I-1 - Preliminary Official Statement - UR Loan Agreement

CITY OF TIFFIN, IOWA ECONOMIC AND FINANCIAL INFORMATION 1 Valuations 2 2021 for FY 2021 for FY 2022/2023 2022/2023 100% Actual % Breakdown Taxable Value % Breakdown (As of January 1, 2021) Value of Valuation (With Rollback) of Valuation Residential $ 426,544,347 88.46% $ 211,365,586 85.96% Agricultural Land & Building 837,400 0.17 745,617 0.30 Commercial 26,499,670 5.50 22,189,333 9.02 Multi-residential 7,526,648 1.56 4,748,433 1.93 Railroads 400,720 0.08 360,648 0.15 Utilities (with Gas & Electric) 20,392,950 4.23 6,478,543 2.63 Gross Valuation $ 482,201,735 100.00% $ 245,888,160 100.00% Less Military Exemption ( 155,568) ( 155,568) Total Valuation $ 482,046,167 $ 245,732,592 3 Add Captured Tax Increment Value $ 59,304,646 $ 59,304,646 Net Valuation $ 541,350,813 $ 305,037,238 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 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 2018 2019/2020 352,209,017 165,147,489 44,053,214 209,200,703 2017 2018/2019 312,187,873 143,093,497 40,843,532 183,937,029 1 Property valuations, tax rates and tax levies and collections are provided by the Iowa Department of Management unless otherwise noted. 2 January 1, 2021 valuations for taxes payable July 1, 2022 to June 30, 2023. Valuations are estimates and are expected to be certified on or about July 1, 2022. 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. – 21 –