BY CHUCK VANDENBERG
FORT MADISON – City officials will hold a hearing and then set a cap on the amount of taxes it will charge to residents for the general fund in the next fiscal year.
The city has set the general fund rate at $13.44 for affected property taxes. That figure does not include the city’s debt service levy of $1.63.
Iowa law now requires the city to publish the maximum property tax levy, as part of a sweeping change that put a soft cap of 2% growth on property taxes levied by a local government.
The new law also requires the city to publish the taxable valuation and what rate the city would be charging if it’s budgeted expenses were the same as the previous year. That tax sheet is provided below.
City officials have listed the regular taxable valuation of the city as $305,973,711 an increase of $8.6M or about 3%. If expenses had revenue needs had remained constant the the general fund levy would have dropped from $13.65/$1,000 to $13.26/$1,000.
The city’s tax levy sheet shows revenue needs for the general fund for 2020-21 show an increase of 1.36% from $4,058,490 to $4,113,488 a jump of about $55,000.
In other action, the council is scheduled to:
• vote on two tax exemptions under the city wide Urban Revitalization Tax Exemption district.
• hear a presentation on the countywide digital radio upgrade project
• receive the annual certified Local Government Annual Report for the Fort Madison Historic Preservation Commission