HomeMy WebLinkAboutProposed Property Tax Levy Hearing Notice 20242/21/24, 1:19 PM Local Government Property Valuation System
https://dom-localgov.iowa.gov/budget-renderer?id=17837 1/2
CITY NAME:
IOWA CITY
NOTICE OF PUBLIC HEARING - CITY OF IOWA CITY - PROPOSED PROPERTY TAX LEVY
Fiscal Year July 1, 2024 - June 30, 2025 CITY #: 52-483
The City Council will conduct a public hearing on the proposed Fiscal Year City property tax levy as follows:
Meeting Date: 4/2/2024 Meeting Time: 04:00 PM Meeting Location: 410 E. Washington St., Emma Harvat Hall
At the public hearing any resident or taxpayer may present objections to, or arguments in favor of the proposed tax levy. After the hearing of the proposed tax
levy, the City Council will publish notice and hold a hearing on the proposed city budget.
City Website (if available)
icgov.org City Telephone Number
(319) 356-5085
Iowa Department of Management Current Year Certified
Property Tax 2023 - 2024
Budget Year Effective Property
Tax 2024 - 2025
Budget Year Proposed Property
Tax 2024 - 2025
Taxable Valuations for Non-Debt Service 4,181,109,018 4,337,083,806 4,337,083,806
Consolidated General Fund 35,832,104 35,832,104 36,440,005
Operation & Maintenance of Public Transit 3,972,054 3,972,054 4,120,230
Aviation Authority 0 0 0
Liability, Property & Self Insurance 1,214,361 1,214,361 1,563,258
Support of Local Emergency Mgmt. Comm.0 0 0
Unified Law Enforcement 0 0 0
Police & Fire Retirement 3,922,716 3,922,716 3,378,155
FICA & IPERS (If at General Fund Limit)3,809,450 3,809,450 4,347,710
Other Employee Benefits 6,250,089 6,250,089 6,777,995
Capital Projects (Capital Improv. Reserve)0 0 0
Taxable Value for Debt Service 4,315,268,875 4,474,225,348 4,474,225,348
Debt Service 10,695,221 10,695,221 11,527,842
CITY REGULAR TOTAL PROPERTY TAX 65,695,995 65,695,995 68,155,195
CITY REGULAR TAX RATE 15.63305 15.07191 15.63305
Taxable Value for City Ag Land 1,512,444 1,285,294 1,285,294
Ag Land 4,543 4,543 3,861
CITY AG LAND TAX RATE 3.00375 3.53460 3.00375
Tax Rate Comparison-Current VS. Proposed
Residential property with an Actual/Assessed Value of
$100,000
Current Year Certified
2023/2024
Budget Year Proposed
2024/2025 Percent Change
City Regular Resident 854 724 -15.22
Commercial property with an Actual/Assessed Value of
$100,000
Current Year Certified
2023/2024
Budget Year Proposed
2024/2025 Percent Change
City Regular Commercial 854 724 -15.22
Note: Actual/Assessed Valuation is multiplied by a Rollback Percentage to get to the Taxable Valuation to calculate Property Taxes. Residential and Commercial properties
have the same Rollback Percentage at $100,000 Actual/Assessed Valuation.
Reasons for tax increase if proposed exceeds the current:
Property tax askings for fiscal year 2025 are 3.74% higher than those of fiscal year 2024. Salaries and benefits increased 4.52%, as well as, inflationary increases in fuel,supplies and materials.
2/21/24, 1:19 PM Local Government Property Valuation System
https://dom-localgov.iowa.gov/budget-renderer?id=17837 2/2