If you have already filed your taxes, hooray for you! It’s always such nice feeling of relief and accomplishment to have it completed. However, if you haven’t filed yet or are looking for some resources to plan ahead and reduce next year’s tax bill – here are some tips to keep in mind. Click below [...]
Today (January 9) marks the start of the 2012 Iowa Legislative Session. As we have reported previously, property tax reform promises to be one of several key issues discussed during this year’s session. Governor Branstad has publicly stated his intention to make property tax reform a key piece of legislation this year, and the governor’s [...]
The 2012 legislative session is just a few weeks away, but already proposals on how to best modify Iowa’s current property tax structure are starting to take shape. The focus has been on providing commericial property tax relief, which legislators say will make Iowa a more attractive place to do business, thereby helping businesses to add [...]
As you may know, the debate continues over the mortgage interest deduction (MID). Some legislators want to eliminate the MID in efforts to reduce the deficit. However, many others believe the MID is vital to the stability of the American housing market and economy. The ability to deduct the interest paid on a mortgage can [...]
The Iowa property tax is primarily a tax on “real property,” which is mostly land, buildings, structures, and other improvements that are constructed on or in the land, attached to the land, or placed upon a foundation. The following five classes of real property are evaluated: residential, agricultural, commercial, industrial, and utilities/railroad. All real property [...]
While national legislative proposals to change the mortgage interest deduction (MID) are still being debated in Washington, D.C., many home owners are wondering how possible changes may impact them. Here’s a few myths and the facts regarding each. Myth #1: The mortgage deduction is just for rich people. Facts: The mortgage interest deduction helps mostly [...]
Legislators in the Iowa House and Senate are still in disagreement as to what should be done to reduce commercial property taxes. Republicans in the House have suggested that commercial property taxes be cut by 40% over the next 5 years, while limiting the amount of lost revenue from property taxes that cities and counties [...]
Iowa House Republicans have reached a deal with governor Branstad that attempts to address the current variation in how residential and commercial properties are assessed for property tax purposes. The details are outlined in House Study Bill 240, and would cut commercial and industrial property taxes by 40 percent over the next 5 years. The downside, [...]
The Des Moines Register reported today that property tax assessments in Polk county will decrease by an average of 3.1% as the latest assessment notices are sent to property owners. This is not entirely unexpected after the rough housing market of the last couple of years. However, the good news for property owners is that lower property tax [...]
Note: This article provides explanations and examples of proposed changes to the mortgage interest deduction and their potential impact on the taxes paid by a homeowner. The article was published by the National Association of REALTORS®. Entry into a new political, economic and fiscal world in 2011 has opened the most active debate in recent [...]
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