The DesMoinesRegister says the Republicans and Democrats in the Iowa Legislature are negotiating a still-secret property tax measure, refusing to release any specifics to the public. Critics say it will increase homeowners property tax and cut $100 million annually from local government, which could affect school budgets, police protection, and street repairs. Legislators had stated they will reduce commercial and industrial property taxes this session. Currently single-family homes are taxed at half their assessed value, while apartments with at least three units are taxed at full assessment value. The proposal would tax apartments at the same rate as single-family homes, which could be an impetus to lower rents. A source close to MHProNews.com says manufactured housing will, at a minimum, likely be included as commercial property in the final measure, which means the tax savings will “not be that dramatic.”
