FY2024 Proposed Budget

Property Tax Valuations Last Ten Fiscal Years

Assessed Valuation

Tax Collection Year: FY2024 Prelim

FY2023

FY2022

FY2021

Residential

$

5,937,311,360

$

5,302,710,934

$

5,067,120,030

$

4,958,648,218

Agricultural (taxed at Ag rate)

1,650,370

1,574,220

1,727,980

1,748,000

Multi-Residential 1

-

544,717,108 1,048,701,445

539,398,739 1,056,414,063

539,636,381 1,060,943,044

Commercial

1,054,560,911

Industrial Railroads

77,646,958 4,628,817

77,491,638 4,380,355 2,779,716

79,998,654 4,072,190 4,339,508

80,663,794 4,488,469 6,152,547

Utilities w'out Gas & Electric

269,478

Gross valuation

7,076,067,894

6,982,355,416

6,753,071,164

6,652,280,453

Less: Military exemption

2,168,692

2,239,068

2,392,784

2,435,380

Net valuation

7,073,899,202 135,137,226 161,652,144 7,370,688,572

6,980,116,348 133,492,758 134,787,151 7,248,396,257

6,750,678,380 142,496,667 126,171,274 7,019,346,321

6,649,845,073 89,469,635 118,583,613 6,857,898,321

Incremental value

Gas and Electric Utilities Total Assessed valuation

$

$

$

$

Percent change

1.687%

3.263%

2.354%

11.809%

Taxable Valuation

Tax Collection Year: FY2024 Prelim

FY2023

FY2022

FY2021

Assessment Limitation: Residential rollback Agricultural rollback Multi-Residential rollback 1 Commercial and rollback 2

56.4919% 91.6430%

54.1302% 89.0412%

56.4094% 84.0305%

55.0743% 81.4832%

NA

63.75% 90.0% 90.0% 90.0% 100.0%

67.50% 90.0% 90.0% 90.0%

71.25% 90.0% 90.0% 90.0% 100.0%

86.1975% 89.0535% 89.6854%

Industrial rollback 2 Railroad rollback 2 Utilities rollback

100.0%

98.5489%

Residential

$

3,321,070,733

$

2,841,405,824

$

2,837,384,852

$

2,719,569,602

Agricultural (taxed at Ag rate)

1,512,449

1,401,705

1,452,029

1,424,328

Multi-Residential 1

-

343,613,885 937,999,668 69,541,657

360,829,356 944,990,382 71,998,513

382,070,966 950,525,463 72,596,824

Commercial

903,099,600 68,937,687

Industrial Railroads

4,151,373

3,942,320 2,779,716

3,664,971 4,276,538

4,039,622 6,152,547

Utilities w'out Gas & Electric

269,478

Gross valuation

4,299,041,320

4,200,684,775

4,224,596,641

4,136,379,352

Less: Military exemption

2,168,692

2,239,068

2,392,784

2,435,380

Net valuation

4,296,872,628 135,137,226

4,198,445,707 133,492,758

4,222,203,857 131,180,258

4,133,943,972

Incremental value

84,077,937 40,156,239

Gas and Electric Utilities Total Taxable Valuation

43,501,718

44,017,962

40,595,608

$

4,475,511,572

$

4,375,956,427

$

4,393,979,723

$

4,258,178,148

Percent change

2.275%

-0.410%

3.189%

8.541%

Total Direct Tax Rate City of Iowa City

$

15.633

$

15.633

$

15.673

$

15.773

1 Beginning in FY2024 Multi-Residential is included with Residential. 2 Beginning in FY2024 the first $150,000 of assessed value is taxable at the Residential rollback and then the remainder at 90%.

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