H-1 - Resolution 2023-009 - Set Public Hearing for Maximum Property Tax Dollars - FY 2023-2024

NOTICE OF PUBLIC HEARING - CITY OF TIFFIN - PROPOSED PROPERTY TAX LEVY Fiscal Year July 1, 2023 - June 30, 2024 The City Council will conduct a public hearing on the proposed Fiscal Year City property tax levy as follows: Meeting Date: 2/21/2023 Meeting Time: 07:00 PM Meeting Location: Tiffin City Hall, 300 Railroad St, Tiffin, Iowa At the public hearing any resident or taxpayer may present objections to, or arguments in favor of the proposed tax levy. After adoption of the proposed tax levy, the City Council will publish notice and hold a hearing on the proposed city budget. <table> <tr> <th></th> <th>Current Year Certified Property Tax 2022 - 2023</th> <th>Budget Year Effective Property Tax 2023 - 2024</th> <th>Budget Year Proposed Maximum Property Tax 2023 - 2024</th> <th>Annual % CHG</th> </tr> <tr> <td>Regular Taxable Valuation</td> <td>244,986,975</td> <td>279,373,967</td> <td>279,373,967</td> <td></td> </tr> <tr> <td>Tax Levies:</td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td>Regular General</td> <td>1,984,394</td> <td>1,984,394</td> <td>2,262,929</td> <td></td> </tr> <tr> <td>Contract for Use of Bridge</td> <td></td> <td></td> <td></td> <td>0</td> </tr> <tr> <td>Opr & Maint Publicly Owned Transit</td> <td></td> <td></td> <td></td> <td>0</td> </tr> <tr> <td>Rent, Ins. Maint. Of Non-Owned Civ. Ctr.</td> <td></td> <td></td> <td></td> <td>0</td> </tr> <tr> <td>Opr & Maint of City-Owned Civic Center</td> <td></td> <td></td> <td></td> <td>0</td> </tr> <tr> <td>Planning a Sanitary Disposal Project</td> <td></td> <td></td> <td></td> <td>0</td> </tr> <tr> <td>Liability, Property & Self-Insurance Costs</td> <td>50,375</td> <td>50,375</td> <td>79,281</td> <td></td> </tr> <tr> <td>Support of Local Emer. Mgmt. Commission</td> <td>974</td> <td>974</td> <td>2,256</td> <td></td> </tr> <tr> <td>Emergency</td> <td>29,525</td> <td>29,525</td> <td>0</td> <td></td> </tr> <tr> <td>Police & Fire Retirement</td> <td></td> <td></td> <td></td> <td>0</td> </tr> <tr> <td>FICA & IPERS</td> <td>110,328</td> <td>110,328</td> <td>119,015</td> <td></td> </tr> <tr> <td>Other Employee Benefits</td> <td>112,856</td> <td>112,856</td> <td>120,124</td> <td></td> </tr> <tr> <th>Total Tax Levy</th> <th>2,288,452</th> <th>2,288,452</th> <th>2,583,605</th> <th>12.89</th> </tr> <tr> <th>Tax Rate</th> <th>9.34112</th> <th>8.19136</th> <th>9.24785</th> <th></th> </tr> </table> Explanation of significant increases in the budget: Increase is due to 67 additional single-family dwellings being built which increased the total valuation. There was an increase in the City's liability and property insurance and the addition of two employees added to the increases in FICA, IPERS and Other Employee Benefits. If applicable, the above notice also available online at: tiffin-iowa.org and at https://www.facebook.com/CityofTiffinIowa/ *Total city tax rate will also include voted general fund levy, debt service levy, and capital improvement reserve levy. **Budget year effective property tax rate is the rate that would be assessed for these levies if the dollars requested is not changed in the coming budget year