Businesses that purchase and develop city owned property in the new Jasper Rail Park will be eligible for a partial property tax exemption. The Newton City Council has unanimously approved local property tax abatements pertaining to only the added value that’s created on the property. The first year the company could qualify for up to a 75% property tax abatement, 60% in year two, 45% in year three, 30% in year four , and 15% in year five . At-Large City Councilman Randy Ervin calls the partial property tax exemption a good start.

“It’s great. The more businesses we can get at this level would be perfect. I do think there will be some projects that come down the line that might need more than this. But at least I think this sets a good, positive base for a company wanting to come to Newton.”

The 481 acre Jasper Rail Park is along Iowa Interstate Railroad’s Newton Rail Yard and the railroad’s Renewable Energy Distribution Center. It’s targeted towards businesses that need rail access or high energy requirements, and includes land that is inside and outside of Newton’s city limits.