(DES MOINES) Gov. Terry E. Branstad and Lt. Gov. Kim Reynolds released data from the Iowa Department of Revenue that shows Grundy County is receiving $150,480.79 in state back-fill funding and taxpayers are receiving $222,027.12 in credits, for a total of $372,507.91, in the 2013 assessment year as part of the historic property tax reduction bill advocated for by Branstad and Reynolds. The funding to Iowa counties is part of the historic passage of Senate File 295, which Gov. Branstad signed into law on June 12, 2013, in Hiawatha, Iowa.

The historic tax relief package has many benefits for Iowa taxpayers, including:

1. Permanent property tax relief protected by a standing appropriation, that represents the largest tax reduction in Iowa history – $4.4 billion over 10 years.

2. Property tax reduction for all classes of property: agricultural, residential, commercial and industrial, without shift of the tax burden to other classes of property.

3. Changes the school finance formula so that “allowable growth” is replaced by 100% state aid.

4. Commercial and industrial property are being taxed at 95% of assessed value this year, eventually moving to 90% of assessed value next year.

“For thirty years the Iowa Legislature talked about reducing taxes. Lieutenant Governor Reynolds and I are proud that in 2013 we were able to bring Democrats and Republicans together to give hardworking Iowa taxpayers the tax relief that they deserve,” said Branstad. “With the implementation of the historic tax reduction bill of 2013, Iowa counties now have the funds from the state to provide the tax relief to citizens across the state.”

The historic tax reform passage of 2013 received strong bipartisan support. It passed the Iowa Senate 43-6 on May 22, 2013, and the Iowa House 84-13 on May 23, 2013.

“As a former county treasurer who had the unenviable job of collecting taxes, I’m pleased to see that the reforms we put in place are being fulfilled and local governments are able to pass the savings on to the taxpayers,” said Reynolds. “For too long, local governments grew skeptical of the state meeting its funding obligations, but Governor Branstad and I are committed to continuing to honor our word and passing responsible budgets.”

In a recent news report published in the Cedar Rapids Gazette, Iowa officials reacted to the state’s historic property tax relief package:

“‘I think business owners, particularly smaller ones, really saw a difference this year,'” said Jeff Robinson, a tax analyst with the Legislative Services Agency. ‘I mean they really had to notice when they got their bill this that it was less than it was the year before.'”