Fort Madison, IA – It could be a few more weeks before a plan to lower Iowa's commercial property tax rate emerges in Des Moines. Commercial properties are taxed at 100% of their assessed value while residential properties are taxed at just under 50%. Agricultural land is subject to a seperate formula. Democratic Representative, Phil Wise, says he is forming a bi-partisan panel that will create a plan to reduce the commercial tax burden this year. While says the legislature has two primary options: find money in the general fund or cut the dollars going to local governements. He says his panel's plan will go beyond the recommendations of the Governor's commercial tax task force.
Wise Says Commercial Tax Legislation Coming
