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Does the legislative fix for property tax in Iowa solve the problem?

Iowa Capitol Sunset

Photo: Getty Images

We are in overtime at the Legislature and at 4.02pm yesterday, we heard that a fix on property taxes in Iowa had been agreed.

It will save around $100M next year, and Governor Kim Reynolds regards it as a first step.

“My commitment to cutting taxes for the hard-working people of Iowa has never been stronger,” the Governor said in a news release. “After enacting the largest tax cut in state history last year, I’m proud to work alongside the House and Senate to begin property tax reform this year. Earlier this session, I signed legislation to make state government more efficient, effective, and less expensive for Iowa taxpayers. This serves as a model for local governments, and property tax reform is a good first step.”

According to Iowa Capitol Dispatch, "Provisions include consolidating 15 existing Iowa city levies into a general fund system and setting limits on county levy rate growth. The bill also would require local governments to put excess revenues from assessed valuation growth toward a “buydown” on general basic levies. It also adds senior homestead and military property tax exemptions."

Governor Reynolds, Senate Majority Leader Whitver, and Speaker Grassley released the following joint statement:

“We’ve heard Iowans across the state voice their concern about out-of-control property taxes and the impact on family budgets. Today, we’ve come to an agreement on a path forward. This deal provides much-needed property tax relief for Iowans and lays the groundwork for even bolder reform in the future.

House File 718 curbs the growth of local governments in a responsible manner and begins reducing property taxes next year. It also provides additional relief for older Iowans and military families and requires property tax bill transparency. In total, the bill is estimated to provide $100 million in relief.

“This is an important first step toward long overdue property tax reform. Iowa’s existing property tax code is outdated, overly complex, and costs Iowans too much of their hard-earned pay. Work on this issue is just getting started.”

What do you think? Does this legislative fix for property tax in Iowa solve the problem?

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