Senate File 2472 introduces comprehensive reforms to property assessment, taxation, and funding mechanisms for state and local governments in Iowa. Key provisions include adjustments to property tax levy rates for counties and cities, with specific rates established for fiscal years beginning on or after July 1, 2024, and new calculations for levy rates starting July 1, 2027. The bill also establishes the FirstHome Iowa program, which aims to assist first-time homebuyers by allowing them to invest in a public trust to cover homebuyer expenses. Additionally, it prohibits governmental entities from using bonds or other indebtedness for general operations starting July 1, 2026, and introduces a new definition of "new valuation."

Further amendments focus on property tax exemptions and classifications, particularly for residential and multiresidential properties, including a 100% exemption for improvements on qualified properties and a five-year exemption for the first $75,000 of added value in designated development areas. The bill also modifies the foundation property tax rates for school districts, introduces new guidelines for unspent balances, and limits property tax levies for regional transit districts and emergency management agencies. Overall, Senate File 2472 aims to enhance fiscal responsibility, transparency, and accessibility in property tax and school funding practices while promoting homeownership and economic development in Iowa.

Statutes affected:
Introduced: 331.423, 331.510, 384.12, 257.3, 257.4, 257.1, 257.15, 257.16, 257.16D, 8.33, 298A.3, 297.36, 298.4, 257.2, 39.2, 423F.2, 423F.3, 425A.3, 444.3, 441.21, 386.11, 404.3, 404.3A, 427A.1, 441.49, 441.47, 335.30A, 4.13, 425.1, 35.1, 425.1A, 425.11, 25B.7, 425.2, 483A.24, 483A.1, 347A.3, 357F.8, 357G.8, 176A.10, 312.2, 331.429, 423B.1, 423B.7, 321.116, 321.109, 452A.3, 441.16, 96.31, 28M.5, 437A.15, 24.2A, 24.3, 331.434, 384.16
Reprinted: 331.423, 331.510, 384.12, 257.4, 257.1, 257.15, 257.16, 257.16D, 8.33, 298A.3, 297.36, 298.4, 257.2, 39.2, 423F.2, 423F.3, 425A.3, 257.3, 444.3, 257.31, 441.21, 386.11, 404.3, 404.3A, 427A.1, 441.49, 441.47, 558.46, 4.13, 425.1, 35.1, 425.1A, 422.4, 25B.7, 425.2, 425.11, 425.17, 483A.1, 347A.3, 357F.8, 357G.8, 176A.10, 312.2, 331.429, 423B.1, 423B.7, 321.116, 321.109, 452A.3, 441.16, 96.31, 28M.5, 437A.15, 24.2A, 24.3, 331.434, 384.16, 403.9, 422.7, 12L.3, 627.6, 633.108, 633.555, 633.678, 633.681, 425.16, 425.23, 425.24, 427.1, 257.13, 257.6, 403.19, 403.17
Enrolled: 331.423, 331.510, 384.1, 384.12, 24.48, 312.2, 331.429, 425.11, 422.7, 12L.3, 627.6, 633.108, 633.555, 633.678, 633.681, 257.3, 444.3, 423.2A, 423.5, 423.43, 423F.2, 423F.6, 425.17, 441.21, 386.11, 404.3, 404.3A, 427A.1, 441.49, 441.47, 335.30A, 404.2, 257.7, 257.13, 257.6, 331.403, 24.35, 15A.1, 384.22, 403.17, 403.19, 403.9, 403.22, 441.33, 428A.7, 176A.10, 404.3D, 10A.518, 25B.7, 425.1, 499B.2, 216.12, 321.1, 48A.2, 331.559, 425.4, 35.1, 425.1A, 422.4, 425.2, 483A.24, 483A.1, 24.2A, 24.3, 331.434, 384.16, 347A.3, 28M.5, 8.54, 29C.17