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(Des Moines, IA) -- Changes to the Iowa G-O-P's proposed property tax plan have been made. Senate Study Bill 1227 and House Study Bill 328 retain a lot of the same ideas, such as capping raises at 2% and eliminating the state's rollback system. However, the plan adds a $50,000 homestead exemption, which is up from the originally proposed $25,000. That means someone living on a $150,000 property would only pay taxes on $100,000 of that value.
It also makes other tweaks to the original proposal. For example, the 2% cap would be disregarded if the rate of inflation is above 4%. The new plan eliminates the rollback system immediately, rather than phasing it out over a few years.
Because it's a new bill, the plan must restart its journey through the lawmaking process.