NREI: The Top 10 Cities with the Highest Commercial Property Taxes

Written on September 06, 2017 at 02:41 PM
As property values continue to recover or  even surpass values  achieved at the peak of the past cycle in 2006 and 2007, rising property tax bills shouldn't come as a surprise to landlords. While some jurisdictions have aggressively increased values to keep up with market recovery and increase revenue, a lag time in reassessment periods in other jurisdictions is causing some property tax bills to skyrocket. Jurisdictions that  reassess values every two or three years rather than annually are playing catch-up and making significant property value increases.
Continue Reading »
No Comments

Categories: Michigan, South Carolina, Minnesota, Real Property, Wisconsin, Indiana, Illinois, Iowa, New York, Connecticut

Iowa Businesses Receive First Property Tax Relief in 3 Decades

Written on September 24, 2014 at 06:11 AM

Business property owners in Iowa received $127.3 million in tax relief this month, thanks to landmark legislation enacted by the split-control Legislature in 2013, marking the first reduction in business property taxes in more than three decades. The relief was delivered via a five percent rollback on commercial and industrial property tax rates normally taxed at 100 percent of assessed value, and a new tax credit sought by applicants for 70,444 business property units for taxes on the 2013 property assessment that are due and payable this month and next March, according to the state Department of Revenue.

Continue Reading »
No Comments

Categories: Personal Property, Real Property, Iowa

Iowa Implements Property Tax Rollback

Written on November 05, 2013 at 09:40 AM

The Iowa Department of Revenue has implemented the first phase of Gov. Terry Branstad's 2013 tax reform package. The law removed the assessment limitation for commercial and industrial properties. Instead, according to the Globe Gazette, the aforementioned classified property owners will receive a 5 percent decrease on taxable value (from 100 to 95 percent of the assessed value) for 2013, and the taxable value will be reduced an additional 5 percent in 2014. Residential property owners, however, received about a 2 percent increase on the taxable value (from 52.8 to 54.4 percent of the assessed value) for 2013. The "rollback" adjusts taxable values that local governments will be use to establish property taxes. Tax liabilities based on the 2013 taxable values are payable in fiscal year 2014-15 and will not be determined until local taxing bodies establish their budgets early next year.

Continue Reading »
No Comments

Categories: Real Property, Iowa

UPDATE: Iowa Commercial Property Tax Cuts Official

Written on June 06, 2013 at 08:02 AM

The Iowa House has officially approved a compromise plan, recently passed by the Senate, to cut commercial property taxes. Governor Terry Branstad will sign the legislation designed to reduce commercial property taxes into law on June 12th in Hiawatha.

Continue Reading »
No Comments

Categories: Real Property, Iowa, Economy

Iowa Senate Approves Commercial Property Tax Cuts

Written on May 23, 2013 at 09:42 AM

Iowa is one step closer to cutting commercial property taxes as the State Senate approved a compromise plan in a 43-6 vote. The plan, which will now move to the House for approval, will gradually reduce taxable assessments of commercial properties by 10% and provide property tax credits geared for smaller businesses. The goal of the plan is to stimulate the economy through helping businesses with job creation and returning money to taxpayers.

Continue Reading »
No Comments

Categories: Real Property, Iowa, Economy

Iowa Senate Approves $250 Million in Commercial Property Tax Relief

Written on April 16, 2013 at 10:43 AM

The Iowa Senate has approved a $250 million commercial property tax credit plan aimed to help smaller and main street businesses. According to the Sioux City Journal, backers say the measure would enable all businesses to be taxed at a lower rate on the first $324,000 of their assessed property value, while commercial entities would have property values above that threshold taxed at the current 100 percent rate.

Continue Reading »
No Comments

Categories: Real Property, Iowa, Economy

Iowa's Strong Treasury Can Cover Commercial Property Tax Cut

Written on December 04, 2012 at 06:08 AM

Iowa Governor Terry Branstad has said that cutting commercial property taxes is a priority for next year. According to the DesMoinesRegister.com, the state's treasury is strong enough that it can replace whatever tax revenue local governments lose when commercial businesses pay less in property taxes. Iowa's property taxes are the third highest in the nation, and predictions call for the state to take in 3% more in tax money in 2013 compared to 2012.

Continue Reading »
No Comments

Categories: Real Property, Iowa, Economy

Iowa Legislature Ends without Commercial Property Tax Compromise

Written on May 21, 2012 at 10:03 AM

The 2012 Iowa legislative session will likely be known for its failure to once again find a compromise on how to deliver property tax relief to commercial and industrial property owners. According to the Sioux City Journal, members of the Republican controlled House and Democrat-led Senate worked for 122 days on various ways to provide property tax reform without undercutting local governments or shifting tax burdens to homeowners and farmers, and failing to reach a resolution.

Continue Reading »
No Comments

Categories: Real Property, Iowa

Iowa Business Property Tax Deal in Reach

Written on April 20, 2012 at 09:49 AM

Iowa Republican and Democratic legislative leaders have narrowed their differences on plans to overhaul the commercial property tax system, and plan to have approval before this year's session ends. According to Omaha.com, both sides agree that business property taxes are out of line with neighboring states, but the sides take sharply different approaches to solving the problem. A middle-ground seems to be getting closer, but details are still being negotiated.

Continue Reading »
No Comments

Categories: Real Property, Iowa

Iowa Governor Looking to Overhaul Commercial Property Tax System

Written on April 05, 2012 at 09:28 AM

Iowa Governor, Terry Branstad, wants 2012 to be the year to reform the state's commercial and industrial property taxes, which are among the highest in the nation. According to Branstad, the higher tax rate puts Iowa toward the bottom of the nation in terms of new business start-ups. The goal for Branstad is to lower Iowa's commercial property tax rate by 40% over the next eight years, arguing that the higher taxes are hindering job growth.

Continue Reading »
No Comments

Categories: Real Property, Iowa

Categories

Subscribe

Archives

Recent Posts