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Truth in Taxation Public Hearing <br />December 1, 1997 <br />Page 3 <br /> <br />property values almost across the board by 9 percent. This increase will have <br />a big impact on whether or not your Truth in Taxation notice states ff you <br />will, or will not, be paying more taxes in 1998 versus 1997. If you did not <br />have any increase in your property value, then you would see the total <br />amount of taxes that you need to pay go down in 1998 as compared to 1997. <br /> <br />According to the Truth in Taxation law, the City Council cannot adopt the <br />tax levy or budget at this December 1, 1997, meeting. The tax levy and <br />budget cannot be adopted at a meeting where a pubhc hearing is held and <br />input is received. If the 12/1/97 pubhc hearing is closed, the City Council <br />must announce that the budget and tax levy issue will be continued for <br />consideration and adoption at either the 6:00 p.m., Monday, December 15, <br />1997, meeting or at a special City Council meeting on December 8, 1997, <br />following the EDA meeting. This follow up meeting will provide the Council <br />with an opportunity to evaluate the pubhc input it receives on December 1, <br />1997. However, ff the pubhc hearing is continued, the continuation date <br />must be on December 8, 1997. Consideration and adoption of the tax levy <br />and budget will then have to take place at another meeting other than this <br />December 8 meeting. <br /> <br />Attachments <br /> <br />· September 8, 1997, General Fund Revenues <br />· September 8, 1997, General Fund Expenditures and Levy Resolution <br />· November 3, 1997, General Fund Revenues <br />· November 3, 1997, General Fund Expenditures Summary <br />· Local Tax Information <br />· Tax Rate Information on Comparable Cities <br /> <br /> <br />