Master Proposed Book FY2023

$1,000 $1,500 $2,000 $2,500 Annual Financial Impact to Residential Households

-$500 $0 $500

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

Property Taxes

$930

$900

$901

$869

$884

$846

Stormwater

$54

$54

$60

$60

$60

$60

Refuse

$205 $433 $362

$229 $433 $380

$229 $433 $399

$240 $433 $399

$240 $433 $419

$276 $433 $419

Sewer - 800 cubic feet Water-- 800 cubic feet

Total

$1,984

$1,996

$2,022

$2,001

$2,036

$2,034

Percent Change

1.1%

0.6%

1.3% -1.1% 1.8% -0.1%

Property Tax Overview The taxable valuation of property subject to all levies in Iowa City decreased 0.21% for Fiscal Year 2023, despite assessed growth increasing 3.4%. This suggests the residential and multi- residential tax rollbacks imposed by the State are the primary cause of the reduction in taxable value and the reduction in the taxable proportion of multi-residential residential properties is the most notable property tax reform provision for Iowa City’s budget. Prior to assessment year 2013 (Fiscal Year 2015), multi-residential properties were classified as commercial and taxed at 100 percent of assessed value. Since then, the taxable percentage of multi-residential properties has dropped 3-4% annually, as depicted in the following graph.

Taxable % of Multi-Family Residential Properties

40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00%

FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Proj. FY2024 Taxable % of Multi-Family 100.00% 95.00% 90.00% 86.25% 82.50% 78.75% 75.00% 71.25% 67.50% 63.75% 54.13%

18