FY24 Adopted Budget

In fiscal year 2013, the rollback exempted $1.7 billion of Iowa City’s assessed valuation. In fiscal year 2025, the rollback will exempt $2.9 billion of assessed valuations. The residential and agricultural rollbacks for fiscal year 2024 are 54.6501% and 91.6430%, respectively, compared to fiscal year 2023 rollbacks of 54.1302% and 89.0412%, respectively. Also, in fiscal year 2024 the commercial, industrial, and railroad properties are taxed at the residential rate for the first $150,000 of assessed value and then 90% thereafter, which is different from the fiscal year 2023 rate of 90%. The multi-residential rollback no longer exists in fiscal year 2024 and now is taxed at the residential rate of 54.6501% compared to the fiscal year 2023 rate of 63.75%. The following graph illustrates the impact of the rollback on taxable valuations.

2. Other City Taxes - This category, estimated at $3.3 million in fiscal year 2024, includes Hotel Motel Taxes of $1,708,100, $418,070 in gas and electric excise taxes, and $1,151,500 in utility franchise taxes. The fiscal year 2024 budget is an increase of 27.9.% over the fiscal year 2023 revised budget of $2.6 million, and there is an average increase of 6.7% over the last five years.

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