Dubuque homeowners to see lower property taxes
Good news for local homeowners! Dubuque Community School officials have set the district’s tax levy rate at its lowest level in 15 years. Homeowners should expect to see a slight decrease in that area of their property taxes. Last week’s vote, unanimously approved a $194.5 million certified budget for the fiscal year, which starts July 1st. In short, the district property tax rate will decrease approximately 65 cents, to $13.91 per $1,000 of taxable value. Commercial, industrial, and multi-residential property owners will have the district portion of their property taxes decrease by a more significant amount.
Changes in rates are due to falling enrollment and per-pupil supplemental state aid not substantially increasing. Therefore, the district’s general fund total will remain at about the same dollar amount year over year. In addition, the state’s rollback rate decreased this year.
The district is also expecting a drop in its unspent balance, which is sort of like a savings account for the general fund. The certified budget estimates that the unspent balance at the end of the current fiscal year will be just more than $12 million. However, by the end of the 22/23 fiscal year, it is projected to fall to $5.8 million. This is considered “a worst-case scenario” projection with COVID-19 relief funds expiring and approved state aid increases not keeping pace with current inflation rates.