6551514893_b84003ea12DES MOINES – Senate File 295, the largest property tax cut in Iowa history, passed the Iowa Senate this afternoon. The bill will reduce the burden on Iowa taxpayers by more than five hundred million dollars over the next nine years.

“This historic legislation will enable Iowa small businesses to create jobs and Iowa families to keep more of their hard-earned money,” said Iowa Senate Republican Leader Bill Dix (R-Shell Rock).

“Iowa is a great place to grow. Yesterday afternoon we helped make it an even better place to grow jobs and opportunities for all Iowans.”

The new property tax relief package rolls back commercial property taxes to 90%, and residential and agricultural property taxes to 3% growth valuation. It also gives a dramatic cut to apartment complexes and assisted living facilities. Finally, the bill keeps the Property Assessment and Appeals Board in place for another five years, allowing Iowans a taxpayer-friendly alternative when appealing their property tax assessments.

Photo credit: 401(K)2013 via Flickr (CC-By-SA 2.0)

Get CT In Your Inbox!

Don't miss a single update.

You May Also Like

Iowa Legislature Watch: Education, Prolife, and Marriage Bills Going Through the Statehouse (Update)

Here are some bills that I have been watching (or at least…

Stop Filling Holes That Are Already Full

John Hendrickson: It would be prudent for Iowa’s policymakers to review the property tax backfill, and make revisions to this policy if needed.

Toll Roads in Iowa are a Non-Starter

An Iowa Department of Transportation study determined that introducing tolls on I-80 is a financially feasible way to pay for that highway’s expansion, but Mark Lowe, the Iowa DOT director, said they would not recommend or pursue tolling.