HomeMy WebLinkAbout2024-04-02 Public hearing 2 .a
2/21/24, 1:19 PM Local Government Property Valuation System
CITY NAME: NOTICE OF PUBLIC HEARING-CITY OF IOWA CITY-PROPOSED PROPERTY TAX LEVY CITY#:52-483
IOWA CITY Fiscal Year July 1,2024-June 30,2025
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) City Telephone Number
icgov.org (319)356-5085
Iowa Department of Management Current Year Certified Budget Year Effective Property Budget Year Proposed Property
Property Tax 2023-2024 Tax 2024-2025 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 Current Year Certified Budget Year Proposed Percent Change
$100,000 2023/2024 2024/2025
City Regular Resident 854 724 -15.22
Commercial property with an Actual/Assessed Value of Current Year Certified Budget Year Proposed Percent Change
$100,000 2023/2024 2024/2025
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 askinps 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.
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https://dom-localgov.iowa.gov/budget-renderer?id=17837 1/2
Item: 2.a
STAFF PRESENTATION TO FOLLOW :
T
CITY OF IOWA CITY
410 East Washington Street
Iowa City, Iowa 52240- 1826
(319) 3S6-5000
(319) 356-5009 FAX
www.icgov.org
FY2024 FY2025
FTax Rate Tax Rate IW
Dollars Dollars
i erS7,000 $9,000
General Fund Tax Levies:
General 533.566,983 8.140 $36,79Z 773 8.402
Transit .53,972,054 0.950 $4, 160, 117 0.950
Proposed Tort Liabilify .51,214,36E 0.290 $9,578,392 0.360
Library 91,128,899 0270 0.000
Emergency $636,222 0.200 0.000
Levy Subtotal: 49,018,519 9-810 42,537,282 9.742
Su
Levy S4,5d3 3.043 $3,664 3.003
Rate General Fund Property Taxes $47,023,062 $42,535,743
Special Revenue Levies:
Employee t3enefifs $73,952:255 3.344 $14,644,26$ 3.344
Subtotal: $13,952,253 3.344 $14,644,268 3.344
Overview
Debt Service $10,696.221 2.479 $17,636,020 2.577
Total City Levy Property Taxes: $63,700,5 73.633 $68,815,431 15
% Change from prior year -0.37% -2.16% 4.74% 0.00%
SSUID Lewy- Downtown $606,632 2.500 5544,999 2.300
SSUID Levy- South District $106.673 5.000 5177,745 5.000
Total Property Taxes 566,312,743 -- 569,477,825
STAFF PRESENTATION CONCLUDED
CITY OF IOWA CITY
410 East Washington Street
Iowa City, Iowa 52240-1826
(3 19) 356-5000
(319) 356-5009 FAX
www.icgov.org