Text: HF02025 Text: HF02027 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 404.5, Code 1995, is amended by adding
1 2 the following new unnumbered paragraph:
1 3 NEW UNNUMBERED PARAGRAPH. For the purposes of this
1 4 section, the actual value of the property upon which the value
1 5 of the improvements shall be determined shall be the lower of
1 6 either the amount listed on the assessment rolls in the
1 7 assessment year in which the improvements are first begun or
1 8 the price paid by the owner if the improvements were begun
1 9 within three years of the date the property was purchased and
1 10 the sale was a fair and reasonable exchange between a willing
1 11 buyer and a willing seller, neither being under any compulsion
1 12 to buy or sell and each being familiar with all the facts
1 13 relating to the particular property.
1 14 Sec. 2. APPLICABILITY. This Act applies to tax exemptions
1 15 granted under chapter 404 for improvements to real property
1 16 first begun on or after January 1, 1995.
1 17 EXPLANATION
1 18 This bill sets the base year upon which the value of
1 19 improvements to real property entitled to an urban
1 20 revitalization tax exemption are added. Currently, the actual
1 21 value is the assessed value in the year in which the
1 22 improvements are first begun. This bill sets the actual value
1 23 at the lower of the assessed value in the year in which the
1 24 improvements are first begun or the sale price paid by the
1 25 owner if the sale was an arms-length transaction and the
1 26 improvements were begun within three years of the date the
1 27 property was purchased. The Act applies to urban
1 28 revitalization tax exemptions for improvements to real
1 29 property first begun on or after January 1, 1995.
1 30 LSB 3419HH 76
1 31 sc/cf/24
Text: HF02025 Text: HF02027 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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