Master Proposed Book FY2023
• 40 percent of the actual value of the property that exceeds $0 but does not exceed $20 million. • 35 percent of the actual value of the property that exceeds $20 million but does not exceed $55 million. • 25 percent of the actual value of the property that exceeds $55 million but does not exceed $500 million. • 20 percent of the actual value of the property that exceeds $500 million. 10-Year Financial Impact Projection for the City
Not Subject to State Backfill
Subject to State Backfill
Multi-Residential 3% Growth Com/Ind
Com/Ind
Com/Ind
Total Property Tax Reduction 1,321,240 $
Properties (1)
Limit
Rollback
Total
Rollback - Year 1 Rollback - Year 2 Total
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
$
- -
306,121 $
$
- - -
306,121 $
$
1,015,119 1,017,657
$
-
1,015,119 $
627,423 982,915
627,423
1,017,657
2,035,314 1,460,203 1,460,203 1,460,203 1,460,203 1,460,203 1,460,203 1,460,203 1,460,203
2,662,737 3,294,863 3,931,186 4,665,055 5,384,024 6,213,242 7,023,218 7,954,105 9,244,954
851,745
1,834,660 2,470,982 3,204,852 3,923,821 4,753,038 5,563,014 6,493,902 7,784,750
730,102 730,102 730,102 730,102 730,102 730,102 730,102 730,102
730,102 730,102 730,102 730,102 730,102 730,102 730,102 730,102
1,116,560 1,396,497 1,692,226 2,004,442 2,333,868 2,681,255 3,428,308
1,350,772 1,757,911 2,177,375 2,638,952 3,115,578 3,637,715 4,177,423
3,651
50,443 54,219 109,644 113,569 174,931 179,019
Total
$
15,504,902
20,772,185 $
685,477 $
36,962,564 $
$
7,873,589
$
6,858,470
14,732,059 $
51,694,623 $
(1) 3% annual value growth (2) At current property tax rate
New legislation During the 2021 legislative session, the State of Iowa legislature passed new legislation to phase out the State’s backfill payments to local governments for lost revenue due to the commercial and industrial rollback provisions of the 2013 property tax reform bill. Starting in fiscal year 2023, the City’s backfill payment from the State will be reduced by 20% per year until it is fully phased out in fiscal year 2027.
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