The 2012 legislative session is just a few weeks away, but already proposals on how to best modify Iowa’s current property tax structure are starting to take shape. The focus has been on providing commericial property tax relief, which legislators say will make Iowa a more attractive place to do business, thereby helping businesses to add jobs. The key questions seem to be which businesses should qualify for property tax relief (small Iowa businesses or all businesses – even large out-of-state companies), and how to pay for commerical property tax relief. Most proposals involve some adjustment in how property taxes are split among residential, commerical, and agricultural property types. Of course, nobody wants to pay more or receive less in tax revenue, including the state, local/city governments, and property owners. So the debate continues for now.
Here is a look at what some legislators proposed recently. We’ll keep you updated as this issue continues to develop.
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