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The Linn County Board of Supervisors today unanimously approved Linn County’s fiscal year 2018 budget of $111,366,720 with no increase in the countywide levy rate and a decrease in the rural services levy rate. The unanimous vote followed a public hearing on the budget. Property taxes account for 56 percent of the budget.
For the fourth year in a row, the countywide levy rate will remain unchanged at $6.14 per $1,000 of taxable value. However, homeowners will see an increase in their property tax bills due to the state rollback which increased the taxable value of a home from 56 percent in FY17 to 57 percent in FY18.
Linn County’s countywide levy rate of $6.14 is the second lowest levy rate among the six largest urban counties in Iowa.
The rural services levy, which is in addition to the countywide levy rate for residents who live in unincorporated Linn County, will be $8.85 per $1,000 of taxable value. The levy rate reduction is now $1.00 for rural residents, a reduction of 27 percent in the rural levy and a 10 percent reduction in total county taxes for rural residents. This reduction is a result of 25 percent of the Local Option Sales Tax revenue that provides property tax relief in the unincorporated areas.
Commercial and industrial property taxes in Linn County will remain unchanged.
Agricultural property owners will pay 2.8 percent more in FY18 due to the state rollback that increases the taxable value of agricultural land to 47 percent from 46 percent of assessed value.
Ending fund balance in the general fund remains at 25 percent, as prescribed in Linn County’s financial policies.
“Linn County has continued its long practice of building fiscally conservative, sustainable budgets that prioritize the services residents have come to expect while at the same time, respecting our desire to keep property taxes low and stable on an annual basis,” said Linn County Board of Supervisors Chairman Brent Oleson.
Linn County’s FY18 budget planning began in November 2016 led by Budget Director and CPA Dawn Jindrich. The budget was developed through more than 20 public meetings between the Linn County Board of Supervisors, other Linn County elected officials and department heads.
Linn County government accounts for approximately 16 percent of property taxes paid by Linn County property owners in incorporated areas. The remaining 84 percent of property taxes goes to the property taxpayer’s city of residence, school district and other taxing bodies in the county. Linn County taxes represent slightly more than one-third of property taxes for rural residents.
Linn County’s 2018 fiscal year runs July 1, 2017 to June 30, 2018.