FY2022

In fiscal year 2013, the rollback exempted $1.7 billion of Iowa City’s assessed valuation. In fiscal year 2022, the rollback will exempt $2.6 billion of assessed valuations. The residential and agricultural rollbacks for fiscal year 2022 are 56.4094% and 84.0305%, respectively, compared to fiscal year 2021 rollbacks of 55.0743% and 81.4832%, respectively. Also, in fiscal year 2022 the commercial, industrial, and railroad rollback is 90%, which is the same as fiscal year 2021. The multi-residential rollback in fiscal year 2022 is 67.50% compared to the fiscal year 2021 rate of 71.25%. The following graph illustrates the impact of the rollback on taxable valuations.

2. Other City Taxes - This category, estimated at $2.4 million in fiscal year 2022, includes Hotel Motel Taxes of $1,134,862, $390,142 in gas and electric excise taxes, and $883,660 in utility franchise taxes. The fiscal year 2022 budget is an increase of 19.8% over the fiscal year 2021 revised budget of $2.0 million, and there is an average increase of 0.1% over the last five years. a) Hotel Motel Tax: This revenue source is a state-administered tax. Estimated at $1,134,862 in fiscal year 2022, the seven percent (7%) tax on gross hotel/motel room rental receipts is distributed as follows:

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