I-1 - Preliminary Official Statement - GO Bond 2024A

CITY OF TIFFIN, IOWA ECONOMIC AND FINANCIAL INFORMATION 1 Valuations 2 2023 for FY 2023 for FY 2024/2025 2024/2025 100% Actual % Breakdown Taxable Value % Breakdown (As of January 1, 2023) Value of Valuation (With Rollback) of Valuation Residential $ 634,492,913 89.26% $ 269,633,173 86.44% Agricultural Land & Building 734,879 0.10 525,168 0.17 Commercial 46,374,221 6.53 34,184,500 10.96 Railroads 410,740 0.06 366,344 0.12 Utilities (with Gas & Electric) 28,811,932 4.05 7,222,745 2.31 Gross Valuation $ 710,824,685 100.00% $ 311,931,930 100.00% Less Military Exemption ( 1,015,297) ( 1,015,297) Total Valuation $ 709,809,388 $ 310,916,633 3 Add Captured Tax Increment Value $ 91,082,373 $ 78,682,330 Net Valuation $ 800,891,761 $ 389,598,963 Valuation Trends Valuation Trends over the past five years have been as follows: Taxable 100% Valuation Captured Total Assessment Fiscal Year Actual (With Tax Increment Taxable Year Tax Levies Value 4 Rollback) 5 Value Value 2023 2024/2025 $800,891,761 $310,916,633 $78,682,330 $ 389,598,963 2022 2023/2024 604,781,957 270,059,498 67,198,096 337,257,594 2021 2022/2023 541,350,813 245,732,592 59,304,646 305,037,238 2020 2021/2022 456,205,565 210,158,244 56,278,390 266,436,634 2019 2020/2021 407,898,843 180,189,372 54,103,665 234,293,037 1 Property valuations, tax rates and tax levies and collections are provided by the Iowa Department of Management unless otherwise noted. 2 January 1, 2023 valuations for taxes payable July 1, 2024 to June 30, 2025. Valuations are estimates and are expected to be certified on or about July 1, 2024. 3 The Taxable Value after rollback and less military exemption is used to compute all tax rates with the exception of debt service and excludes captured tax increment value. The Net Taxable Value is used to compute the tax rate for debt service. 4 100% Actual Valuations, before rollback, are after military exemption and captured tax increment value adjustments. 5 Taxable Valuations, with rollback, are after the military exemption and before captured tax increment value adjustments. – 22 –