A bill that limits property tax hikes has finally cleared the Iowa Senate. The bill sets up a new “cap” for county property tax increases, but inflation and population growth may be used as factors in calculating a higher rate. Senator Larry McKibben, a republican from Marshalltown, backed the bill. He says the one constant in the debate is an archaic system in need of reform.Senator Jeff Angelo, a republican from Creston, voted for the limit on property taxes. He says it’s not a novel concept to allow people to keep more of their own money.But Senator Thomas Fiegen, a democrat from Clarence, says property owners need to pay their fair share for the services government provides. He says if they take more of the burden off of property tax payers, it’ll fall on young people who’ll flee instead of paying.The bill, which failed the Senate last week, passed on a 28 to 20 vote late yesterday afternoon. It does not limit property taxes raised by schools or cities. The bill must get House approval and the Governor’s signature before it becomes law.