Text: HF00082 Text: HF00084 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 404.2, subsection 2, Code 1995, is
1 2 amended by adding the following new paragraph:
1 3 NEW PARAGRAPH. k. In the case of an urban revitalization
1 4 area designated by a city, the county and all school districts
1 5 in which is located the urban revitalization area may choose
1 6 not to allow an exemption for that portion of the taxes
1 7 payable to the county or school district or may choose to
1 8 allow an exemption under the schedule set out in section
1 9 404.3, subsection 1, 2, 3, or 4. In the case of an urban
1 10 revitalization area designated by a county, all school
1 11 districts in which is located the urban revitalization area
1 12 may choose not to allow an exemption for that portion of the
1 13 taxes payable to the school district or may choose to allow an
1 14 exemption under the schedule set out in section 404.3,
1 15 subsection 1, 2, 3, or 4. A schedule chosen by a county or
1 16 school district shall not allow a greater exemption, but may
1 17 allow a smaller exemption than allowed in the schedule
1 18 specified in the corresponding subsection of section 404.3.
1 19 Sec. 2. Section 404.3, subsections 2, 3, and 4, Code 1995,
1 20 are amended to read as follows:
1 21 2. All qualified real estate is eligible to receive a
1 22 partial exemption from taxation on the actual value added by
1 23 the improvements. For qualified real estate assessed as
1 24 residential property, the amount of the actual value added by
1 25 the improvements used to compute the exemption shall not
1 26 exceed one hundred thousand dollars. The exemption is for a
1 27 period of ten years. The amount of the partial exemption is
1 28 equal to a percent of the actual value added by the
1 29 improvements, determined as follows:
1 30 a. For the first year, eighty percent.
1 31 b. For the second year, seventy percent.
1 32 c. For the third year, sixty percent.
1 33 d. For the fourth year, fifty percent.
1 34 e. For the fifth year, forty percent.
1 35 f. For the sixth year, forty percent.
2 1 g. For the seventh year, thirty percent.
2 2 h. For the eighth year, thirty percent.
2 3 i. For the ninth year, twenty percent.
2 4 j. For the tenth year, twenty percent.
2 5 3. All qualified real estate is eligible to receive a one
2 6 hundred percent exemption from taxation on the actual value
2 7 added by the improvements. However, for qualified real estate
2 8 assessed as residential property, the amount of the actual
2 9 value added by the improvements used to compute the exemption
2 10 shall not exceed one hundred thousand dollars. The exemption
2 11 is for a period of three years.
2 12 4. All qualified real estate assessed as residential
2 13 property or assessed as commercial property, if the commercial
2 14 property consists of three or more separate living quarters
2 15 with at least seventy-five percent of the space used for
2 16 residential purposes, is eligible to receive a one hundred
2 17 percent exemption from taxation on the actual value added by
2 18 the improvements. However, for qualified real estate assessed
2 19 as residential property, the amount of the actual value added
2 20 by the improvements used to compute the exemption shall not
2 21 exceed one hundred thousand dollars. The exemption is for a
2 22 period of ten years.
2 23 Sec. 3. Section 404.4, Code 1995, is amended by adding the
2 24 following new unnumbered paragraphs:
2 25 NEW UNNUMBERED PARAGRAPH. An owner is not eligible to
2 26 receive an exemption for property located within a
2 27 revitalization area and classified as residential property if
2 28 that owner, or that owner's spouse, has at any time received
2 29 an exemption under this chapter for other property located in
2 30 a revitalization area and classified as residential property.
2 31 However, this shall not apply to an owner, or an owner's
2 32 spouse, who has submitted an application following a
2 33 dissolution of marriage pursuant to chapter 598.
2 34 NEW UNNUMBERED PARAGRAPH. If an owner is granted an
2 35 exemption for residential property, such property must also be
3 1 claimed as the owner's homestead under chapter 425 for taxes
3 2 payable in the fiscal year in which the exemption is first
3 3 allowed.
3 4 Sec. 4. APPLICABILITY. This Act applies to applications
3 5 for exemption filed on or after January 1, 1996.
3 6 EXPLANATION
3 7 This bill makes several amendments relating to property tax
3 8 exemptions for property located in an urban revitalization
3 9 area. The bill provides that, in the case of an urban
3 10 revitalization area designated by a city, a school district or
3 11 county located within the revitalization area may choose to
3 12 allow no exemption from taxation or may allow an exemption
3 13 under a schedule other than that chosen by the city. In the
3 14 case of a revitalization area designated by a county, a school
3 15 district located within the area may choose to allow no
3 16 exemption or may allow an exemption under a schedule other
3 17 than that chosen by the county.
3 18 The bill provides that, for certain exemption schedules,
3 19 the amount of the actual improvements to residential property
3 20 upon which the exemption is computed shall not exceed
3 21 $100,000.
3 22 The bill provides that an owner applying for a tax
3 23 exemption for residential property located in an urban
3 24 revitalization area shall not receive the exemption if the
3 25 owner has already received such an exemption unless the
3 26 exemption was granted while the owner was married and the
3 27 owner has since dissolved the marriage. The bill also
3 28 provides that residential property for which an owner seeks an
3 29 exemption must also be the owner's homestead for purposes of
3 30 property taxation beginning in the tax year that the exemption
3 31 is applied to property taxes due and payable.
3 32 The bill applies to applications for property tax exemption
3 33 filed on or after January 1, 1996.
3 34 LSB 1201HH 76
3 35 sc/jj/8
Text: HF00082 Text: HF00084 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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