As follow-up to a story we posted April 18, 2013 concerning property tax rates in Iowa, Joe Kelly of the Iowa Manufactured Housing Association (IAMHA) informs MHProNews if SF 295 passes, property taxes on land lease communities will fall. The current rate is 100 percent of assessed value. With passage, the new measure would take effect Jan. 1, 2015, with the discounts being applied in the fall of 2016. The first discount will be 86.25 percent of assessed value beginning in 2015, and the rate drops roughly four percent each year until 2022 when it will be equivalent to residential rates.

(Image credit: Wikipedia–Iowa State Seal)