Newton City Commission Approves 10-Year Tax Abatement, IRBs for Hillsboro Industries Expansion

The Newton City Commission on Tuesday approved a 10-year property tax abatement and authorized the issuance of Industrial Revenue Bonds to support Hillsboro Industries’ new manufacturing facility on East First Street.

Hillsboro Industries, a long-established Hillsboro-based manufacturer of truck beds and trailers, recently completed construction of its 56,000-square-foot Newton facility. The project represents an approximately $8 million capital investment, not including additional equipment and furnishings. Company leaders have projected the creation of roughly 50 new full-time positions at the plant, with an average annual salary of $58,000.

Under the approved abatement, property taxes on the new improvements will be deferred for a decade, while the property will continue to be taxed at its prior valuation. The IRB financing also provides a sales-tax exemption for construction materials used in the project.

<figure>
 <img src="https://media.eaglewebservices.com/public/2025/12/1765408216192.jpeg" alt="Hillsboro Mfg. - Newton (Photo courtesy City of Newton)" />
 <figcaption>Hillsboro Mfg. - Newton (Photo courtesy City of Newton)</figcaption>
 </figure>Newton City Commission Approves 10-Year Tax Abatement, IRBs for Hillsboro Industries ExpansionThe Newton City Commission on Tuesday approved a 10-year property tax abatement and authorized the issuance of Industrial Revenue Bonds to support Hillsboro Industries’ new manufacturing facility on East First Street.Hillsboro Industries, a long-established Hillsboro-based manufacturer of truck beds and trailers, recently completed construction of its 56,000-square-foot Newton facility. The project represents an approximately $8 million capital investment, not including additional equipment and furnishings. Company leaders have projected the creation of roughly 50 new full-time positions at the plant, with an average annual salary of $58,000.Under the approved abatement, property taxes on the new improvements will be deferred for a decade, while the property will continue to be taxed at its prior valuation. The IRB financing also provides a sales-tax exemption for construction materials used in the project.