Bill > SF2472

This bill modifies various state and local government tax provisions, including adjustments to property tax levy rates for counties, cities, and schools, with specific changes to how these levies are calculated and capped over several fiscal years, generally starting in 2027. It also introduces a new program to assist first-time homebuyers by allowing individuals to invest in a public trust for future homeownership expenses, with associated tax benefits and protections. The bill further revises property tax classifications and assessment limitations, including changes to how residential and multiresidential properties are valued and taxed, and modifies exemptions for veterans and homesteads, with some provisions applying retroactively to early 2026. Additionally, it adjusts fees for electric vehicles and fuel taxes, establishes new rules for assessor budgets and levies, and revises provisions related to urban renewal districts and tax increment financing. The bill also includes provisions for a FirstHome Iowa program trust, tax credits for the elderly and disabled, military service property tax exemptions, and establishes study committees and task forces to examine property tax rates, deferral programs, and payments in lieu of taxes. Finally, it modifies local sales and services tax rules and includes provisions related to data centers, web search portal businesses, and impoundment structures.

Budget and Finance

Ways & Means (Senate)

https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=SF2472