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Iowa City finance director says property tax levy will fall 20cents after sales-tax offset
Summary
At a special April 7 meeting, Finance Director Nicole Davies told the council the proposed property tax levy would drop 20cents after using new local option sales-tax revenue; a county notice that showed an increase is based on an assumed 10% home-value rise and can be misleading for many homeowners.
Iowa City held a special council meeting April 7 at city hall where Finance Director Nicole Davies said the proposed property tax levy would fall 20 cents after the city used newly available local option sales-tax revenue to offset other levies.
Davies told the mayor and council during a public hearing that state tax legislation forced a small reduction in the general levy, which the city offset by increasing the employee benefits and debt service levies while applying local option sales-tax revenue to lower the overall levy. "So net result is a 20¢ decrease to the property tax levy," she said.
The presentation…
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