HomeMy Public PortalAbout2024 0402 Notice of Public Hearing on Proposed FY25 Property Tax LevyCITY NAME:
RIVERDALE
NOTICE OF PUBLIC HEARING - CITY OF RIVERDALE - PROPOSED PROPERTY TAX LEVY
Fiscal Year July 1, 2024 - June 30, 2025 CITY #: 82-785
The City Council will conduct a public hearing on the proposed Fiscal Year City property tax levy as follows:
Meeting Date: 4/2/2024 Meeting Time: 06:00 PM Meeting Location: Council Chambers, City Hall, 110 Manor Drive, Riverdale, Iowa 52722
At the public hearing any resident or taxpayer may present objections to, or arguments in favor of the proposed tax levy. After the hearing of the proposed tax
levy, the City Council will publish notice and hold a hearing on the proposed city budget.
City Website (if available)
www.riverdaleia.org
City Telephone Number
(563) 355-2511 ext: 201
Iowa Department of Management Current Year Certified
Property Tax 2023 - 2024
Budget Year Effective Property
Tax 2024 - 2025
Budget Year Proposed
Property Tax 2024 - 2025
Taxable Valuations for Non-Debt Service 68,758,408 84,623,254 84,623,254
Consolidated General Fund 510,532 510,532 610,027
Operation & Maintenance of Public Transit 0 0 0
Aviation Authority 0 0 0
Liability, Property & Self Insurance 0 0 67,733
Support of Local Emergency Mgmt. Comm.0 0 0
Unified Law Enforcement 0 0 0
Police & Fire Retirement 0 0 0
FICA & IPERS (If at General Fund Limit)0 0 34,833
Other Employee Benefits 0 0 0
Capital Projects (Capital Improv. Reserve)46,412 46,412 57,121
Taxable Value for Debt Service 77,163,410 96,833,627 96,833,627
Debt Service 0 0 76,606
CITY REGULAR TOTAL PROPERTY TAX 556,944 556,944 846,320
CITY REGULAR TAX RATE 8.10001 6.03300 9.88689
Taxable Value for City Ag Land 0 0 0
Ag Land 0 0 0
CITY AG LAND TAX RATE 0.00000 0.00000 0.00000
Tax Rate Comparison-Current VS. Proposed
Residential property with an Actual/Assessed Value of
$100,000
Current Year Certified
2023/2024
Budget Year Proposed
2024/2025 Percent Change
City Regular Resident 443 458 3.39
Commercial property with an Actual/Assessed Value of
$100,000
Current Year Certified
2023/2024
Budget Year Proposed
2024/2025 Percent Change
City Regular Commercial 443 458 3.39
Note: Actual/Assessed Valuation is multiplied by a Rollback Percentage to get to the Taxable Valuation to calculate Property Taxes. Residential and Commercial properties
have the same Rollback Percentage at $100,000 Actual/Assessed Valuation.
Reasons for tax increase if proposed exceeds the current:
Due to fact that the HB817 now limits our levying capacity based on our % of growth, we have added separate levies for employee benefits and insurance tocounterbalance the deficit in taxes collected. We have also added a debt levy for new GO bond debt that we recently incurred.
POSTED 03/15/2024 BY KK