Many of us received our property assessments in the mail this past week which makes it clear that NOW is the time for property tax reform. The current tax system is burdensome and one of the most complex in the nation.
However, when the Iowa Senate had an opportunity to make meaningful property tax changes this week we failed.
Over the past decade, residential property taxes grew to $100 million annually in Iowa. If no changes are made to adjust the calculation of residential property taxes, it is estimated that between Fiscal Year 2014 and Fiscal Year 2022, residential property taxes will grow annually by $181 million. With these growing and out-of-control increases, it has been projected that cities and counties will receive historic annual revenue increases for the foreseeable future. I will continue to fight for every homeowner in the state by locking down property tax valuation increases.
Several amendments were offered to SF 295, the Small Business Property Tax Credit bill. The amendments would have locked down the revaluation growth in the assessed value on residential and agricultural property. For assessment year 13 and beyond, residential and agricultural revaluation growth rate would have been reduced from the current 4.0% per year to a 0.0% rate. This stabilization of revaluation growth rates would have provided much-needed protection for residential and agricultural property taxpayers.
What was so frustrating is these amendments were never voted on because the majority party refused to debate the amendments, turning their backs on Iowa property owners; rather, they chose to enact conditional tax credits that will help very few Iowans. I will continue the battle to put money back in the pockets of hard working property taxpayers through comprehensive tax reform.
Tags: Brad Zaun, Iowa Senate, property tax reform