116 3rd St SE
Cedar Rapids, Iowa 52401
Iowa City approves budget with lower tax rate
Gregg Hennigan
Mar. 6, 2013 1:00 pm
IOWA CITY – The City Council Tuesday night unanimously approved a fiscal year 2014 budget that includes a lower property tax rate.
The $217 million budget sets the tax rate at $16.81 per $1,000 of taxable valuation for the year that starts July 1, down from $17.27 cents this year.
Homeowners will pay more in city taxes, however, because the state-set rollback, which is the percentage of a residential property's assessed value that is taxed, will increase 2 percentage points next year.
The owners of a $100,000 home would pay about $888 in city taxes next fiscal year, up $12 from this year.
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