IA SF2472

Modifies county property tax levy rate provisions, shortening the transition period from July 1, 2028 to July 1, 2027 for implementing the $3.50 per thousand dollars of assessed value cap on general county services.

Establishes a new budget adjustment factor tied to the Consumer Price Index (CPI) for all urban consumers, ranging from 102% (CPI below 4%) to 105% (CPI at or above 8%), which caps annual property tax levy increases.

Creates a formula limiting county levy rates when assessed property values (excluding new construction) increase by 102% or more over the prior year, designed to prevent windfall tax collections from rising property values.

Allows the General Assembly to modify the budget adjustment factor by January 31 preceding each applicable fiscal year.

Includes provisions for calculating levy rates based on prior year certified property tax dollars and assessed values, with specific formulas for the fiscal year beginning July 1, 2027.