Iowa Gov. Pushes Plan to Cut Property Taxes
CREATED Mar. 11, 2013
Des Moines, IA - Governor Terry Branstad held his weekly news conference at the Capitol on Monday.
Governor Branstad says his property tax reform would provide nearly $400 million dollars in property tax relief and benefit towns throughout the state.
House Republicans support his plan which would roll back rates for all commercial and industrial property owners by twenty percent. It would also slow the growth of residential and agricultural assessments. Funding would be provided to local governments to make up lost revenue.
Senate Democrats argue Branstad's proposal would help large corporations based out of state.
They have given committee-level approval to a plan that would gradually provide commercial property owners with a tax credit. It would be roughly a 40 percent tax cut on their first $324,000 in assessed property values. Under their $250 million proposal, the credits would not be funded in weak budget years.