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Senate Study Bill 1129 - IntroducedA Bill ForAn Act 1modifying provisions governing the taxation of forest
2reservations and fruit-tree reservations.
3BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 427C.1, Code 2023, is amended to read as
2follows:
3427C.1 Tax exemption.
41. Any person who establishes a forest or fruit-tree
5reservation as provided in this chapter shall be entitled to
6the tax exemption provided by law in this chapter.
72. a. For the assessment year beginning January 1, 2024,
8the amount of the exemption for each qualifying reservation
9shall be that portion of the actual value of the reservation
10that exceeds an amount equal to the product of the number of
11acres of the reservation multiplied by twenty-five percent
12of the county valuation per acre of agricultural property
13determined pursuant to section 441.21, subsection 1, paragraph
14“e”, for the same assessment year.
15b. For the assessment year beginning January 1, 2025, and
16each succeeding assessment year, the amount of the exemption
17for each qualifying reservation shall be that portion of the
18actual value of the reservation that exceeds an amount equal
19to the product of the number of acres of the reservation
20multiplied by fifty percent of the county valuation per acre of
21agricultural property determined pursuant to section 441.21,
22subsection 1, paragraph “e”, for the same assessment year.
23EXPLANATION
24The inclusion of this explanation does not constitute agreement with
25the explanation’s substance by the members of the general assembly.
26Current Code chapter 427C authorizes a property tax
27exemption for certain forest reservations and fruit-tree
28reservations. The bill provides that for the assessment year
29beginning January 1, 2024, the amount of the exemption for each
30qualifying reservation shall be that portion of the actual
31value of the reservation that exceeds an amount equal to the
32product of the number of acres of the reservation multiplied
33by 25 percent of the county valuation per acre of agricultural
34property determined pursuant to Code section 441.21(1)(e) for
35the same assessment year. For the assessment year beginning
-1-1January 1, 2025, and each succeeding assessment year, the
2amount of the exemption for each qualifying reservation shall
3be that portion of the actual value of the reservation that
4exceeds an amount equal to the product of the number of acres
5of the reservation multiplied by 50 percent of the county
6valuation per acre of agricultural property determined pursuant
7to Code section 441.21(1)(e) for the same assessment year.
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2reservations and fruit-tree reservations.
3BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 427C.1, Code 2023, is amended to read as
2follows:
3427C.1 Tax exemption.
41. Any person who establishes a forest or fruit-tree
5reservation as provided in this chapter shall be entitled to
6the tax exemption provided by law in this chapter.
72. a. For the assessment year beginning January 1, 2024,
8the amount of the exemption for each qualifying reservation
9shall be that portion of the actual value of the reservation
10that exceeds an amount equal to the product of the number of
11acres of the reservation multiplied by twenty-five percent
12of the county valuation per acre of agricultural property
13determined pursuant to section 441.21, subsection 1, paragraph
14“e”, for the same assessment year.
15b. For the assessment year beginning January 1, 2025, and
16each succeeding assessment year, the amount of the exemption
17for each qualifying reservation shall be that portion of the
18actual value of the reservation that exceeds an amount equal
19to the product of the number of acres of the reservation
20multiplied by fifty percent of the county valuation per acre of
21agricultural property determined pursuant to section 441.21,
22subsection 1, paragraph “e”, for the same assessment year.
23EXPLANATION
24The inclusion of this explanation does not constitute agreement with
25the explanation’s substance by the members of the general assembly.
26Current Code chapter 427C authorizes a property tax
27exemption for certain forest reservations and fruit-tree
28reservations. The bill provides that for the assessment year
29beginning January 1, 2024, the amount of the exemption for each
30qualifying reservation shall be that portion of the actual
31value of the reservation that exceeds an amount equal to the
32product of the number of acres of the reservation multiplied
33by 25 percent of the county valuation per acre of agricultural
34property determined pursuant to Code section 441.21(1)(e) for
35the same assessment year. For the assessment year beginning
-1-1January 1, 2025, and each succeeding assessment year, the
2amount of the exemption for each qualifying reservation shall
3be that portion of the actual value of the reservation that
4exceeds an amount equal to the product of the number of acres
5of the reservation multiplied by 50 percent of the county
6valuation per acre of agricultural property determined pursuant
7to Code section 441.21(1)(e) for the same assessment year.
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