Gov. Branstad to sign tax relief to all Iowa Property classes June 12 in Hiawatha

According to Corridor Business Journal and several other sources, Gov. Terry Branstad announced he will sign Senate File 295 at 1 p.m. June 12 at Hawkeye Ready-Mix, Inc. in Hiawatha.

The bill provides property tax relief all classes of Iowa property: agricultural, residential, commercial and industrial.

Once signed into law, Senate File 295 accomplishes the following: 

  • Reduction stimulating job creation, with approximately $4.9 billion in tax relief over 10 years
  • Permanent property tax relief
  • 10 % reduction in taxable value on commercial and industrial property, coupled with a $125 million property tax credit targeted to small businesses
  • Significant property tax relief for telecom property and multi-residential property
  • No shift of the tax burden to other classes of property
  • Relief for all classes of property
  • Reduces assessment growth limitation from 4 percent to 3 percent, saving agricultural and residential property an estimated $500 million annually by the 10th year
  • Extends the Property Assessment Appeal Board
  • Provides approximately $90 million in annual income tax savings to Iowa taxpayers

Other Sources: NorthIowaToday.com, Senate File 295, The Cedar Rapids Gazette, and the Des Moines Register

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