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Branstad Signs Commercial Property Tax Cut

HIAWATHA, Iowa (CBS 2 Iowa/FOX 28/AP) -- Gov. Terry Branstad was in Hiawatha Wednesday afternoon to sign a bill into law that will cut property taxes for businesses and individuals.

The event was held at Hawkeye Ready-Mix, a concrete supplier with plants in several eastern Iowa locations.

The measure represents a compromise between Senate Democrats and House Republicans.

It will reduce taxable assessments for commercial properties and offer tax credits geared at small businesses.

The measure also limits the amount that residential and agricultural property values can grow. And it provides some income tax breaks to Iowa taxpayers.

“AP contributed to this report.”

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