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Branstad Releases Commercial Property Tax Plan
Posted By News On @ 6:28 am In Today's Local News | Comments Disabled
Governor Branstad released his Commercial Tax reform proposal on Wednesday. It plans to drive the percent of commercial property taxes that must be paid from 100% to 60%. Representative Jarad Klein thinks lowering commercial property values would help to boost our economy. Some legislators are worried that lowering commercial property taxes would cause homeowner and farmland taxes to increase, but the plan includes a limit on the rate of increases for home and farm taxes. The plan calls for a 5% decrease in commercial property taxes per year, but that rate would be lowered if commercial and industry property values don’t start to increase. That part of the plan is part of an effort to make sure local governments don’t lose funding due to decreased taxes. This is an issue that has Senator Sandy Greiner worried. She wants to make sure local governments don’t lose money. State Funding is also planned to offset any revenue losses local governments might have. KCII will continue to follow this reform as it makes its way through the state legislature.
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