TAX IMPACT

The current debt levy rate for the district is $4.05 per $1,000 of taxable property value. The bond referendum on Tuesday, November 5, will not increase this rate. In other words, residents will continue to pay the same rate they have been accustomed to in recent years, which is $4.05.

The bond proposal would extend the duration over which this tax rate is applied. While the original general obligation bonds issued in 2016 are set to mature in 2036, the new proposal will extend the maturity date to 2048. 

Since 2005, CPU's consolidated school property tax rate has remained steady, with the highest rate in nearly two decades being $18.56 per $1,000 of taxable property value (in 2011) and the lowest rate being $17.06 (in 2006).

The current consolidated school property tax rate of $17.78 per $1,000 of taxable property value is in line with many of our neighboring districts:

​

• Linn-Mar: $17.99

• Marion: $17.91

• CPU: $17.78

• Mount Vernon: $17.41

• Alburnett: $15.14

• Vinton-Shellsburg: $15.12

• North Linn: $14.10​

​

It's important to understand that the levy rate is multiplied by the taxable valuation of property to calculate the tax dollars owed. It's also essential to note that taxable value differs from assessed or market value.

Taxable value is determined by applying the rollback and tax credits to the assessed value. The rollback, which is set by the Iowa Department of Revenue, aims to prevent one property class from growing disproportionately compared to others. Tax credits, such as homestead credits and military credits, further adjust a property's taxable value.