Iowa Code Section 24.2A requires taxing entities to publish a notice detailing the proposed city,
county, and school property tax rates and revenues for the budget year. This notice must be
mailed to each taxpayer by March 15. It’s important to note that this is not a property tax bill.

As a result of SF2442, the assessed valuation in the examples now reflects growth between the
current and budget years. Both residential and commercial examples show a 10% increase in
assessed value from the current year to the budget year. Additionally, SF2442 increased the
assessed value of the commercial example from $100,000 to $300,000. These changes aim to
make the example more realistic, as most properties experience value growth in assessment
years.

The proposed property tax levy represents a “not-to-exceed” amount.