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IA SSB3001

SB

Official Source

Status

Introduced

1/12/2026

Primary Sponsor

Ways & Means

Click for details

Origin

Senate

91st General Assembly

AI Summary

  • Modifies county property tax levy rates, shortening the transition period for the $3.50 per thousand dollars assessed value cap from July 1, 2028 to July 1, 2027
  • Establishes a "budget adjustment factor" tied to Consumer Price Index (CPI) changes, ranging from 102% (CPI below 4%) to 105% (CPI at or above 8%), which the General Assembly may modify by January 31 each year
  • Caps county levy rate increases when assessed value growth (excluding new construction) exceeds 102% of the prior year's value, limiting revenue growth based on the CPI-linked budget adjustment factor
  • For fiscal year 2027, county levy rates are calculated as the greater of: 102% of current year property tax dollars divided by adjusted assessed value, or a rate yielding 100.5% of current year certified property tax dollars
  • Beginning fiscal year 2028, county levy rates are frozen at current year levels with a minimum floor ensuring at least 100.5% of current year property tax revenue

Legislative Description

A bill for an act relating to state and local government taxes, fees, financial authority, and budgets, modifying divisions of revenue, modifying appropriations, and including effective date, applicability, and retroactive applicability provisions.(See SF 2472.)

Last Action

Committee report approving bill, renumbered as SF 2472.

3/11/2026

Committee Referrals

Ways and Means1/12/2026

Full Bill Text

No bill text available