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<br />.t'.1A'.(-23-2003 15: 15 <br /> <br />763 569 5799 <br /> <br />763 569 5799 <br /> <br />P. 16/19 <br /> <br />FINANCIAL ANALYSIS (Continued) <br /> <br />Propertv Taxes <br /> <br />Tax Capacity and Net Tax Levy <br /> <br />$14.000,000 <br /> <br /> <br />ss.ooo.ooo <br /> <br />$12,000,000 <br /> <br />$6,000,000 <br /> <br />$4,000.000 <br /> <br />$2,000,000 <br /> <br />.Tax Capac:1 <br />.Net Tax Le <br /> <br />1998 <br />$11,096.471 <br />$3,837.317 <br /> <br />1999 <br />$11,023,173 <br />$3,771,396 <br /> <br />2000 <br />$11.963.645 <br />$3.675.860 <br /> <br />2001 <br />$13.955,731 <br />$3,720,049 <br /> <br />2002 <br />~ <br />$11,281,165 <br />$5$77.484 <br /> <br />The City's tax capacity declined 19.1 % in 2002 dovm to $11,281,165. This was a result of <br />compression of property tax rates enacted by the slate. <br /> <br />Also during 2002, the City lost significant amounts of state aid which were recovered through an <br />increased levy. The combination of these two events drove the City's tax capacity rate to <br />58.6610/0, a five-year high, as show on the following page. <br /> <br />14 <br />