(Radio Iowa) – The Republicans who lead the tax-writing committees in the Iowa House and Senate have released a revised version of their proposed overhaul of Iowa’s property tax system.
It still says property tax rates on existing homes may grow no more than two percent a year — but it would give city and county governments limited leeway to raise property taxes if inflation rates soar. Every homeowner would get a 50-thousand dollar property tax exemption — double what was in the original bill. And rather than a five-year phase out of a mechanism called “the rollback” that has limited residential property tax growth in Iowa since the late 1970s, this new plan would eliminate the roll back mechanism next year.
The plan’s authors say the rollback mechanism would be replaced by their proposed two percent limit on property tax growth.
