Introduction
In recent times, Iowa’s taxA tax is a compulsory cost or cost collected by native, state, and nationwide governments from people or companies to cowl the prices of common authorities companies, items, and actions.
code has undergone a change. Particular person and company revenue taxes have been simplified, and charges have come down—dramatically. The inheritance taxAn inheritance tax is levied upon the worth of inherited belongings acquired by a beneficiary after a decedent’s dying. To not be confused with property taxes, that are paid by the decedent’s property primarily based on the scale of the entire property earlier than belongings are distributed, inheritance taxes are paid by the recipient or inheritor primarily based on the worth of the bequest acquired.
is gone. So is the choice minimal tax. Iowa is a extra economically aggressive, lower-tax state thanks to those reforms. However for a lot of taxpayers, there’s not less than yet another merchandise on the agenda: property taxA property tax is primarily levied on immovable property like land and buildings, in addition to on tangible private property that’s movable, like autos and tools. Property taxes are the one largest supply of state and native income within the U.S. and assist fund colleges, roads, police, and different companies.
reform and reduction. Lawmakers adopted reforms in 2023, however these efforts fall wanting many taxpayers’ hopes, and their design will yield uneven reduction.
The clamor for property tax reduction will not be distinctive to Iowa; it has emerged as a dominant theme in state tax coverage throughout the nation, and for good purpose. With assessed values skyrocketing in recent times, many householders now pay dramatically greater than they used to, and so they’re left questioning why they need to need to pay a lot extra for a similar property, and for a similar authorities companies.
Reforming the property tax, nonetheless, will not be straightforward. Some superficially interesting options are more likely to backfire on owners in the long term, whereas significant reform and reduction will contain revisiting a tangle of present provisions that aren’t totally working as supposed.
This publication considers the legit place of property taxes as a supply of native income, surveys Iowa’s present property tax system, places Iowa tax burdens in a regional and nationwide context, and compares and contrasts the main approaches to offering property tax reduction, culminating in suggestions for delivering efficient, sustainable, and non-distortionary property tax reduction. With a well-designed bundle of property tax reform, Iowa would spherical out its tax overhaul with a flourish—and provides owners, farmers, and companies a much-needed win.
Why Property Taxes?
Property taxes play a vital function in funding native authorities in Iowa and throughout the nation, producing income for colleges and group faculties, native roads, native legislation enforcement, county hospitals, and different native authorities companies.
Nonetheless, taxes are just about nobody’s thought of a preferred tax—except you handle to solely survey economists. It’s price asking why public finance consultants admire the property tax when so many taxpayers viscerally dislike it, as it will probably assist inform choices for property tax reduction. The essential case for property taxes rests on the next premises, that are well-supported by the financial literature:
Property taxes do much less financial hurt than alternative routes to lift the identical quantity of income, making them extra economically environment friendly than the alternate options. Mainly, if you must increase a given sum, property taxes are higher for financial progress than are gross sales taxes or, particularly, revenue taxes.
Property taxes have much less of an impact on decision-making—together with location choices—than most different taxes, making them much less distortionary than the alternate options. Sometimes policymakers do need to affect habits by taxation (it is a widespread justification for so-called “vice taxes”), however generally, there’s a broad consensus that it’s higher to go away most particular person and enterprise choices to the market and the non-public realm.
Property taxes roughly align with the advantages that property homeowners obtain from native companies, making them extra equitable than the alternate options.
Property taxes are extremely clear and correlate strongly with companies that improve the worth and utility of property, making them unusually delicate to native preferences on the scale and scope of presidency.
A wealth of research exhibit that property taxes are much less dangerous to financial progress than the foremost alternate options (revenue and gross sales taxes).[1] And there are good financial the reason why that is the case.
Actual property taxes fall on land and enhancements. Land itself is a set asset; the provision of land doesn’t change with property taxes. An revenue tax, by lowering the returns to labor and funding, has a detrimental impact on labor pressure participation, productiveness, and capital formation. A tax on land can not, in contrast, lower the quantity of land.
On the margin, in fact, property taxes can have an effect on how a lot land can be utilized productively. Particularly, they could influence the capital invested in bettering the land—bettering or irrigating agricultural land to make it appropriate for crops, say, or constructing a home or an residence complicated on it somewhat than leaving it vacant or placing it to some lesser use. However the a part of the property tax that falls on the land itself creates extraordinarily few distortions.
Even the place the enhancements are involved, analysis means that property taxes do comparatively little to distort financial decision-making, since (not like revenue or gross sales taxes) the tax doesn’t penalize productiveness or consumption. These taxes scale back incentives to work, make investments, or devour. The property tax does none of these issues, not less than to not the identical diploma. Elasticities—the financial time period for the responsiveness of portions provided or demanded to different elements, together with tax prices— are decrease and thus the imposition of property taxes results in fewer deadweight losses, as a result of property will not be rapidly or simply added or eliminated.
Property taxes additionally higher align with advantages acquired than different broad-based taxes. Whereas federal and state taxes fund many applications that present no direct profit to these remitting the taxes (which is solely the fact, and never a judgment on the worth of these expenditures), most native authorities expenditures—roads, colleges, police, emergency companies, parks, waste administration, and so forth.—have a direct bearing on the standard of lifetime of property homeowners, and infrequently improve the worth of property.[2]
Companies don’t have kids, however profit from good colleges, as do childless owners who not solely benefit from the broad social advantages of a jurisdiction with a high quality training system, but in addition see their house admire in worth as a result of it’s in college district. The worth of your own home is a much better proxy for the advantages you obtain from native authorities than your revenue or how a lot you devour.
Lastly, the transparency of property taxes—most owners know their property tax invoice fairly effectively; does anybody understand how a lot they pay in gross sales taxA gross sales tax is levied on retail gross sales of products and companies and, ideally, ought to apply to all remaining consumption with few exemptions. Many governments exempt items like groceries; base broadening, resembling together with groceries, might maintain charges decrease. A gross sales tax ought to exempt business-to-business transactions which, when taxed, trigger tax pyramiding.
?—contributes to the unpopularity of the tax, however can be argument in its favor. When property taxes are too excessive, opposition arises rapidly and infrequently will get outcomes. That’s a characteristic, not a bug.[3]
Iowa’s Property Tax Burdens
With valuations rising significantly in recent times, many Iowans are understandably calling for important reduction. However whereas in lots of states property taxes have soared throughout the board, Iowa’s central problem is a property tax limitation regime that does an honest job of maintaining statewide property tax collections progress in examine, however which permits important regional variations, resulting in eyewatering tax will increase in some areas.
Property taxes comprise roughly 1 / 4 of Iowa’s whole tax burden. Between 2018 and 2024, taxable assessed values have grown from $160 billion to $202 billion,[4] a rise of practically 27 % over six years, or a median annual progress price of roughly 4.44 %. And the rise would have been a lot larger absent Iowa’s rollback system, which reductions the market worth for tax functions. Precise house costs in Iowa elevated by 52 % in nominal phrases since 2018, whereas nationally, house costs soared by 69 %.[5]
Over the identical interval, taxes levied on these properties elevated from $4.91 billion to $5.99 billion (not together with particular districts and assessments), a progress of 21.97 %, at a median of three.66 %. Notably, adjusting for inflationInflation is when the overall worth of products and companies will increase throughout the economic system, lowering the buying energy of a foreign money and the worth of sure belongings. The identical paycheck covers much less items, companies, and payments. It’s typically known as a “hidden tax,” because it leaves taxpayers much less well-off resulting from larger prices and “bracket creep,” whereas growing the federal government’s spending energy.
, this represents a decline in property tax collections: on an inflation-adjusted foundation, Iowa would anticipate to have collected about $6.25 billion in 2024 to stay degree with 2018. It didn’t. And if that have been the tip of the story, Iowans would have purpose to cheer.
In fact, it isn’t.
Tax progress various broadly, from detrimental in just a few counties to almost doubling in others, indicating various native insurance policies or financial circumstances. The best progress was in Guthrie County, which exhibited a rise of 94 % between 2018 and 2024. On the opposite finish of the spectrum, taxes in Palo Alto County truly shrank by 6.7 % over the interval. The unweighted common progress price was 26 % among the many counties throughout these six years, with a median of 20 %.
Right here too, if will increase merely mirrored rising populations, there could be no want for concern. If Guthrie County had doubled in inhabitants or if all of its anomalous enhance could possibly be chalked as much as some new improvement, the system could be operating easily.
It isn’t.
Desk 1. Counties with the Largest Tax Development
Supply: Iowa Division of Administration; Tax Basis calculations.
In follow, will increase in tax collections seem to have little to do with new building. As an alternative, they’re a response to rising budgets and a statewide rollback system (about which, extra later) which retains statewide progress in examine however permits giant swings in particular person counties.
On a per capita foundation, county, metropolis, and college district taxes elevated from $1,558 in 2018 to $1,847 in 2024 in nominal phrases, implying a progress of 18.5 % (3.1 % common). Equally, per family property taxes elevated 17.1 % from $3,906 to $4,576 (common of two.9 %). The quickest progress was seen proper after the COVID-19 pandemic restrictions, when each per capita and family burdens grew by 5 % between 2020 and 2022. This consists of all property taxes—residential, business, industrial, agricultural, and state-assessed (utilities and railroads).[6]
From the outset, Iowa’s property taxes have been on the upper aspect. That is very true of business property taxes, however it’s true—not less than regionally, and definitely going by efficient charges—for owners as effectively. For owner-occupied property, efficient charges in Iowa are decrease than in Nebraska, however larger than in different neighboring states, although precise property tax payments aren’t the nationwide outliers that many would possibly anticipate.
Utilizing the newest out there combination knowledge from the US Census (2022) that features particular districts and bond repayments and extrapolating ahead, all property taxes—business, industrial, and agricultural in addition to residential—labored out to an estimated $5,623 per Iowa family in 2024. That is, in fact, significantly greater than the quantity that owners themselves pay immediately in taxes on their very own residence, since it’s a median of all lessons of taxed property.[7]
In Nebraska, whole property taxes (once more, throughout all taxes, not simply residential property) labored out to $6,278 per family in 2024. These figures are 12 % larger than in Iowa, and Nebraska’s unusually excessive property taxes prompted the enactment of a reform bundle in 2024 particular session. However, Indiana has a per family burden of $3,540. Family figures for Ohio ($4,620) and Missouri ($4,266) have been additionally decrease than these for Iowa ($5,623).[8]
However what about owners themselves? Drilling right down to owner-occupied housing, the median house owner in Iowa pays $2,825 on their house, which is definitely barely decrease than the nationwide common of $3,073, regardless of going through a a lot larger common efficient price (1.40 %) than the nationwide common (0.91 %).[9]
At some degree, it’s cheap and unsurprising that mill levies themselves could be larger in states with comparatively decrease house values. Whereas the price of offering a high quality training, native roads, and native companies will not be as costly in Iowa as it’s in some elements of the nation, per pupil expenditures don’t run half as a lot simply because house costs are half that of one other jurisdiction. In elements of the nation with decrease land values, mill levies are usually larger to generate the mandatory income to fund native authorities. A state or jurisdiction the place the median house worth is $250,000 is more likely to require fewer tax {dollars} than a jurisdiction the place the median worth is $500,000, however not 50 % much less.
Like many different midwestern states, Iowa generates significantly lower than the nationwide common per $1,000 of market worth (mill), elevating an estimated $202 per mill in comparison with $338 nationally. Unsurprisingly, this forces Iowa’s charges larger. Nonetheless, Iowa stands out (after Nebraska) from its regional rivals, if not nationally, for its comparatively excessive property taxes.
Desk 2. Iowa’s Property Taxes Are Excessive Regionally However Not Nationally
Supply: US Census Bureau, “American Community Survey,” 2022; Tax Basis calculations.
Iowa’s Present Property Tax System
Tax-Setting Course of
Iowa’s property tax system could be traced again to 1839, however it emerged in its up to date kind in 1971, with the passage of the Faculty Finance Method Act, which established foundational native college funding through a uniform mill levy of $20 in property taxes and established primary state help equal to 70 % of the state value per pupil, a determine that was to extend incrementally to 80 %.[10] It established a minimal of $200 per pupil of state spending and allowed districts to impose revenue tax surtaxes for training if authorised on the poll.
Incremental reforms all through the Nineteen Seventies and ’80s offered for equalization, measures to deal with decreases in enrollment, adjusted mill charges to $5.40, and allowed college students to enroll in any college district of their alternative. A whole overhaul of the college funding method was enacted in 1989, through the Faculty and Space Schooling Company Financing Act.[11]
Growing prices and simultaneous will increase in property taxes necessitated changes to state assist to native districts, the momentary introduction of native possibility gross sales and use taxes, and measures to supply property tax reduction, together with the 2008 Faculty Infrastructure Funding and Taxation invoice, which created a particular 1 % state gross sales and use tax for college infrastructure.[12] The legislation required these funds to be deposited within the Safe an Superior Imaginative and prescient for Schooling (SAVE) Fund and that these funds be distributed on a per pupil foundation much like the earlier native possibility gross sales tax funds, efficient July 1, 2009, with any extra going in direction of the Property Tax Fairness and Aid (PTER) Fund, created to complement property tax reduction by the college help method.
Desk 3. Beneficiaries of Iowa Property Tax Revenues
Supply: Iowa Division of Administration, “State of Iowa Property Taxes by Type of Taxing Authority – Taxes Payable in FY1976-1977 through FY2024-2025.”
Presently, the Iowa property tax primarily falls upon actual property, together with land, buildings, buildings, and different enhancements hooked up to or positioned upon the land. The Iowa Division of Income (DOR) assesses varied sorts of actual property, that are labeled into classes resembling residential, agricultural, business, industrial, and utilities/railroad (state-assessed). The foremost recipients of property taxes levied in Iowa embrace Okay-12 colleges, cities, counties, hospitals, group faculties, townships, and agricultural extension districts.
The property tax evaluation course of follows an 18-month cycle starting on January 1 of the evaluation 12 months (the 12 months previous to which the property taxes apply). The native designated assessor is chargeable for figuring out the values and classification of particular person parcels of property. These assessed values are then reported to the county auditor, who in flip experiences them to the Iowa Division of Income for overview. After this, the county auditor calculates the levy charges primarily based on finances necessities offered by varied native levying authorities. As soon as the levy charges are decided, the county auditor prepares the tax payments, that are then collected by the county treasurer.
Property taxes are paid in two installments: the primary half is due within the fall of the next 12 months, and the second half is due within the spring of the 12 months after that. For example, the evaluation performed on January 1, 2025, would apply to taxes due within the fall of 2026 and the spring of 2027 (fiscal 12 months 2027).
Values for agricultural land is predicated on a five-year rolling common productiveness method that considers elements resembling market values of crops, acreage underneath manufacturing, and the amount harvested. The precise market worth of the land will not be a part of the agricultural productiveness method.
The equalization course of is an important part of the property tax system within the state. Each odd-numbered 12 months, the DOR critiques the mixture assessed values submitted by native assessors for varied property classifications, resembling residential, business, and agricultural. If the division finds that the assessed values deviate greater than 5 % from the market worth, it points equalization orders to appropriate these discrepancies. These orders may end up in both a rise or lower in assessed values. Native assessors then implement these equalization orders, adjusting the assessed values of properties inside their jurisdictions to align them with DOR instructions.[13]
Property homeowners have the proper to protest these changes in the event that they consider the brand new assessments are unwarranted. Appeals are initially reviewed by the native board of overview, and additional by the Property Evaluation Attraction Board and the district courtroom. As soon as the equalization course of is finalized, the adjusted values are used for calculating property taxes within the subsequent evaluation cycle.
Native governments, together with counties, cities, and college districts, start by getting ready their finances proposals for the upcoming fiscal 12 months, which runs from July 1 to the next June 30. These proposals are primarily based on anticipated revenues and expenditures, and so they have to be submitted by April 30 earlier than the upcoming fiscal 12 months. Public hearings are held to permit residents to voice their opinions and supply suggestions on the proposed budgets. After contemplating public enter, the native governing our bodies—board of supervisors, metropolis council, or college board—finalize and approve the budgets. As soon as the budgets are authorised, they’re licensed by the county auditor and submitted to the Iowa Division of Administration.
The division then certifies the taxes for the upcoming fiscal 12 months. Taxing jurisdictions have particular levy limits, resembling a common companies levy restrict of $3.50 per $1,000 of taxable worth for counties and a common fund levy restrict of $8.10 per $1,000 of taxable worth for cities. The levy price, which is the tax quantity per $1,000 of assessed property worth, is calculated by dividing the required property tax income by the entire taxable worth of all properties within the jurisdiction. Assessments are restricted through the “rollback” system, a proportional discount in taxable worth that applies uniformly to all properties within the state.
The Rollback System
The rollback system for property assessments in Iowa was launched in 1978 as a response to the excessive inflation charges of the Nineteen Seventies, which brought about property values and, consequently, property taxes to extend considerably. Iowa legislation presently limits statewide progress in taxable worth resulting from revaluation of present property to not more than 3 % per 12 months.
To this finish, the rollback system works by making use of a proportion, referred to as the rollback proportion, to the assessed worth of a property to find out its taxable worth. This proportion is calculated yearly by the Iowa Division of Income and varies for various property lessons: residential, agricultural, business, and industrial. The rollback proportion ensures that solely a portion of the assessed worth is topic to taxation, successfully capping the expansion of taxable values. For instance, if a residential property has an assessed worth of $500,000 and the rollback proportion for that 12 months is 55 %, the taxable worth of the property could be $275,000. Which means the property proprietor would solely pay taxes on $275,000 as an alternative of the total assessed worth of $500,000.
Desk 4. Rollback Charges for FY 2026
Supply: Iowa Division of Income.
The rollback system additionally features a provision referred to as the “ag tie,” which hyperlinks the expansion of residential and agricultural property values. Underneath this provision, the annual progress in a single class can not exceed that of the opposite, guaranteeing that each property lessons expertise the decrease of the 2 worth will increase, to not exceed the statutory restrict. Traditionally, agricultural values haven’t been restricted by residential property, however residential properties have been assigned a decrease taxable worth resulting from slower progress in agricultural property values.
Crucially, the rollback is predicated on statewide values, not county-level valuations. However every taxing jurisdiction’s property values will rise (and even fall) at totally different charges. If some jurisdictions see valuation declines, others rise barely, and a few skyrocket, rollbacks on state averages will scale back collections within the low-growth jurisdictions whereas nonetheless permitting substantial will increase in areas the place property values have soared. As a result of Iowa charges are set by budgets, these low-growth areas will typically (if not cap-constrained) impose larger mill levies that guarantee constant revenues regardless of the rollback. In the meantime, the high-growth counties, even when they will’t increase charges any larger resulting from caps, will acquire far more as a result of statewide averages are insufficient to their state of affairs.
That’s precisely what has been taking place in Iowa for years, and it’s why total tax collections seem stagnant at the same time as many householders and different property taxpayers have skilled important will increase. The rollback system additionally has the impact of regularly shifting extra of the burden of the property tax to business and industrial property.
2023 Reforms
In 2023, Iowa made important amendments to its property tax system to supply reduction and enhance transparency through HF 718.[14] One of many key adjustments was the consolidation of 15 present levies out there for cities right into a common fund system, which simplifies the tax construction. The amendments additionally hard-capped metropolis levy charges at $8.10 per $1,000 of taxable worth and county common companies at $3.50 per $1,000 of taxable worth. Moreover, counties’ rural companies have been capped at $3.95 per $1,000 of taxable worth.
Previous to the 2023 laws, roughly 30 counties used Iowa Code §331.426 (Additions to Primary Levies) and exceeded the cap of $3.50. These provisions to exceed the cap at the moment are repealed. The onerous limits apply from FY 2029 onwards. Within the interim, for fiscal years 2025 by 2028, the laws permits cities and counties an adjusted common primary levy price primarily based on the present 12 months assessments and levy charges to account for the allowances and additions offered underneath prior legislation.
For these intervening years, if whole assessed worth for the finances 12 months is between 103 % and 106 % of assessed worth for the present fiscal 12 months, the Adjusted Common County Primary Levy Charge (AGCBLR) for counties is diminished, per $1,000 in taxable worth, to:
If whole assessed worth for the finances 12 months is the same as or exceeds 106 % of assessed worth for the present fiscal 12 months, the AGCBLR is diminished to a price per $1,000 of assessed worth equal to
Related limits apply to metropolis and rural levies, with no reductions if the expansion in assessments is under 3 % from 12 months to 12 months.
In contrast to the rollback, these limits are imposed on the county degree, which makes them significantly more practical at constraining runaway property tax progress. Notably, nonetheless, these limits, whereas significant, aren’t linear. For example, at preliminary assessed worth progress a hair underneath 6 %, the rollback would restrict taxable progress to about 4 %, whereas if the assessed worth progress ticked up barely and hit 6 %, the bigger rollback would kick in, limiting taxable progress to three %. The restrict, furthermore, can not exceed 3 %—regardless of how a lot county property values enhance. There isn’t any higher sure on potential will increase, only a rollback of as much as 3 proportion factors.
The laws additionally requires cities and counties to make use of extra revenues for property tax buydowns, decided by the annual progress of their income. Moreover, the amendments launched a number of transparency necessities for native governments’ spending and debt plans. This consists of mandating subdivisions to carry a public listening to on proposed property tax quantities for the finances 12 months. This public listening to is separate from every other finances assembly. After the listening to, the governing physique could lower, however not enhance, the proposed property tax quantity included within the finances.
Iowa now additionally has a “Truth in Taxation” provision, requiring mailings to property homeowners with specified evaluation, tax, and finances data, together with property tax {dollars} and charges for the present fiscal 12 months and proposals for the upcoming finances 12 months. Statements of rationalization for any will increase in property tax revenues and examples of residential and business property tax obligations are additionally required. The legislation additionally requires the governing physique to incorporate particular data on debt obligations within the County or Metropolis’s annual monetary report, starting with the annual monetary report filed by December 1, 2025. If bonds are to be issued, efficient the earlier fiscal 12 months, HF 718 requires disclosure of an estimate of the annual enhance in property taxes as the results of the bond issuance on a residential property with an precise worth of $100,000.
HF 718 additionally launched a brand new homestead exemption for property homeowners older than 65 years, along with the prevailing Homestead Credit score. Qualifying property homeowners will now be supplied with an exemption of $3,250 in taxable valuation in FY 2025 and $6,500 of taxable valuation in FY 2026 and every subsequent 12 months. The legislation additionally expanded property tax exemptionA tax exemption excludes sure revenue, income, and even taxpayers from tax altogether. For instance, nonprofits that fulfill sure necessities are granted tax-exempt standing by the Inside Income Service (IRS), stopping them from having to pay revenue tax.
allowed to veterans from $1,852 to $4,000 from FY 2025 onwards. Prices of each these exemptions are to be absorbed by the native taxing entity and wouldn’t be a part of the state finances for property tax reduction.
For FY 2028 and thereafter, the brand new $3.50 cap can be in place, and these momentary, imperfect levy limits will not be operative—though the circumstances necessitating them will live on. In different phrases, HF 718 makes use of levy limits primarily as a phase-in mechanism for the decrease cap, somewhat than as a long-term manner to make sure that property tax payments don’t proceed to develop too quick resulting from regional variations in valuation will increase. The brand new legislation offers necessary reduction mechanisms—however as a result of it coexists with the statewide rollbacks, makes use of incomplete levy limits, and permits these limits to run out, it’s inadequate to sort out the issue for the long run.
Implementing Levy Limits
In response to rising property tax payments, some states have applied evaluation limits, which constrain valuation progress for particular person parcels, sometimes resetting upon sale. These insurance policies, whereas superficially enticing, create a lock-in impact whereby present owners are strongly incentivized to stay in the identical house for so long as doable. They discourage new building, shift prices to new and youthful owners and would-be homebuyers, and create substantial inequities, with just about an identical homes on the identical avenue usually going through radically totally different tax payments.[15]
Luckily, Iowa lawmakers have largely centered on a way more promising resolution: levy limits. HF 718, whereas removed from ultimate, employed a variation on levy limits, and a number of other present proposals search to construct on that basis.
In contrast to evaluation limits, levy limits (additionally referred to as income or assortment limits) are involved with the precise quantity of income raised, imposing rollbacks or obligating price reductions to make sure that collections don’t enhance in combination above a given quantity. Particular person homeowners could expertise a rise or lower in tax legal responsibility primarily based on adjustments in price or assessed worth, however combination collections from the identical set of properties are constrained. Whereas evaluation limitations solely enable a tax enhance above a given threshold primarily based on intentional coverage motion (a price enhance) and price limitations solely allow them when pushed by rising housing values, a levy restrict permits better variation however all throughout the context of a tough income restrict.
Levy limits don’t essentially shield all taxpayers individually from tax will increase. Policymakers stay free to regulate charges throughout the total income cap except individually constrained by a price restrict (which Iowa has, with a cap phasedown in place), and if sure properties enhance in worth greater than others, their property taxes can be larger than these for properties that didn’t admire equally in worth. However they keep away from selecting winners and losers, keep away from creating perverse incentives, and impose an efficient constraint on the expansion of property taxes.
Levy limits neither reward nor penalize new building, the selection between shifting and staying, or a call on whether or not to renovate a house. They maintain property tax will increase in examine with out severing the connection between property homeowners’ tax legal responsibility and their relative assessed values.
This seems to be necessary. Whereas it’s interesting to vow that no house owner’s tax invoice will rise above some set quantity, it’s not likely a property tax if it’s not tethered to the market worth of the property. Extra precious properties ought to face larger property tax payments than much less precious ones, in proportional phrases. The secret is to make sure that neither property’s taxes skyrocket simply because valuations rise.
Think about two properties in numerous neighborhoods in the identical metropolis, each bought on the identical time for $250,000. One neighborhood takes off, and the house is now price $500,000. The opposite neighborhood doesn’t change as a lot, however since all property values have appreciated, that house’s worth will increase to $350,000. Setting apart inflation, if property tax charges stay unchanged, one house will see a 100% enhance in property tax burdens whereas the opposite will see a 40 % enhance, neither of which is probably going warranted. Mill levies ought to be rolled again to keep away from these giant unlegislated will increase, which a levy restrict would accomplish routinely. However ought to the home price $500,000 have the identical property tax invoice because the one price $350,000 (the result of an evaluation restrict), or ought to the house with the upper market worth pay proportionally greater than the house with a decrease worth?
This isn’t only a equity problem. It additionally impacts financial incentives and has a bearing on what the property tax is and does. Evaluation limits shift the burden of the tax onto new funding, proscribing housing provide and lowering housing affordability. Additionally they sever the hyperlink between taxes paid and advantages acquired, forcing newer purchasers to bear burdens radically disproportionate to the worth of companies offered. Levy limits, in contrast, maintain tax burdens in examine with out slicing the important linkage between market worth and taxation.
Levy limitation regimes sometimes enable native governing our bodies to ask voters to approve will increase above the restrict. These voter overrides, nonetheless, pressure the rise to be a aware alternative, and one ratified by the voters, which is markedly totally different from a hidden, unlegislated tax enhance. Levy limits additionally pair effectively with Fact in Taxation necessities like Iowa has, which give extra transparency about the price of a possible property tax change.
Iowa’s present rollback regime, regardless of totally different terminology, operates one thing like a levy restrict, however it fails to realize its supposed outcome as a result of it’s applied on the state degree, that means that millages in each jurisdiction roll again primarily based on the general projected statewide enhance in property tax collections resulting from rising property values. (It additionally treats every class of property individually, with totally different—or no—rollback elements.) This strategy makes little sense, because it offers inadequate reduction in areas which might be rising (and seeing values rise quicker than statewide averages), and it creates perverse incentives for localities. The limitation, whereas established by state legislation, ought to be imposed on the degree of the accountable taxing jurisdiction.
The suitable measure for levy limitations is the anticipated tax legal responsibility for preexisting property. When property values are rising, the very same set of properties can have larger tax legal responsibility 12 months over 12 months. The purpose of a levy restrict is to cap the quantity of income that may be generated from the established order by lowering millages accordingly. New building ought to be excluded, as a result of it appropriately brings in further income, as the extra housing or business property creates new prices for the locality.
Policymakers additionally have to resolve on an applicable annual progress issue for that present property. Sometimes, will probably be inflation at a minimal, or maybe inflation plus some further quantity of allowable progress—like 1 or 2 % progress above inflation. Lawmakers should additionally resolve what spending obligations, if any, can enable will increase past the expansion issue.
Think about a small jurisdiction with 2,000 properties. (For the sake of simplicity on this instance, we’ll solely contemplate properties, although business and industrial property matter as effectively.) Within the first 12 months, they collectively usher in $5 million in property taxes at that 12 months’s property tax charges. By the following 12 months, 100 new properties have been constructed, bringing in an extra $300,000 in property taxes underneath present charges. The preexisting 2,000 properties, in the meantime, have seen their assessed values rise, and they’re now projected to usher in $5.6 million if charges don’t change.
If inflation have been at 2 % and this locality imposed a progress issue of inflation plus 2 %, then charges must be adjusted to make sure that the prevailing 2,000 properties paid not more than $5.2 million. This could obligate a 7 % discount in tax charges. (If, for example, the speed had been 10 mills beforehand, it could be about 9.3 mills in 12 months two.) The extra income anticipated from the 100 new properties wouldn’t be a part of this calculation, although they too would profit from the decrease price and thus usher in a bit underneath $280,000 somewhat than $300,000. General collections would rise from $5 million to about $5.48 million, whereas they might have risen to $5.9 million absent the limitation.
Many limitation legal guidelines stipulate that tax within the quantity essential to service sure debt, or to fulfill sure obligations, will not be topic to the levy restrict. This may make sense, however policymakers have to tread fastidiously in the event that they want to keep away from gutting their very own limitations. It could be cheap to exclude debt service on revenue-producing enchancment bonds, for example, but when all bonds are excluded, this may occasionally render the restrict ineffective. Iowa has some expertise with exclusions which might be too broad. It could be vital to permit taxes to rise above the in any other case restricted quantity if a locality incurs legal responsibility in litigation. It possible doesn’t make sense, nonetheless, to permit a variety of obligations—together with pension contributions—to supply end-runs across the limits.
If a jurisdiction have been up towards a price cap, native officers wouldn’t be permitted to lift the speed above that quantity resulting from rising prices. They might be obligated to search out different methods to stability the finances. It’s cheap for levy limits to impose roughly commensurate constraints.
Generally, nonetheless, a jurisdiction could have good purpose to extend revenues above the allowable progress issue. Effectively-designed levy limits don’t prohibit this. They make the rise clear, and incessantly put the choice within the arms of voters, who can resolve whether or not to authorize an override. The useful impact of levy limits is to crack down on unlegislated tax will increase that outcome from appreciation in property values, with out anybody—native officers or most people—ever casting a vote to lift taxes.
Lastly, in crafting levy limits, lawmakers ought to keep away from permitting a downward ratchet impact throughout financial downturns and will contemplate permitting native officers to “bank” some or the entire allowable enhance they do not want to make use of.
Throughout a recessionA recession is a big and sustained decline within the economic system. Sometimes, a recession lasts longer than six months, however restoration from a recession can take just a few years.
, property values usually decline, sometimes rebounding in just a few years. If a levy restrict restricted income progress because the property market recovered, it might lead to far much less tax being collected on the identical set of properties post-recovery in comparison with pre-recession. Levy limits are supposed to constrain expansionary tax insurance policies; they aren’t speculated to have a sharply contractionary impact. In designing levy limits, lawmakers ought to keep away from this downward ratchet impact by making use of the allowable progress issue towards the final highest collections, not the earlier 12 months’s collections, when there was a decline in worth.
Generally, furthermore, native officers could elect to not make the most of further revenues. They might select to scale back charges greater than what’s obligated by the levy limits, declining to seize the income progress allowed by the statewide method. If the levy limitations are use-it-or-lose-it, this strongly incentivizes jurisdictions to take all allowable progress annually in order that they don’t scale back their capability to extend revenues later. To keep away from encouraging localities to at all times max out, lawmakers would possibly contemplate permitting jurisdictions to “bank” not less than a few of the unused cap.
Legislative Efforts in 2025
Underneath companion payments filed in 2025, Home Research Invoice 313 and Senate Research Invoice 1208, Iowa would undertake a 2 % levy progress restrict whereas phasing out the present rollback regime and accelerating the phaseout of the adjusted common primary levy (AGBL). Starting with Fiscal Yr 2027, the next method could be used to roll again mill levies in response to rising property values, kicking in each time assessed worth of present properties rises greater than 2 %:
Crucially, the laws phases out the rollback provision for property assessments, progressively growing the taxable worth ratio to 100% by 2029. This is a vital piece of the puzzle, as the present rollback system creates distortions and fails to forestall dramatic tax will increase in some areas, however it does scale back tax burdens (if inefficiently). Retaining it could maintain its distortionary results in place. Repealing it on a standalone foundation would trigger tax burdens to rise. Conversely, phasing it out after a levy restrict is in place permits a transition from one system to the opposite, with the levy restrict itself working to maintain the rollback’s reductions in place.
The invoice additionally shifts foundational college funding from a $5.40 per $1,000 statewide property tax levy, presently masking about 88.4 % of the funding method alongside state help, to full reliance on state common funds by 2031, lowering the college district basis levy to $2.97 per $1,000 by fiscal 12 months 2031. Moreover, underneath the laws, capital enhancements to agricultural land that don’t improve productiveness wouldn’t enhance agricultural taxable assessments, as an alternative being valued as residential property.The laws additionally replaces the homestead credit score with a homestead exemption out there to all, beginning at $4,680 in 2026 ($6,500 for these 65 or older), rising to $25,000 by 2029, whereas phasing out the credit score totally by that 12 months. Disabled veterans retain their credit score however should apply individually, whereas serving navy and honorably discharged veterans will see their further exemption rise to $7,000 by 2027.
Whereas the homestead credit score could be reimbursed by the state authorities to the native taxing authorities, the exemptions must be absorbed by the county, metropolis, and college districts. Moreover, the invoice stipulates that proceed from bonds, if authorised by the constituents, will not be used for common operations or to compensate for these exemptions.
This laws, as launched, will get some large issues proper: a levy restrict somewhat than an evaluation restrict, and the phaseout of the prevailing rollbacks. The system additionally, appropriately, excludes new property in calculating the brand new mill levy. And it incorporates voter overrides from the 2023 reforms, making use of them to the brand new limits. There are, nonetheless, a number of different parts that Iowa lawmakers could want to contemplate.
First, lawmakers could want to incorporate inflation into the levy restrict. This ensures that the boundaries don’t scale back tax collections in actual phrases when inflation is excessive, although in fact taxpayers usually really feel a pinch on the identical time. The two % progress cap chosen could replicate a need to limit actual progress from exceeding an unusual degree of inflation (with no further progress allowance), however current years have demonstrated that inflation can effectively exceed that.
Second, whereas lawmakers could also be blissful to only maintain property tax burdens in examine, they shouldn’t rule out the opportunity of a neighborhood authorities selecting to chop property taxes—and possibly didn’t intend to. A method that, each time assessed worth progress exceeds 2 % routinely units the mill levy to seize 102 % of prior 12 months’s revenues from present property (plus no matter is generated by new property) could deny native governments the chance to voluntarily set a decrease mill levy, which they will accomplish underneath the present system by adopting a finances goal that yields a tax lower.
Whereas some provisions of the proposed laws are drawn to Iowa Code Part 331.423, which clearly establishes the restricted levies as most charges, the revisions and additions to Part 384.1 seem to make a possible inadvertent break with establishing maximums and as an alternative may be interpreted as obligating the speed calculated by the brand new limitation regimes. A well-designed levy restrict shouldn’t pressure tax cuts on native governments, however it shouldn’t stop them, both. To encourage localities to not deal with will increase as use-it-or-lose-it, furthermore (and subsequently at all times use it), lawmakers could want to enable some portion of unused will increase to be “banked.”
Third, lawmakers could need to recession-proof their levy limits by guaranteeing {that a} momentary decline in property values doesn’t suppress tax revenues even after the housing market has recovered. Think about, for example, that house costs declined by about 20 %, as they did through the Nice Recession, then recovered just a few years later. It’s wholly applicable that these initially decrease assessed values would yield decrease tax payments, however there isn’t any logical purpose why a levy restrict ought to delay the restoration of tax revenues for years after housing values have recovered, as could be the case if a 2 % (or every other) annual cap have been imposed linked to prior 12 months tax collections.
In different states, levy limits are inclined to look again to the prior 12 months’s allowable restrict, not prior 12 months tax collections as such. (Precise tax collections could be applicable to set the first-year baseline, nonetheless.) If, say, Dubuque County raises $40 million in property taxes in 12 months 1, the following 12 months’s allowable restrict (at 2 %) could be $40.8 million, plus new building. If an financial decline meant that precise market values dropped to $35 million that subsequent 12 months, the allowable restrict would nonetheless be $40.8 million, and would proceed to develop accordingly, in order that when, ultimately, property values recuperate, the tax assortment authority will not be primarily based on 2 % annual progress restoration from the diminished $35 million valuation. Particularly absent some inflation adjustment, each financial downturn would go away Iowa jurisdictions in a gap from which they might by no means fairly recuperate.
Conclusion
After many years spent counting on rollbacks and different fixes that didn’t fairly work, Iowa lawmakers are heading in the right direction, exploring significant levy limits to switch and dramatically enhance upon Iowa’s defective rollback system. With such an necessary change to Iowa’s property tax system, it’s necessary that lawmakers get the small print proper. It’s additionally necessary that lawmakers acknowledge and tackle the very actual issues of house owners who’ve seen their tax legal responsibility soar regardless of the flawed protections embedded within the present system. That system has yielded reduction, however inconsistently and incompletely. Phasing out the rollback and changing it with well-designed levy limits will tackle the inequities of the rollback (throughout geographies and lessons of property) and constrain the expansion of property tax burdens throughout all 99 counties. That’s reform price doing.
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References
[1] See, e.g., Jens Arnold, Bert Brys, Christopher Heady, Åsa Johansson, Cyrille Schwellnus, and Laura Vartia, “Tax Policy for Economic Recovery and Growth,” Financial Journal 121:550 (2011): F59-F80; Santiago Acosta-Ormaechea and Jiae Yoo, “Tax Composition and Growth: A Broad Cross-Country Perspective,” IMF Working Paper, October 2012; Dagney Faulk, Nalitra Thaiprasert, and Michael Hicks, “The Economic Effects of Replacing the Property Tax with a Sales or Income Tax: A Computable General Equilibrium Approach,” Ball State College, Division of Economics, Working Papers, June 2010; and Stephen T. Mark, Therese J. McGuire, and Leslie E. Papke, “The Influence of Taxes on Employment and Population Growth: Evidence From the Washington, D.C. Metropolitan Area,” Nationwide Tax Journal 53:1 (2000): 119.
[2] See usually, Joan Youngman, A Good Tax: Authorized and Coverage Points for the Property Tax in america (Cambridge, MA: Lincoln Institute of Land Coverage, 2016).
[3] For a broader dialogue of property taxes and property tax limitations, from which this part is tailored, see Jared Walczak, “Confronting the New Property Tax Revolt,” Tax Basis, Nov. 5, 2024, https://taxfoundation.org/analysis/all/state/property-tax-relief-reform-options/.
[4] Iowa Division of Administration, Property Tax Charge Information (a number of years), https://dom.iowa.gov/local-government/property-tax-tax-replacement#property-tax-rate-files; Tax Basis calculations.
[5] US Federal Housing Finance Company, “All-Transactions House Price Index for the United States,” https://fred.stlouisfed.org/collection/USSTHPI; and Id., “All-Transactions House Price Index for Iowa,” https://fred.stlouisfed.org/collection/IASTHPI, through FRED, Federal Reserve Financial institution of St. Louis.
[6] Iowa Division of Administration, Property Tax Charge Information (a number of years); Tax Basis calculations.
[7] US Census Bureau, “Annual Survey of State and Local Government Finances,” 2022, https://www.census.gov/programs-surveys/gov-finances.html.
[8] Id.
[9] US Census Bureau, “American Community Survey,” 2022, https://www.census.gov/programs-surveys/acs; Tax Basis calculations.
[10] Iowa Home File 654, Iowa Common Meeting, Sixty-Fourth G.A., First Session (1971).
[11] Iowa Home File 535, Iowa Common Meeting, Seventy-Third G.A. (1989).
[12] Iowa Home File 2663, Iowa Common Meeting, Eighty-Second G.A. (2008).
[13] For a common abstract, see Winneshiek County, “What is Equalization? – Winneshiek County,” 2022, https://winneshiekcounty.iowa.gov/departments/assessor/what-is-equalization.
[14] Iowa Home File 718, Iowa Common Meeting, Ninetieth G.A. (2023).
[15] For extra on evaluation limits, see Jared Walczak, “Confronting the New Property Tax Revolt.”
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