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2024 PRELIMINARY TAX LEVY
<br />Levied Levied Levied Preliminary
<br />Tax Levy Pay 2021 Pay 2022 Pay 2023 Pay 2024
<br />General Fund $12,315,000 $13,109,300 $13,893,000 $15,421,450
<br />Library 71,500 75,950 75,000 79,000
<br />General Property Tax Levy $12,386,500 13,185,250 $13,968,000 $15,500,450
<br />Special Levies:
<br />Debt Service -
<br />2010A PS Building 618,870 602,650 - -
<br />2020A - PS Building Expansion 606,346 608,709
<br />2021A - Fire Station 3/Equip. 389,135 392,023
<br />Economic Development Tax Abatement 98,450 97,800 131,475 139,900
<br />Lake Orono Dredging - - - -
<br />Total Levy $13,103,820 $13,885,700 $15,094,956 $16,641,082
<br />General Fund Change from Previous Year $376,700 $794,300 $783,700 $1,528,450
<br />Percentage Change from Previous Year 3.2% 6.4% 6.0% 11.0%
<br />Total Dollar Change from Previous Year $238,050 $781,880 $1,209,256 $1,546,126
<br />% Change 1.9% 6.0% 8.7% 10.2%
<br />NTC Value
<br />Tax Rate
<br />% Increase in NTC
<br />$29,409,713
<br />44.556%
<br />5.7 %
<br />$31,581,676
<br />43.967%
<br />7.4 %
<br />$38,022,099
<br />39.700 %
<br />20.4 %
<br />$43,206,785
<br />38.515 %
<br />CITY OF ELK RIVER
<br />ESTIMATED TAX IMPACT
<br />13.6 %
<br />Residential (Homestead): With Valuation Change Impact
<br />Estimated City Tax
<br />Estimated Market Value Tax Capacity Tax Capacity Rate
<br />Property Value Value Exclusion Value 39.700% 38.515% Dollar Percent
<br />2023 2024 Change 2023 2024 2023 2024 2023 2024 change change
<br />$281,500 $298,800 6.1 % $11,905 $10,348 $2,696 $2,885 $1,070 $1,111 $41 3.8%
<br />$490,700 $565,800 15.3% $0 $0 $4,907 $5,658 $1,948 $2,179 $231 11.9%
<br />$243,800 $260,900 7.0% $15,298 $13,759 $2,285 $2,471 $907 $952 $45 5.0%
<br />$379,500 $425,000 12.0% $3,085 $0 $3,764 $4,250 $1,494 $1,637 $143 9.6%
<br />$546,800 $602,800 10.2% $0 $0 $5,468 $6,028 $2,171 $2,322 $151 7.0%
<br />$448,400 $459,900 2.6% $0 $0 $4,484 $4,599 $1,780 $1,771 $9 -0.5%
<br />$340,000 $340,000 0.0% $6,640 $6,640 $3,334 $3,334 $1,323 $1,284 $39 -2.9%
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