Part of the state surplus will be returned to Iowa income taxpayers through a small
income tax credit, in any year when the Iowa Taxpayers’ Trust Fund exceeds $30 million.
The credit will be between $30 and $60 for each income taxpayer.
Read Full Article
Property tax reduction for all commercial and industrial property: a 10% reduction in
taxable value (assessed value) over two years. A new tax credit for commercial and industrial property. When phased in over three years, the taxable value of the first $145,000 of a property’s market value will be sharply reduced to the same level that applies to residential property. More property tax reductions for apartments, nursing homes, assisted living facilities, and telephone companies.
Read Full Article
The annual increases in taxable value of residential and agricultural properties will be
limited to 3% instead of the current 4%. This is important protection for Iowa
homeowners and farmers.
Read Full Article