More property tax revenue from the Iowa Speedway is going to be coming to the City of Newton. Newton Mayor Randy Ervin says the 20-year Tax Increment Financing that was used to help fund construction of the racetrack from June 2005 into 2006 is expiring this year.

“And as we all know, with property taxes being a big discussion, it’s always good to have a new project come online.”

Under Tax Increment Financing, the additional tax revenue generated by improvements to the property is diverted for a specified number of years, to pay back what was borrowed for those improvements.

According to property and tax records provided by Beacon Schneider, Iowa Speedway’s net assessed value in 2025 was just over 22-million 956-thousand dollars. That resulted in tax payments last year that just exceeded $813,000.