The Iowa House of Representatives took action today to lower property taxes for homeowners and businesses rebuilding after natural disasters and providing more clean up resources for cities and counties.
“This is about revitalizing communities that were hardest hit and helping Iowans recover. We are doing all we can to give communities more tools and incentives to rebuild homes and businesses,” said State Representative Tyler Olson of Cedar Rapids, who won approval of the bill.
Senate File 457 helps cities and counties respond more quickly to disasters and also give them more options for financing rebuilding projects. The bill also allows cities and counties to establish “disaster revitalization areas” to encourage redevelopment by capping property assessments in disaster-damaged zones at pre-disaster levels for a period of five years. At the same time, the city or county must identify the measures to protect the area against future disaster damage.
The bill now returns to the Senate.