FY2023 Adopted Budget

In fiscal year 2013, the rollback exempted $1.7 billion of Iowa City’s assessed valuation. In fiscal year 2023, the rollback will exempt $2.9 billion of assessed valuations. The residential and agricultural rollbacks for fiscal year 2023 are 54.1302% and 89.0412%, respectively, compared to fiscal year 2022 rollbacks of 56.4094% and 84.0305%, respectively. Also, in fiscal year 2023 the commercial, industrial, and railroad rollback is 90%, which is the same as fiscal year 2022. The multi-residential rollback in fiscal year 2023 is 63.75% compared to the fiscal year 2022 rate of 67.50%. The following graph illustrates the impact of the rollback on taxable valuations.

2. Other City Taxes - This category, estimated at $2.6 million in fiscal year 2023, includes Hotel Motel Taxes of $1,134,862, $423,032 in gas and electric excise taxes, and $993,850 in utility franchise taxes. The fiscal year 2023 budget is an increase of 6.2% over the fiscal year 2022 revised budget of $2.4 million, and there is an average increase of 1.3% 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 2023, the seven percent (7%) tax on gross hotel/motel room rental receipts is distributed as follows:

322