Marshall County Treasurer, Jarret Heil, joined Gov. Terry Branstad, Lt. Gov. Kim Reynolds and other local government officials at the governor's weekly news conference Monday to express his support for the administration's property tax reform plan.
"The key component of the Governor and Lt. Governor's plan from county's perspective is the standing appropriation to backfill the county from lost revenues," Heil said. "It is a win-win for businesses and local government which results in a win for all taxpayers."
"If we do nothing, those hardworking Iowa taxpayers will face a two billion dollar tax increase over the next eight years, with half that increase falling directly on Iowa homeowners," said Reynolds, a former local elected official who served as the Clarke County treasurer. "I want to thank these local government officials who recognize our plan is an investment in Iowa's families and small businesses."
Jarret Heil, far left, is pictured at Gov. Terry Branstad’s press conference.
Branstad noted that his plan is needed for job creation in Iowa, citing conversations he's had in all of Iowa's 99 counties each year.
"These officials know the important roles local government plays but also know that our property tax system is making Iowa uncompetitive and costing our state jobs," said Branstad. "We have been clear since introducing our reform efforts that any property tax reform must be permanent and all classes of property must benefit. This year, there is one key difference to our proposal: we fully backfill the revenue local governments will lose due to the tax cut."
When fully implemented, the governor and lieutenant governor's reform plan would reduce property taxes by $400 million. Iowa's commercial property taxes are currently the third-highest in the nation, and for years making it difficult to attract and retain jobs in Iowa.
"This plan provides a permanent tax cut with a 20 percent rollback of taxable value on commercial and industrial property, incrementally five percent per year over four years. Additionally it fully funds the Homestead tax credit as well as the elderly and disabled tax credit," said Heil. "I enthusiastically support this property tax reform plan which provides positive certainty and growth to Iowa's business climate and protects the local taxpayer."