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As a result of action taken by the Polk County Board of Supervisors, a special election will be held in Polk County regarding the imposition of a 1% Local Option Sales and Services Tax (LOSST), on March 6, 2018. As a result of this action, the City Council approved Johnston’s ballot language for the LOSST vote, as follows:
Not less than fifty percent (50%) to be allocated for property tax relief, applied first to reduce the debt service levy before being applied to other levies., and,
Not more than fifty percent (50%) for capital improvement and quality of life projects which may include, but are not limited to; street, sidewalk and public utility improvements, public safety capital expenditures, park and trail improvements, and for other public purposes the city deems appropriate.
The current property tax levy is $11.39/$1,000 of taxable valuation. Of that $11.39, $3.61 is applied to the debt the City has incurred from the construction of public improvements over time. Based on information provided by the State of Iowa, the estimated amount of annual LOSST funding (FY16 projections) for Johnston is $2,929,756 (3.63% of the total collections in Polk County). If 50% of the LOSST funding were used for property tax relief in the form of lowering the debt service levy, it would reduce the levy by $0.87/$1,000 of from $3.61 to $2.74.
Click here to review the Frequently Asked Questions about LOSST.
There will be two public informational meetings to answer questions regarding LOSST
Click here (PDF) to download the handout that visually explains LOSST.The remainder of the LOSST revenue (not more than 50%) will be applied toward funding projects (capital improvements and quality of life) that will reduce the money the City needs to borrow in the future, thus lowering future debt. A sample of planned projects that may be funded by LOSST revenues:
To view a map of the projects listed above, click here (PDF).The City of Johnston encourages you to go to the polls on March 6 to vote on whether the City of Johnston should have LOSST as a revenue source for property tax relief and the projects identified above.