The owners of the Iowa Speedway have appealed the nearly $45 million assessment placed on the Newton racetrack this year claiming the value is far in excess of fair market value.
Conrad Clement, chairman of US Motorsports, owners of the Iowa Speedway, filed an appeal with the Jasper County Board of Review last month asking that its assessment be cut by more than half.
Clement's petition claims the property is over-assessed by $24,976,310 and that its actual value is $20 million.
The Jasper County Board of Review is in session throughout the month of May. Property owners will be notified of appeal decisions when the session adjourns on May 31.
The Board of Review can only reduce the current $44.9 million assessment to the $40 million minimum assessment in effect as part of the original development agreement with the city in effect as of the first of the year.
The Newton City Council will hold a special meeting at 6:30 p.m. tonight to hold a public hearing on a measure to amend the financial incentive agreement with the Iowa Speedway that would cut in half its $40 million minimum assessed value and substitute a user fee on tickets sold at the track to make the city's bond payments, as well as make additional tax rebates to the track.
If approved by the council, the lower minimum assessment would be applied beginning Jan. 1, 2014.