Iowa Dems push their plan for cuts to commercial property taxes

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Posted: Friday, February 15, 2013 12:00 am

DES MOINES (AP) — Senate Democrats on Thursday unveiled a plan to reduce commercial property taxes, which they say will benefit Iowa small businesses more than Gov. Terry Branstad's proposal.

Under the legislation, commercial property owners would gradually get a tax credit equivalent to a roughly 40percent tax cut on their first $324,000 in assessed property value. Lawmakers said roughly 80 percent of the state's 116,900 commercial properties are assessed at or below $324,000.

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