Iowans who purchase homes from the U.S. Department of Housing and Urban Development after major disasters would receive property tax exemptions, under a bill passed out of the Iowa House Thursday.
The proposal would lower property taxes on residential properties for four years after they are sold. The state estimates it would save homeowners an average of $6,500 each.
Republican Rep. Megan Jones of Sioux Rapids says the bill will help provide financial relief to people affected by disasters.
“What this bill does is kind of create a soft landing for these folks so that they can get their homes and communities back together in relatively short order.”
Properties would only qualify if they were purchased to provide housing after a major disaster and are located in the area where the governor or president made a disaster declaration.