Study the system of local government property taxation. The committee shall conduct a comprehensive review of the property tax system in Iowa, including identifying the various classes of property taxpayers, the portion of property taxes collected from each class of taxpayer, the distribution of those taxes to local governments, and the value of local government services received by a class of taxpayers in relation to the amount of property taxes paid by that class. The committee shall also examine the current system of property tax credits and exemptions allowed to taxpayers, tax increment financing and tax abatement programs, property tax credits and exemptions, the effect of tax abatement programs, and tax increment financing on the tax rates applied to the other classes of property, and the general authority of local officials to abate property taxes.
As an integral part of the collection of taxes by local governments, the committee shall also review the budgeting procedures and practices of local governments, including the process of estimating and spending ending fund balances; the authorization to use, or the practice of using, unexpended funds or ending fund balances for capital improvements or other nonrecurring expenditures; and the impact on property tax rates of actions of the school budget review committee, the state appeal board, the application of the property tax rollback, and the application of equalization orders issued by the department of revenue and finance. The committee shall also review the use of property taxes as the sole or major source of funding for school, city, and county services and the use of alternate sources of revenues to pay for such services, the repayment of bonds or other debt obligations by local governments, the use of alternate sources of revenue to repay bonds or other debt obligations, and the current statutory requirements for the issuance of bonds or other debt obligations by local governments.
The committee shall address the goals of property tax simplification, equity, and reduction. The committee shall consult with representatives of farm organizations, Iowa State Association of Counties, Iowa League of Cities, education organizations, business and industry organizations, labor organizations, and others who may be of assistance to the committee.
OTHER INFORMATION FOR THIS COMMITTEE:
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