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Page 5 1 revitalization area as of the effective date of its 2 annexation to the city. 3 Sec. ___. Section 404.5, Code 1995, is amended by 4 adding the following new unnumbered paragraph: 5 NEW UNNUMBERED PARAGRAPH. For the purposes of this 6 section, the actual value of the property upon which 7 the value of improvements in the form of 8 rehabilitation or additions to existing structures 9 shall be determined shall be the lower of either the 10 amount listed on the assessment rolls in the 11 assessment year in which such improvements are first 12 begun or the price paid by the owner if the 13 improvements in the form of rehabilitation or 14 additions to existing structures were begun within one 15 year of the date the property was purchased and the 16 sale was a fair and reasonable exchange between a 17 willing buyer and a willing seller, neither being 18 under any compulsion to buy or sell and each being 19 familiar with all the facts relating to the particular 20 property. 21 Sec. ___. APPLICABILITY. This amendment in this 22 division to section 404.5 applies to tax exemptions 23 granted under chapter 404 for improvements to real 24 property first begun on or after January 1, 1995. 25 DIVISION 102 26 Sec. ___. EFFECTIVE DATES. Divisions I, II, and 27 101 of this Act, being deemed of immediate importance, 28 take effect upon enactment. Division V of this Act 29 takes effect July 1, 1997." 30 11. Title page, line 3, by striking the word 31 "date" and inserting the following: "and 32 applicability dates". 33 12. By renumbering as necessary. McCoy of Polk offered the following amendment H-5930, to the committee amendment H-5896, filed by him and Cataldo from the floor and moved its adoption: H-5930 1 Amend the amendment, H-5896, to Senate File 2464, 2 as amended, passed, and reprinted by the Senate, as 3 follows: 4 1. Page 2, line 25, by striking the word ", on". 5 2. Page 2, by striking lines 26 and 27 and 6 inserting the following: "to each county based on the 7 proportion of real estate transfer tax collected in 8 the county to the total amount of real estate transfer 9 tax collected in all counties." Roll call was requested by McCoy of Polk and Fallon of Polk.
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