If you live in Waverly, congrats! You'll be getting a property tax reduction due to the city's new and approved $35.5 million budget!
It's Not Often You Hear of a City Cutting Property Taxes
In a unanimous vote, Waverly City Council approved the budget that lowers each property owner's tax to $16.33 per thousand dollars. A savings of almost $30 per $100,000!
In a story from the WCF Courier, City Administrator James Bronner says that taxes have risen a bit over the last few years because of projects around the city.
“I appreciate staff taking their foot off the gas somewhat on the projects. I think that this budget year is going to be challenging” with commodity prices “really raging out of control right now.” - Councilor Matthew Schneider
When the city council approves its budget, it sets the tax rate for the following year. For the 2022-23 fiscal year, it rose a mere 0.02%. The lowest tax has been in town was during the fiscal year 2016-17 to $14.03 per thousand dollars.
If your property hasn't changed in the last year, due to damage, loss of value, or a remodel upped the value, that may change the flat tax rate for you. The $35 per $100,000 is based upon nothing changing over the course of a year and assessment. However, owners of industrial or commercial properties probably won't change if the property hasn't based upon the tax rollback staying at 90%.
Waverly Councilor Ann Rathe says, "The department managers come into the budget talks already thinking lean. We’ve finished several major infrastructure projects over the last few years, so we do get a break from that."