DES MOINES, Iowa — High property taxes is something that Iowans have known well for the last several years, along with city leaders trying to find ways to overcome shortfalls in budgets.

Senate Study Bill 1208 and House Study Bill 313 are companion bills that look to overhaul the current property tax system in the state according to the republican bill sponsors.

“In previous years, anytime we’ve done property tax legislation, it’s been calling around the edges, tinkering with in the current system, making incremental improvements to the current system and this bill takes a completely different approach,” said State Representative Bobby Kaufmann (R) District 82 from Wilton.

The bill is estimated by the republican sponsors to provide $426 million in property tax cuts, implements a 2% revenue restriction to give relief to Iowans, $25,000 homestead tax credit and gives seniors a property tax freeze if they make less than a certain income threshold. The bill aims to lower tax levies by phasing out a rollback system that hasn’t been updated since 1977. These changes would be applied over the next half decade.

“Iowans will get a $400 million property tax cut through basically the state assuming a greater portion of school funding,” said State Senator Dan Dawson (R) District 10, from Council Bluffs.

Rep. Kaufmann and Sen. Dawson said the bill was a result of years of conversations with local and city governments. There is no expectation for the bill to move forward quickly as both want the state to see the proposal, and amendments may be added. They both expect the bill to pass this session.

Democrat leadership and members of the Iowa House caucus responded to the bill dropping on Thursday afternoon.

“Iowans should be extremely skeptical about the GOP’s latest property tax plan. Over the last decade, every attempt by GOP lawmakers to fix Iowa’s property tax system has failed. Property taxes just keep going up every year, especially for homeowners. House Democrats believe we need to put money back in the pockets of homeowners and renters immediately.”

Rep. David Jacoby (D) District 86 from Coralville

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