FY25 Proposed Budget

Property Tax Valuations

Last Ten Fiscal Years

Assessed Valuation

Tax Collection Year: FY2025

FY2024

FY2023

FY2022

Residential

$

7,078,353,727

$

5,932,542,314

$

5,302,710,934

$

5,067,120,030

Agricultural (taxed at Ag rate)

1,789,188

1,650,370

1,574,220

1,727,980

Multi-Residential 1

-

-

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

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

Commercial

1,187,202,405

1,058,466,499

Industrial Railroads

87,930,360 5,041,874

77,109,703 4,628,817

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

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

Utilities w'out Gas & Electric

276,868

269,478

Gross valuation

8,360,594,422

7,074,667,181

6,982,355,416

6,753,071,164

Less: Military & Homestead exemption 3

15,527,428

2,150,172

2,239,068

2,392,784

Net valuation

8,345,066,994 188,582,994 173,705,884 8,707,355,872

7,072,517,009 134,159,857 161,652,144 7,368,329,010

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

Incremental value 4

Gas and Electric Utilities Total Assessed valuation

$

$

$

$

Percent change

18.173%

1.655%

3.263%

2.354%

Taxable Valuation

Tax Collection Year: FY2025

FY2024

FY2023

FY2022

Assessment Limitation: Residential rollback Agricultural rollback

46.3428% 71.8370%

54.6501% 91.6430%

54.1302% 89.0412%

56.4094% 84.0305%

Multi-Residential rollback 1 Commercial and rollback 2

NA

NA

63.75% 90.0% 90.0% 90.0% 100.0%

67.50% 90.0% 90.0% 90.0%

90.0% 90.0% 90.0%

90.0% 90.0% 90.0%

Industrial rollback 2 Railroad rollback 2 Utilities rollback

100.0%

100.0%

98.5489%

Residential

$

3,260,915,759

$

3,208,598,660

$

2,841,405,824

$

2,837,384,852

Agricultural (taxed at Ag rate)

1,285,294

1,512,444

1,401,705

1,452,029

Multi-Residential 1

-

-

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

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

Commercial

1,008,744,853

901,891,655 68,348,823

Industrial Railroads

78,155,039 4,518,715

4,150,574

3,942,320 2,779,716

3,664,971 4,276,538

Utilities w'out Gas & Electric

276,868

269,478

Gross valuation

4,353,896,528

4,184,771,634

4,200,684,775

4,224,596,641

Less: Military & Homestead exemption 3

15,527,428

2,150,172

2,239,068

2,392,784

Net valuation

4,338,369,100 137,141,542

4,182,621,462 134,159,857

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

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

Incremental value

Gas and Electric Utilities Total Taxable Valuation

41,986,461

43,501,718

44,017,962

40,595,608

$

4,517,497,103

$

4,360,283,037

$

4,375,956,427

$

4,393,979,723

Percent change

3.606%

-0.358%

-0.410%

3.189%

Total Direct Tax Rate City of Iowa City

$

15.633

$

15.633

$

15.633

$

15.673

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%.

3 Beginning in FY2025 a Homestead exemption was added for those who are 65 years of age or older. 4 Beginning in FY2025 Johnson County started reporting TIF increment at its full assessed value.

682