HomeMy WebLinkAboutPHN - Proposed Property Tax Hearing Notice - PUBLISH 03-20-25CITY NAME:
IOWA CITY
NOTICE OF PUBLIC HEARING - CITY OF IOWA CITY - PROPOSED PROPERTY TAX LEVY
Fiscal Year July 1, 2025 - June 30, 2026 CITY #: 52-483
The City Council will conduct a public hearing on the proposed Fiscal Year City property tax levy as follows:
Meeting Date: 4/1/2025 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 taxlevy, 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 2024 - 2025 Budget Year EffectiveProperty Tax 2025 - 2026 Budget Year Proposed Property Tax 2025 - 2026
Taxable Valuations for Non-Debt Service 4,337,083,806 4,451,042,140 4,451,042,140
Consolidated General Fund 36,440,005 36,440,005 37,397,478
Operation & Maintenance of Public Transit 4,120,230 4,120,230 4,228,490
Aviation Authority 0 0 0
Liability, Property & Self Insurance 1,563,258 1,563,258 1,604,334
Support of Local Emergency Mgmt. Comm.0 0 0
Unified Law Enforcement 0 0 0
Police & Fire Retirement 3,378,155 3,378,155 3,466,917
FICA & IPERS (If at General Fund Limit)4,347,710 4,347,710 4,091,665
Other Employee Benefits 6,777,995 6,777,995 6,956,089
Capital Projects (Capital Improv. Reserve)0 0 0
Taxable Value for Debt Service 4,474,225,348 4,575,547,901 4,575,547,901
Debt Service 11,527,842 11,527,842 12,169,539
CITY REGULAR TOTAL PROPERTY TAX 68,155,195 68,155,195 69,914,512
CITY REGULAR TAX RATE 15.63305 15.24172 15.63305
Taxable Value for City Ag Land 1,285,294 1,226,809 1,226,809
Ag Land 3,861 3,861 3,686
CITY AG LAND TAX RATE 3.00375 3.14719 3.00375
Tax Rate Comparison-Current VS. Proposed
Residential property with an Actual/Assessed Valuation of$100,000/$110,000 Current Year Certified
2024/2025
Budget Year Proposed
2025/2026 Percent Change
City Regular Residential 724 816 12.71
Commercial property with an Actual/Assessed Valuation of
$300,000/$330,000 Current Year Certified
2024/2025 Budget Year Proposed
2025/2026 Percent Change
City Regular Commercial 3,197 3,645 14.01
Note: Actual/Assessed Valuation is multiplied by a Rollback Percentage to get to the Taxable Valuation to calculate Property Taxes. Residential and Commercial propertieshave 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 2026 are 2.58% higher than those of fiscal year 2025. Salaries and benefits increased 3.81%, as well as, inflationary increases ininsurance, supplies and materials.
2/24/25, 1:45 PM Local Government Property Valuation System
https://dom-localgov.iowa.gov/budget-renderer?id=21391