Iowa Speedway's 20-Year Tax Rebate Expires

More property tax revenue will go to the City of Newton as the racetrack's TIF deal ends.

Mar. 23, 2026 at 2:47pm

Got story updates? Submit your updates here. ›

The 20-year Tax Increment Financing (TIF) deal used to help fund the construction of the Iowa Speedway in Newton is expiring this year. This means the city will now receive the full property tax revenue from the racetrack, which was over $813,000 in 2025 based on its $22.9 million assessed value.

Why it matters

The expiration of the TIF deal will provide a boost in tax revenue for the City of Newton, which can be used to fund local priorities. This comes at a time when property taxes are a major discussion topic, making the additional funds especially valuable.

The details

The TIF deal, which ran from 2005 to 2006 when the Iowa Speedway was constructed, diverted the additional tax revenue generated by the racetrack's improvements to pay back what was borrowed for those improvements. Now that the 20-year TIF period is over, the full property tax revenue will go to the city.

  • The 20-year TIF deal for the Iowa Speedway construction was in place from 2005 to 2006.
  • The TIF deal is expiring in 2026.

The players

Randy Ervin

The mayor of Newton, Iowa.

Iowa Speedway

A racetrack located in Newton, Iowa.

Got photos? Submit your photos here. ›

What they’re saying

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

— Randy Ervin, Mayor of Newton

What’s next

The City of Newton will now receive the full property tax revenue from the Iowa Speedway, which was over $813,000 in 2025 based on its $22.9 million assessed value.

The takeaway

The expiration of the Iowa Speedway's 20-year TIF deal will provide a significant boost in tax revenue for the City of Newton, coming at a time when property taxes are a major concern for many residents.