City Manager Recommends Emergency Fund for Iowa City
IOWA CITY, Iowa - Iowa City's city manager is recommending that the city create an emergency fund and study a possible sales tax increase to account for potential cuts in property taxes.
City manager Tom Markus says the tax cuts on commercial properties and apartment buildings that the legislature passed could cost Iowa City up to 50 million dollars over 10 years.
Lawmakers have pledged to make up for the lost property tax money with more state revenue, but Markus warns that is not a guarantee.
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