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House Study Bill 331

Conference Committee Text

PAG LIN
  1  1    Section 1.  Section 441.21, subsection 5, Code 1995, is
  1  2 amended to read as follows:
  1  3    5.  For valuations established as of January 1, 1979, the
  1  4 percentage of actual value at which agricultural and
  1  5 residential property shall be assessed shall be the quotient
  1  6 of the dividend and divisor as defined in this section.  The
  1  7 dividend for each class of property shall be the dividend as
  1  8 determined for each class of property for valuations
  1  9 established as of January 1, 1978, adjusted by the product
  1 10 obtained by multiplying the percentage determined for that
  1 11 year by the amount of any additions or deletions to actual
  1 12 value, excluding those resulting from the revaluation of
  1 13 existing properties, as reported by the assessors on the
  1 14 abstracts of assessment for 1978, plus six percent of the
  1 15 amount so determined.  However, if the difference between the
  1 16 dividend so determined for either class of property and the
  1 17 dividend for that class of property for valuations established
  1 18 as of January 1, 1978, adjusted by the product obtained by
  1 19 multiplying the percentage determined for that year by the
  1 20 amount of any additions or deletions to actual value,
  1 21 excluding those resulting from the revaluation of existing
  1 22 properties, as reported by the assessors on the abstracts of
  1 23 assessment for 1978, is less than six percent, the 1979
  1 24 dividend for the other class of property shall be the dividend
  1 25 as determined for that class of property for valuations
  1 26 established as of January 1, 1978, adjusted by the product
  1 27 obtained by multiplying the percentage determined for that
  1 28 year by the amount of any additions or deletions to actual
  1 29 value, excluding those resulting from the revaluation of
  1 30 existing properties, as reported by the assessors on the
  1 31 abstracts of assessment for 1978, plus a percentage of the
  1 32 amount so determined which is equal to the percentage by which
  1 33 the dividend as determined for the other class of property for
  1 34 valuations established as of January 1, 1978, adjusted by the
  1 35 product obtained by multiplying the percentage determined for
  2  1 that year by the amount of any additions or deletions to
  2  2 actual value, excluding those resulting from the revaluation
  2  3 of existing properties, as reported by the assessors on the
  2  4 abstracts of assessment for 1978, is increased in arriving at
  2  5 the 1979 dividend for the other class of property.  The
  2  6 divisor for each class of property shall be the total actual
  2  7 value of all such property in the state in the preceding year,
  2  8 as reported by the assessors on the abstracts of assessment
  2  9 submitted for 1978, plus the amount of value added to said
  2 10 total actual value by the revaluation of existing properties
  2 11 in 1979 as equalized by the director of revenue pursuant to
  2 12 section 441.49.  The director shall utilize information
  2 13 reported on abstracts of assessment submitted pursuant to
  2 14 section 441.45 in determining such percentage.  For valuations
  2 15 established as of January 1, 1980, and each year thereafter,
  2 16 the percentage of actual value as equalized by the director of
  2 17 revenue and finance as provided in section 441.49 at which
  2 18 agricultural and residential property shall be assessed shall
  2 19 be calculated in accordance with the methods provided herein
  2 20 including the limitation of increases in agricultural and
  2 21 residential assessed values to the percentage increase of the
  2 22 other class of property if the other class increases less than
  2 23 the allowable limit adjusted to include the applicable and
  2 24 current values as equalized by the director of revenue and
  2 25 finance, except that any in this subsection.  However,
  2 26 references to six percent in this subsection shall be four
  2 27 percent.  However, notwithstanding the computations in this
  2 28 subsection for valuations established as of January 1, 1995,
  2 29 and each succeeding assessment year, the percentage of actual
  2 30 value at which residential property shall be assessed for
  2 31 taxation shall not exceed seventy-five percent.
  2 32    Sec. 2.  This Act, being deemed of immediate importance,
  2 33 takes effect upon enactment and applies retroactively to
  2 34 January 1, 1995, for valuations for property tax established
  2 35 on or after that date.  
  3  1                           EXPLANATION
  3  2    Under present law statewide valuations for residential and
  3  3 agricultural property are limited to an increase from year-to-
  3  4 year of 4 percent.  In addition, the valuations have been tied
  3  5 together so that one will not increase at a faster rate than
  3  6 the other.  This has resulted in residential property being
  3  7 subject to tax at less than 70 percent of its actual value.
  3  8    The bill removes the tie between residential and
  3  9 agricultural valuations but limits the amount of value upon
  3 10 which residential property would be taxed to 75 percent.
  3 11    The bill applies to valuations established on or after
  3 12 January 1, 1995.  
  3 13 LSB 2624HC 76
  3 14 mg/sc/14
     
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