The budget process for the city covers an extensive period of the calendar year.  The process included a series of council work sessions throughout the summer and fall to review capital and operational budgets.  The Truth-in-Taxation public meeting was held at the December 1 council meeting where a presentation on the levy and budget was presented to the council and public.

The final step in the process is the council approving the levy and budget.  There have been no changes to the budget document since the last council meeting.  Staff is recommending approval of the final 2020 levy collectible with the 2021 property taxes of $21,017,800.  This is a tax levy increase of $637,300 or 3.13% from last year.  Staff is also recommending approval of the 2021 annual budget.

Levy Impact

• The proposed levy decreases the city tax rate from 33.97% to 31.85%
• The median value home of $266,800 (6.3% increase in value) would see an annual tax impact of $5 (0.6%)
• If a house valued at the median value home had no change in it's value, that home could expect a $50 (6.0%) decrease in annual taxes
• Estimated city market value increased by $521 million (8.6%)
• New construction would allow the city to increase the levy by 2.1%, without impact property taxes on existing properties.