At last night’s (Monday) Lake View City Council meeting, officials formally approved the proposed maximum property tax levy for Fiscal Year (FY) 2024. According to City Administrator Scott Peterson, the total FY24 general fund dollars are increasing by two percent. Peterson says the published rate is $6.6593 per $1,000 of taxable assessed valuations. He adds FY23 tax rate was $6.46832. Peterson explains the reason for the increase from the prior year.
The state initially made an error on property rollbacks which would have left taxpayers on the hook for higher bills than expected and would have left cities trying to make up a budget shortfall. Fortunately, Peterson says this should not affect Lake View’s budget significantly.
Yesterday (Monday), Gov. Kim Reynolds signed a bill into law that would provide $127 million in tax relief to Iowa taxpayers. The new bill fixes the Iowa Department of Revenue’s error in calculating property valuation rollbacks from 56.49 percent to 54.65 percent. Budget deadlines have been extended to April 30th to allow local governments more time to adjust their budgets to the change.
