An Iowa House panel Wednesday night approved a bill that would reduce commercial property taxes, limit the growth of local government and slow the projected increase in the taxable value of residential and agricultural properties.
The House Ways and Means Committee approved the bill on a 15 to 10 vote with Republicans in favor and Democrats opposed. The bill, which is supported by Gov. Terry Branstad, now goes to the full House.
The measure would lower commercial property taxes by 40 percent over eight years and provide $240 million to offset cuts to local government budgets.
Some Senate Democrats think the plan could lead to increases in residential property taxes and city officials worry about cuts in tax revenue.
