Iowa Republicans unveil $426M property tax reform proposals

Iowa Republicans have proposed significant property tax reforms, introducing House Study Bill 313 and Senate Study Bill 1208, which aim to provide $426 million in relief over five years. The proposed legislation includes a 2% cap on property tax levy growth, a $25,000 homestead tax exemption, and the phasing out of the 50-year-old property tax rollback system. Lawmakers argue that these reforms represent the largest overhaul of the state's property tax system since 1977, designed to prioritize homeowners and simplify the system. However, Democrats express skepticism, citing a history of failed GOP efforts to effectively address rising property taxes. The Republican leaders assert that the proposal is in response to constituents' concerns about high property taxes and aims to create a more equitable tax structure. The bills are expected to undergo amendments before any potential vote, with hopes for passage during the current legislative session.