FY2023 Adopted Budget

$1,000 $1,500 $2,000 $2,500 Annual Financial Impact to Residential Households

-$500 $0 $500

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

Property Taxes

$930

$900

$901

$869

$884

$846

Stormwater

$54

$54

$60

$60

$60

$60

Refuse

$205 $433 $362

$229 $433 $380

$229 $433 $399

$240 $433 $399

$240 $433 $419

$276 $433 $419

Sewer - 800 cubic feet Water-- 800 cubic feet

Total

$1,984

$1,996

$2,022

$2,001

$2,036

$2,034

Percent Change

1.1%

0.6%

1.3% -1.1% 1.8% -0.1%

Property Tax Overview The taxable valuation of property subject to all levies in Iowa City decreased 0.46% for Fiscal Year 2023, despite assessed growth increasing 3.26%. This suggests the residential and multi residential tax rollbacks imposed by the State are the primary cause of the reduction in taxable value and the reduction in the taxable proportion of multi-residential residential properties is the most notable property tax reform provision for Iowa City’s budget. Prior to assessment year 2013 (Fiscal Year 2015), multi-residential properties were classified as commercial and taxed at 100 percent of assessed value. Since then, the taxable percentage of multi-residential properties has dropped 3-4% annually, as depicted in the following graph.

Taxable % of Multi-Family Residential Properties

40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00%

FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Proj. FY2024 Taxable % of Multi-Family 100.00% 95.00% 90.00% 86.25% 82.50% 78.75% 75.00% 71.25% 67.50% 63.75% 54.13%

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