DES MOINES —
A legislative leader says Gov. Terry Branstad and the GOP-controlled House have agreed to a plan to reduce commercial property taxes, limit the growth of local government and slow the projected increase in the taxable value of residential and agricultural properties.
House Ways and Means Committee Chairman Tom Sands, a Wapello Republican, says the deal would lower commercial property taxes by 40 percent over eight years and provide $240 million to offset cuts to local government budgets.
It also limits taxable valuation increases for residential and agricultural properties, and ties the growth of local government spending to the rate of inflation.
It's not clear how a bill encompassing the plan would fare in the Democratically control Senate.
The House committee could approve the bill as soon as Wednesday evening.
News
February 9, 2012
House GOP, gov agree on commercial tax cut plan
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