Gov. Kim Reynolds signed a bill into law yesterday (Monday) that provides $127 million in tax relief to Iowa taxpayers but will force city, county, and school district officials to adjust to a decrease in anticipated revenues for Fiscal Year (FY) 2024. The bill, Senate File 181, corrects an Iowa Department of Revenue error in the state’s calculation of property valuation rollbacks from 56.49 percent to 54.65 percent. The change will reduce each taxing entity’s total tax base, decreasing revenue if levies are not adjusted to account for the difference. The bill gives county auditors 15 days to provide updated taxable valuation information to taxing entities and extends the deadline for cities, counties, and schools to submit budgets to the Iowa Department of Management to April 30. A link to the legislation’s full text is included below.
_____
