Iowa Business Owners to Pay Lower Property Taxes

At the start of the New Year, some new state laws will take effect. In Iowa, business owners will see lower property taxes, and state money is making up the difference. The change is met with both support and concern. Commercial and industrial property taxes will be smaller for the 2015 fiscal year, and they’ll continue to decrease. While it is considered to be good for businesses, it could also mean trouble for other organizations.

Like other entrepreneurs around Iowa, and in the Village of East Davenport, Janie Stratton pays property taxes for her business, the Cottage Wholisitic Health Center.

“Actually, we do consider them kind of low,” she said.

Soon, they’ll be even lower. Currently, businesses are taxed on 100 percent of their property value. For fiscal year 2015, it will go down to 95 percent. On January 1, 2016, the rate will drop, again, to 90 percent.

“I’m thinking wow, we could put in a ramp, you know, disability ramp with that money that we’re saving,” Stratton said. (full article...)

By Kiya Edwards, KWQC, December 29, 2014