Gov. Terry Branstad says he expects Iowa lawmakers to approve his proposed reduction in commercial property taxes.
In an interview with The Associated Press, Branstad noted that he's been working with legislative leaders from both parties and was willing to change his stance on some issues to win support for the commercial property tax cut.
Branstad and legislators of both parties agree the state should reduce its commercial property taxes, although they differ on how to make the changes.
Commercial properties in Iowa are taxed at 100 percent of their value, while residential properties are taxed at about 50 percent. The governor wants to reduce commercial and industrial property taxes by 40 percent over eight years and to give state aid to local governments to offset the declining tax revenue.
