Text: HF00008 Text: HF00010 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 427.2A TAXATION OF LIFE ESTATE
1 2 PROPERTY.
1 3 Real estate donated to the state or a political subdivision
1 4 of the state or any agency of the state or political
1 5 subdivision, for which the donor retains a life estate, or
1 6 provides for another to possess a life estate shall continue
1 7 to be subject to property taxation and special assessment to
1 8 the same extent as the property was so subject during the
1 9 fiscal year in which the donation was made. The real property
1 10 shall continue to be taxed until the fiscal year following the
1 11 fiscal year during which the life estate terminates. Upon
1 12 termination of the life estate, the real estate shall be
1 13 subject to taxation as otherwise provided by law.
1 14 EXPLANATION
1 15 The bill provides that when real estate is donated as a
1 16 gift to the state or a political subdivision of the state, and
1 17 the donor provides for the donor or someone else to retain the
1 18 use of the property for the remainder of their lives, the real
1 19 estate continues to be subject to property tax and special
1 20 assessments if the property was so subject prior to the making
1 21 of the gift. Once the use for life ceases the property is
1 22 then taxed or not taxed based upon the law and the
1 23 classification of the property at that time.
1 24 LSB 1291HH 77
1 25 mg/cf/24
Text: HF00008 Text: HF00010 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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