The City of Newton is in the process of establishing a partial property tax exemption for development in the new Jasper Rail Park industrial park. Newton Mayor Evelyn George says the proposed local property tax abatement pertains to only the added value on eligible properties, and decreases over 5 years.

“The first year the company could qualify for up to 75%, year two 60%, year three 45%, year four 30%, and year five 15%. That would be available to anyone who meets the criteria and would locate in the city zoned area of the Rail Park.”

The approximate 400 acre Rail Park includes land that is inside and outside of Newton’s city limits. Part of the industrial park property is owned by Iowa Interstate Railroad and Alliant Energy. Those companies are private partners in the Jasper Rail Park Project.