HomeMy WebLinkAbout2025-01-01 Public hearing2,Q-
2/24/25, 1:45 PM
Local Govemment Property Valuation System
CITY NAME: NOTICE OF PUBLIC HEARING - CITY OF IOWA CITY - PROPOSED PROPERTY TAX LEVY CITY #: 52-M
IOWA CITY Fiscal Year July 1, 2025 - June 30, 2026
The City Council will conduct a public hearing on the proposed Fiscal Year City property tax levy as follows:
Meeting Date: 4/l/2025 Meeting Time: 04:00 PM Meeting Location: 410 E. Washington SL, 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 2024 - 2025
Budget Year Effective
Property 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
11,527,942
12,169,539
CITY REGULAR TOTAL PROPERTY TAX
69,155,195
69,155,195
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
$100,000110,000
Current Year Certified
2024/2025
Budget Year Proposed
2025/2026
Percent Change
City Regular Residential
724
81
112.71
Commercial property with an Actual/Assessed Valuation of
$300,000/$330,000
Current Year Certified
2024/2025 1
Budget Year Proposed
2025/2026
Percent Change
City Regular Commercial
3,1971
3,6451
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 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 2026 are 2.58% higher than those of fiscal year 2025. Salaries and benefits increased 3.81 %, as well as, inflationary increases in
insurance, supplies and materials.
`FILED
MAR 10 2025
;;ity Clerk
owa City, Iowa
https://dom-localgov.iowa.gov/budget-renderer?id=21391 1/2