34.545              34.545            ‐0.31% 30.493              ‐11.73% Wright County 43.719              43.751              43.751            0.07% 43.751              0.00% School District 31.717              30.889              30.889            ‐2.61% 30.889              0.00% School District ‐ RMV 30.598              28.698              28.698            ‐6.21% 28.698              0.00% Description 2021 2022 2023 Change 2023 Change Median Appraised Value 258,455            290,081            328,710          13.32% 328,710            13.32% Less: MV Exclusion (13,979)            (11,133)            (7,656)             (7,656)               Taxable Market Value 244,476            278,948            321,054          15.09% 321,054            15.09% Tax Capacity 2,445                2,789                3,211              3,211                2021 2022 2023 2023 Taxing Estimated Estimated Estimated Estimated Authority Tax Tax Tax Change Tax Change City of Otsego 847                   964                   1,109              15.04% 979                   1.56% Wright County 1,069                1,220                1,405              15.16% 1,405                15.16% School District 775                   862                   992                 15.08% 992                   15.08% School District ‐ RMV 791                   832                   943                 13.34% 943                   13.34% Total 3,482                3,878                4,449              14.72% 4,319                11.37% Annual Increase 571                 441                   Illustration #1 Illustration #2 Levy Description Y:\Budget\2023\Property Taxes\Tax Levy Calculations (2023)8‐8