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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’09, due September 1,
2008 and March 1, 2009 (based on 2007 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) |
44.0803% |
| Ag Land |
90.1023% |
| Ag Buildings |
90.1023% |
| Commercial |
99.7312% |
| Industrial |
100.0000% |
| Utilities |
100.0000% |
| Railroads |
99.7312% |
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 .440803 |
Rollback percentage (residential class) |
| $ 44,080 |
Rollback value (taxable) |
| Less
1,852 |
Military exemption (if applicable) |
| $ 42,228 |
Net taxable value |
| X
.04056747 |
Levy divided by $1,000 (varies with taxing
district)(IC, IC) |
| $1,713.08 |
Gross tax |
| Less
$141.66 |
Homestead Credit, if applicable ($4,850 x
0.04056747 x .72)
* |
| $1,572 |
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
(72%)] |
