Property taxes are making headlines across Iowa, and legislative leaders are beginning to speak out about their intentions to address the growing issue.
With the legislature poised to act, what can they do to rein in property taxes?
ITR Foundation recently released its Property Tax Toolkit. This toolkit provides the history of how local property taxes got to where they are, and a plethora of solutions to address the growing property tax problem in Iowa. Many of these options have been implemented by other states and are effective in holding local governments accountable, keeping property taxes down, and still maintaining the resources to provide critical government services taxpayers need.
Property Taxes Become Legislative Priority
Happy New Year… and happy lower taxes! Tax year 2023 is the first time taxpayers in Iowa will enjoy savings from 2022’s historic tax reform legislation. Below is a breakdown of the new 4 income tax brackets and their corresponding rates.
Some Iowans may see withholding adjustments on their paychecks, while others may not notice changes until next year when they begin to work on their 2023 tax returns. Check out all of the tax changes that took effect January 1st.
First Half of Fiscal Year Sees More Revenue Than Last Year
Iowa’s revenue report for December has been released and the data revealed net General Fund revenue for the month was $267.3 million (43.5%) above the December 2021 net revenue level.
Since month-to-month comparisons can be volatile, it may be even more important to consider year-to-date information, as well. Total net receipts YTD are 4.8% more than 2021, with growth in personal income tax, sales/use tax, and corporate income tax.