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House Journal: Page 2015: Thursday, April 27, 1995

Page 24
 1   commercial and industrial property assessed for taxes
 2   payable in that fiscal year and the valuation of such
 3   property assessed as of January 1, 1994, and shall
 4   report the valuations to the county auditor.
 5     3.  On or before July 1, 1996, and on or before
 6   July 1 of each succeeding fiscal year through June 30,
 7   2006, the county auditor shall prepare a statement,
 8   based upon the report received pursuant to subsections
 9   1 and 2, listing for each taxing district in the
10   county:
11     a.  Beginning with the assessment year beginning
12   January 1, 1995, the difference between the assessed
13   valuation of property assessed pursuant to section
14   427B.17 for that year and the total assessed value of
15   such property assessed as of January 1, 1994.  If the
16   total assessed value of the property assessed as of
17   January 1, 1994, is less, there is no tax replacement
18   for the fiscal year.
19     b.  The tax levy rate for each taxing district for
20   that fiscal year.
21     c.  The industrial machinery, equipment and
22   computers tax replacement claim for each taxing
23   district.  For fiscal years beginning July 1, 1996,
24   and ending June 30, 2001, the replacement claim is
25   equal to the amount determined pursuant to paragraph
26   "a", multiplied by the tax rate specified in paragraph
27   "b".  For fiscal years beginning July 1, 2001, and
28   ending June 30, 2006, the replacement claim is equal
29   to the product of the amount determined pursuant to
30   paragraph "a", less any increase in valuations
31   determined in paragraph "d", and the tax rate
32   specified in paragraph "b".  If the amount subtracted
33   under paragraph "d" is more than the amount determined
34   in paragraph "a", there is no tax replacement for the
35   fiscal year.
36     d.  Beginning with the assessment year beginning
37   January 1, 2000, the auditor shall reduce the amount
38   listed in paragraph "a", by the increase, if any, in
39   assessed valuations of commercial and industrial
40   property in the assessment year beginning January 1,
41   1994, and the assessment year for which taxes are due
42   and payable in that fiscal year.  If the calculation
43   under this paragraph indicates a net decrease in
44   aggregate valuation of such property, the industrial
45   machinery, equipment and computers tax replacement
46   claim for each taxing district is equal to the amount
47   determined pursuant to paragraph "a", multiplied by
48   the tax rate specified in paragraph "b".
49     4.  The county auditor shall certify and forward
50   one copy of the statement to the department of revenue

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 1)

© 1995 Cornell College and League of Women Voters of Iowa

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URL: /DOCS/GA/76GA/Session.1/HJournal/02000/02015.html
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