A property tax bill that would limit local property tax revenue growth to two percent a year has cleared the Iowa House. Representative Carter Nordman of Dallas Center is the Republican who led debate.
“We are simply asking for the same fiscal discipline from our governments that our citizens practice every day,” Nordman said. The plan would exempt the first 15-thousand dollars of a home’s value from taxation and eliminate the homestead tax credit. State funding for that credit would be sent to public schools and reduce the property taxes Iowans pay to local school districts by about 150-million dollars next year. Nordman estimates Iowa homeowners will save four BILLION dollars over the next six years if all of the bill’s provisions becomes law. The tax plan was approved on 64-23 vote.
