This form is a clause regarding additional rent element of an office lease providing for tax increases. The tax increases pertain to assessments and special assessments levied, assessed or imposed upon the building and/or the land under, including any land(s) dedicated to the use of, the building, by any governmental bodies or authorities.
Iowa Tax Increase Clause
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Multi-State
Control #:
US-OL19033GA
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Word;
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How to fill out Tax Increase Clause?
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FAQ
Beginning in tax year 2026, Iowa will have a flat individual income tax rate of 3.9%. The upper and lower limits of the income tax brackets double for married taxpayers who file a joint return.
For taxes on 2023 income, high inflation prompted the IRS to raise thresholds 7% for income tax brackets, an unusually large percentage. (The IRS has also released tax bracket changes for 2024, which you'll use to file in 2025.)
"People think that means your taxes are going up 20%. That's not going to be the case. We have a thing called the residential rollback in Iowa. That's going to limit the growth of taxable value statewide to 3%," Ripperger said.
Iowans age 65 or older are eligible for a property tax exemption worth $3,250 for the assessment year beginning Jan. 1, 2023. In subsequent years, the exemption doubles to $6,500.
The tax rate is 1% of the total home value and the rate can only increase a max of 2% per year.
The 3% limitation in growth is for the total taxable value within the state for that class of property. It is not a limitation to an individual growth in assessed value. Budgets and tax rates are established. Iowa statutes determine which local authorities have the power to levy tax dollars.
2023: The top rate will lower to 6%, giving a tax cut to Iowans making $75,000 or more. 2024: The top rate will lower to 5.7%, giving a tax cut to Iowans making $30,000 or more. 2025: The top rate will lower to 4.82%, giving a tax cut to those making $6,000 or more.
How much will this lower property tax bills? The new law provides a $3,250 exemption for the most recent assessment done in 2023. It will then increase to $6,500 for the 2024 assessment year. The amount of savings will vary across Iowa because consolidated property tax rates differ from community to community.