Iowa Code § 422.2 — Purpose or object

This chapter shall be known as the “P roperty Relief Act” , and shall have for its purpose the direct replacement of taxes already levied or to be levied on property to the extent of the net revenue obtained from the taxes imposed herein, which shall be apportioned back to the credit of individual taxpayers on the basis of the assessed valuation of taxable property as provided in subchapter VIII of this chapter .