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2025 PRELIMINARY TAX LEVY
<br />Levied
<br />Levied
<br />Levied
<br />Preliminary
<br />Tax Levy
<br />Pay 2022
<br />Pay 2023
<br />Pay 2024
<br />Pay 2025
<br />General Fund
<br />$13,109,300
<br />$13,893,000
<br />$14,917,700
<br />$16,114,050
<br />Library
<br />75,950
<br />75,000
<br />79,000
<br />79,000
<br />13,185,250
<br />$13,968,000
<br />$14,996,700
<br />$16,193,050
<br />General Property Tax Levy
<br />Special Levies:
<br />Debt Service -
<br />2010A PS Building
<br />602,650
<br />-
<br />-
<br />2020A - PS Building Expansion
<br />606,346
<br />608,709
<br />604,771
<br />2020B Refunding - PW Building
<br />-
<br />-
<br />2021A - Fire Station 3/Equip.
<br />389,135
<br />392,023
<br />394,123
<br />Economic Development Tax Abatement
<br />97,800
<br />131,475
<br />139,900
<br />140,239
<br />Government Building Reserve
<br />-
<br />-
<br />-
<br />Lake Orono Dredging
<br />-
<br />-
<br />-
<br />$13,885,700
<br />$15,094,956
<br />$16,137,332
<br />$17,332,183
<br />Total Levy
<br />General Fund Change from Previous Year
<br />$794,300
<br />$783,700
<br />$1,024,700
<br />$1,196,350
<br />Percentage Change from Previous Year
<br />6.4%
<br />6.0%
<br />7.4%
<br />8.6%
<br />Total Dollar Change from Previous Year
<br />$781,880
<br />$1,209,256
<br />$1,042,376
<br />$1,194,851
<br />Change
<br />6.0%
<br />8.7%
<br />6.9%
<br />7.4%
<br />NTC Value $31,581,676
<br />Tax Rate 43.967%
<br />% Increase in NTC 7.4%
<br />CITY OF ELK RIVER
<br />ESTIMATED TAX IMPACT
<br />Residential (Homestead): With Valuation Change Impact
<br />$38,101,440
<br />$42,584,195
<br />39.618%
<br />37.895%
<br />20.6%
<br />11.8%
<br />$43,298,194
<br />40.030%
<br />1.7%
<br />Estimated City Tax
<br />Estimated
<br />Market Value
<br />Tax Capacity
<br />Tax Capacity Rate
<br />37.817%
<br />40.030%
<br />Property Value
<br />Value
<br />Change
<br />Exclusion
<br />Value
<br />Dollar
<br />change
<br />Percent
<br />change
<br />2024
<br />2025
<br />2024
<br />2025
<br />2024
<br />2025
<br />2024
<br />2025
<br />$298,800
<br />$296,500
<br />-0.8%
<br />$10,348
<br />$10,555
<br />$2,885
<br />$2,859
<br />$1,091
<br />$1,145
<br />$54
<br />4.9%
<br />$341,500
<br />$344,200
<br />0.8%
<br />$6,505
<br />$15,572
<br />$3,350
<br />$3,286
<br />$1,267
<br />$1,315
<br />$48
<br />3.8%
<br />$386,200
<br />$388,900
<br />0.7%
<br />$2,482
<br />$11,549
<br />$3,837
<br />$3,774
<br />$1,451
<br />$1,511
<br />$60
<br />4.1%
<br />$470,400
<br />$469,500
<br />-0.2%
<br />$0
<br />$4,295
<br />$4,704
<br />$4,652
<br />$1,779
<br />$1,862
<br />$83
<br />4.7%
<br />$571,100
<br />$571,100
<br />0.0%
<br />$0
<br />$0
<br />$5,711
<br />$5,711
<br />$2,160
<br />$2,286
<br />$126
<br />5.8%
<br />$604,000
<br />$606,300
<br />0.4%
<br />$0
<br />$0
<br />$6,040
<br />$6,063
<br />$2,284
<br />$2,427
<br />$143
<br />6.3%
<br />$340,300
<br />1 $340,300
<br />1 0.0%
<br />$6,613
<br />$15,923
<br />$3,337
<br />1 $3,244
<br />1 $1,262
<br />1 $1,298
<br />1 $36
<br />2.9%
<br />As property value increases, the market value exclusion is phased out at $517,200 & over. (This is an increase from $413,800 &
<br />over in 2024.)
<br />Page 209 of 381
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