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3-Prelim Tax Levy
City of Otsego Property Tax Levy Calculations Payable 2025 Revised: August 23, 2024 $% 2023 2024 2025 Change Change General Fund Operations 5,366,000 6,336,000 7,058,000 722,000 11.40% Tax Abatements 74,668 88,224 80,212 (8,012) -9.08% Debt Service Series 2018A 94,416 102,144 104,308 2,164 Series 2020A 450,000 197,000 186,000 (11,000) Sub-total 544,416 299,144 290,308 (8,836) -2.95% Capital Reserves Pavement Management 1,100,000 1,000,000 900,000 (100,000) Trails Management 65,000 70,000 76,000 6,000 Parks Equipment 70,000 400,000 425,000 25,000 Capital Equipment Revolving 477,325 550,393 587,937 37,544 Fire Reserve 210,000 210,000 190,000 (20,000) Fire Capital Revolving - - 6,189 6,189 Storm Water 38,000 - - - Capital Improvements 1,349,614 - - - City Buildings & Property 35,000 35,000 120,000 85,000 Sub-total 3,344,939 2,265,393 2,305,126 39,733 1.75% Grand Total 9,330,023 8,988,761 9,733,646 744,885 8.29% Growth (%)8.68%-3.66% Tax Capacity 32,075,441 39,516,976 39,427,828 Growth (%)27.01%23.20%-0.23% Net Tax Capacity 31,550,432 38,897,895 38,714,302 Growth (%)26.95%23.29%-0.47% Tax Rate 29.572 23.109 25.142 Population 21,289 22,705 23,132 Tax Levy Per Capita 438 396 421 2023 2024 2025 Median Valuation 345,400 402,700 386,400 Tax Capacity 3,392 4,017 3,746 City Tax 1,003 928 942 Change ($)53 (75) 14 Change (%)5.58%-7.48%1.51% Levy Description Preliminary Levy Y:\Budget\2025\Property Taxes\Tax Levy Calculations (2025)2025 - V1 Item 3