The Iowa Republican: Rants -- Iowa's perfect storm: Property taxes...
Excerpted from this post at The Iowa Republican
Iowa taxpayers, along with local and state governments, are facing the
perfect storm of lack of business development, an escalating tax
burden, and a school funding crisis brought on by years of neglect and
bad fiscal discipline in Terrace Hill. Where do those three storm
clouds intersect? Property taxes, property taxes, property taxes.
Storm Cloud #1 – Obstacle to Business Development. Iowa's commercial
property tax burden is the third highest in the country. Those in the
industrial classification are in the top ten. Residential owners are
in the top fifteen. If you take the time to talk to business owners,
big or small, they'll tell you that property taxes are the key
obstacle to expansion. Ask a developer or builder, and they'll tell
you that Iowa's property taxes per square foot of built out space make
it uncompetitive to build and lease property compared to other states.