DES 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.