FY2022

It is important to remember that a property owner’s tax bill is a function of property value, the taxable percentage of the property as determined by the state, and local levy rates from all taxing bodies. Despite our reductions in the tax levy rate, many, if not most, property owners’ tax bills have likely increased. The following chart is provided for a greater historical perspective on Iowa City’s municipal tax rate and taxable property value. Tax levy rate reductions in recent years were made possible by prudent debt strategies, operational efficiencies, and valuation growth. The taxable percentage of residential properties increased incrementally in Fiscal Year 2022 after several years of decreases.

Property Tax Rate, Value, Receipts

17.5

$4,000

$3,500

17

$3,000

$2,500

16.5

$2,000

16

$1,500

Taxable Value (in millions)

$1,000

15.5

$500

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Tax Val (millions) $2,960 $3,036 $3,137 $3,183 $3,421 $3,543 $3,745 $3,923 $4,258 $4,394 Val % Change 3.93% 2.56% 3.32% 1.46% 7.50% 3.55% 5.72% 4.74% 8.54% 3.19% Ptax Rate 17.269 16.805 16.705 16.651 16.583 16.333 16.183 15.833 15.773 15.673 Rate % Change -3.21% -2.69% -0.60% -0.32% -0.41% -1.51% -0.92% -2.16% -0.38% -0.63% 15 $0

The following chart shows a detailed breakdown of the City’s property tax asking for Fiscal Year 2022 compared to the previous year. The debt service levy is reduced by $0.10 and both the employee benefits levy and emergency levy remained unchanged from Fiscal Year 2021. Property tax dollars increased approximately 1% over Fiscal Year 2021.

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