Fiscal Year 2019 Budget

14

Commercial Property

100% Valuation

$150,000

$300,000

$500,000

FY 2018

FY 2019

FY 2018

FY 2019

FY 2018

FY 2019

Rollback

90.00% 135,000

90.00% 135,000

90.00% 270,000

90.00%

90.00%

90.00% 450,000

Taxable Value

270,000 450,000

Tax Rate

$11.99166 $1,618.87

$11.99166 $3,237.75

$11.99166 $5,396.25

Estimated Taxes

$1,620.00

$3,240.00

$5,400.00

Change due to Rollback Change due to Rate Increase Total Change per Year Change per Month

$0.00 $1.12 $1.12 $0.09

$0.00 $2.25 $2.25 $0.19

$0.00 $3.75 $3.75 $0.31

Comparable Entities Below are levy rates for Fiscal Year 2019 for the city’s comparable cities. Cities listed are between the population of 9,800 and 15,000. As you can see the City of Spencer’s rate is very favorable compared to similar sized cities.

Fiscal Year 2019 City Tax Levy

$10.00 $12.00 $14.00 $16.00 $18.00 $20.00

$0.00 $2.00 $4.00 $6.00 $8.00

As a city tax payer, your tax dollars also support other governmental entities. These entities include Clay County, Spencer Schools, and Iowa Lakes Community College. The chart below shows the preliminary distribution of the tax dollars paid by Spencer residents to these entities. Until the levies are certified by the State of Iowa, they are considered preliminary and may be subject to change.