A bill for an act relating to property taxes and local government funding by modifying the methodology for determining actual value of property, certain levy rates, bonding procedures, assessment protests, and assessment limitations of certain classes of property, and including retroactive applicability provisions.

Summary

The bill requires all taxable property in Iowa to be assessed at its actual market value but caps how much that value can rise each year. For assessment years 2027‑2029 the increase cannot exceed the prior year’s value unless there are major changes, and after 2030 the rise is limited to a consumer‑price inflation factor capped at 103 %. It also defines market value, excludes certain owner‑specific data, and sets special rules for agricultural and low‑income rental properties.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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