FY27 Proposed Budget

Property Tax Valuations

Last Ten Fiscal Years

Assessed Valuation

Tax Collection Year: FY2027

FY2026

FY2025

FY2024

Residential

$

7,894,732,995

$

7,187,768,101

$

7,078,353,727

$

5,932,542,314

Agricultural (taxed at Ag rate)

1,872,870

1,661,050

1,789,188

1,650,370

Multi-Residential 1

-

-

-

-

Commercial

1,299,714,658

1,183,679,130

1,187,202,405

1,058,466,499

Industrial Railroads

99,044,950 4,225,667

88,393,670 4,993,223

87,930,360 5,041,874

77,109,703 4,628,817

Utilities w'out Gas & Electric

297,482

284,700

276,868

269,478

Gross valuation

9,299,888,622

8,466,779,874

8,360,594,422

7,074,667,181

Less: Military & Homestead exemption 3

27,743,000

27,745,500

15,527,428

2,150,172

Net valuation

9,272,145,622 180,862,453 181,092,469 9,634,100,544

8,439,034,374 161,426,211 186,696,295 8,787,156,880

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

Incremental value 4

Gas and Electric Utilities Total Assessed valuation

$

$

$

$

Percent change

9.638%

0.916%

18.173%

1.655%

Taxable Valuation

Tax Collection Year: FY2027

FY2026

FY2025

FY2024

Assessment Limitation: Residential rollback Agricultural rollback

44.5345% 59.4401%

47.4316% 73.8575%

46.3428% 71.8370%

54.6501% 91.6430%

Multi-Residential rollback 1 Commercial and rollback 2

NA

NA

NA

NA

90.0% 90.0% 90.0% 100.0%

90.0% 90.0% 90.0% 100.0%

90.0% 90.0% 90.0% 100.0%

90.0% 90.0% 90.0%

Industrial rollback 2 Railroad rollback 2 Utilities rollback

100.0%

Residential

$

3,490,829,632

$

3,388,287,368

$

3,260,915,759

$

3,208,598,660

Agricultural (taxed at Ag rate)

1,113,236

1,226,809

1,285,294

1,512,444

Multi-Residential 1

-

-

-

-

Commercial

1,106,766,562

1,007,143,659

1,008,744,853

901,891,655 68,348,823

Industrial Railroads

88,049,285 3,783,342

78,596,511 4,475,402

78,155,039 4,518,715

4,150,574

Utilities w'out Gas & Electric

291,532

284,700

276,868

269,478

Gross valuation

4,690,833,589

4,480,014,449

4,353,896,528

4,184,771,634

Less: Military & Homestead exemption 3

27,743,000

27,745,500

15,527,428

2,150,172

Net valuation

4,663,090,589 138,699,169

4,452,268,949 124,505,761

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

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

Incremental value

Gas and Electric Utilities Total Taxable Valuation

45,517,185

42,653,413

41,986,461

43,501,718

$

4,847,306,943

$

4,619,428,123

$

4,517,497,103

$

4,360,283,037

Percent change

4.933%

2.256%

3.606%

-0.358%

Total Direct Tax Rate City of Iowa City

$

15.433

$

15.633

$

15.633

$

15.633

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.

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