The tax rate for the City of Clear Lake is proposed to remain the same for the fourth consecutive year. The City Council approved the proposed fiscal year 2015 municipal budget at a special Council meeting held Monday night.
The proposed tax rate is $10.54 per $1,000 of taxable valuation for the 2015 fiscal year, which begins July 1, 2014, and ends June 30, 2015.
City Administrator Scott Flory noted the City’s tax rate has remained unchanged since voters approved a 50-cents per $1,000 taxable valuation rate increase in fiscal year 2012 to support a $2.3 million general obligation bond referendum for the fire station building project. Prior to fiscal year 2012, the tax rate had remained unchanged at $10.04 per $1,000 for five consecutive fiscal years.
“Once again, Clear Lake will feature one of the lowest tax rates in Iowa for cities with a population of greater than 5,000 in population,” stated Flory.
The taxable valuation for fiscal year 2015 continues the positive trend of growth in the community.
The taxable valuation for fiscal year 2015 is $501,810,176, which is a 2.8 percent increase from fiscal year 2014. The proposed fiscal year 2015 budget reflects total expenditures among the various programs of $14,827,906; of which $7.2 million is directed towards operations and maintenance; $6.4 million towards capital; and $1.25 million towards debt service.
Despite the rate remaining the same, according to Flory, a person owning a home with a taxable valuation of $150,000 will see a $25.04 increase in their tax asking from the city due to rollbacks. Commerical and industrial properties get a decrease from the rollback and will pay approximately $79 less on a property with the same value.
The remaining schedule for budget consideration calls for the Council to hold a public hearing for March 3. The City must certify its budget to the County Auditor by March 15.