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Calculating
Taxes Using Levy Rates
This spread sheet (Excel
or .pdf) lists tax levies for Johnson County, Iowa that will be used in the computation of property taxes payable in FY’11, due September 1,
2010 and March 1, 2011 (based on 2009 assessments). The levies on the schedule are represented in dollars per $1,000 valuation.
The assessed value of property will be rolled back as follows:
|
Residential (including Ag Dwelling) |
46.9094% |
|
Ag Land |
66.2715% |
|
Ag Buildings |
66.2715% |
|
Commercial |
100.0000% |
|
Industrial |
100.0000% |
|
Utilities |
100.0000% |
|
Railroads |
100.0000% |
We
receive a number of calls from the public and professionals about tax
calculation. Below is an example of a typical residential tax calculation
for Iowa City, Iowa City.
|
$ 100,000 |
Assessed value
(100% value) |
|
X .469094 |
Rollback
percentage (residential class) |
|
$ 46,909 |
Rollback value
(taxable) |
|
Less 1,852 |
Military exemption
(if applicable) |
|
$ 45,057 |
Net taxable value |
|
X .04091519 |
Levy divided by
$1,000 (varies with taxing district)(IC, IC) |
|
$1,843.52 |
Gross tax |
|
Less $127.00 |
Homestead Credit,
if applicable ($4,850 x 0.04059569
x .73)
* |
|
$1,716 |
Property tax
(rounded to the nearest even dollar) |
* Homestead Credit =
[full homestead value (4,850)] x [levy for the tax dist.] x [% reimbursement
this year by State (64%)]
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