Spencer, IA (KICD)– The Spencer City Council got a look at the new budget for fiscal year 2024-2025 on Monday which will include a proposed increase in property taxes across the community.

City Manager Dan Gifford tells KICD News the increase would actually have led to residential taxes dropping slightly thanks to an updated rollback from the state, but the upcoming year is also an assessment year which is ultimately turning the tables a bit.

Business owners in Spencer though are expected to see a decrease across the board starting in July.

So, how does the City of Spencer split a single dollar of tax revenue?

A new state law just recently entering the books requires all taxing entities to hold a public hearing on the proposed tax levy in the form of a special meeting in which no other business or action can take place. The Spencer City Council will hold this meeting next Monday, April 1st, at six o’clock in Council Chambers followed by the regular council meeting at 6:30.