Text: HF02290 Text: HF02292 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 404.2, subsection 2, paragraph f, Code 1 2 Supplement 1997, is amended to read as follows: 1 3 f. A statement specifying whether the revitalization is 1 4 applicable to none, some, or all of the property assessed as 1 5 residential, agricultural, commercial or industrial property 1 6 within the designated area or a combination thereof and 1 7 whether the revitalization is for rehabilitation and additions 1 8 to existing buildings or new construction or both. If 1 9 revitalization is made applicable only to some property within 1 10 an assessment classification, the definition of that subset of 1 11 eligible property must be by uniform criteria which further 1 12 some planning objective identified in the plan. The city 1 13 shall state how long it is estimated that the area shall 1 14 remain a designated revitalization area which time shall be 1 15 longer than one year from the date of designation and shall 1 16 state any plan by the city to issue revenue bonds for 1 17 revitalization projects within the area. For a county, a 1 18 revitalization area shall include only property which will be 1 19 used as industrial property, commercial property, commercial 1 20 property consisting ofthreefour or more separate living 1 21 quarters with at least seventy-five percent of the space used 1 22 for residential purposes, or residential property. However, a 1 23 county shall not provide a tax exemption under this chapter to 1 24 commercial property, commercial property consisting ofthree1 25 four or more separate living quarters with at least seventy- 1 26 five percent of the space used for residential purposes, or 1 27 residential property which is located within the limits of a 1 28 city. 1 29 Sec. 2. Section 404.3, subsection 4, Code 1997, is amended 1 30 to read as follows: 1 31 4. All qualified real estate assessed as residential 1 32 property or assessed as commercial property, if the commercial 1 33 property consists ofthreefour or more separate living 1 34 quarters with at least seventy-five percent of the space used 1 35 for residential purposes, is eligible to receive a one hundred 2 1 percent exemption from taxation on the actual value added by 2 2 the improvements. The exemption is for a period of ten years. 2 3 Sec. 3. Section 441.21, subsection 11, Code Supplement 2 4 1997, is amended to read as follows: 2 5 11. a. Beginning with valuations established on or after 2 6 January 1, 1995, as used in this section, "residential 2 7 property" includes all land and buildings of multiple housing 2 8 cooperatives organized under chapter 499A and includes land 2 9 and buildings used primarily for human habitation which land 2 10 and buildings are owned and operated by organizations that 2 11 have received tax-exempt status under section 501(c)(3) of the 2 12 Internal Revenue Code and rental income from the property is 2 13 not taxed as unrelated business income under section 422.33, 2 14 subsection 1A. 2 15 b. For the assessment year beginning January 1, 1999, and 2 16 for all subsequent assessment years, "commercial property" 2 17 includes buildings and structures used as commercial ventures, 2 18 which buildings and structures contain four or more separate 2 19 living quarters intended for human habitation. 2 20 EXPLANATION 2 21 This bill provides that buildings and structures which 2 22 contain four or more separate living quarters intended for 2 23 human habitation and which are used as commercial ventures 2 24 shall be considered commercial property for property tax 2 25 assessment purposes. 2 26 The bill applies to assessment years beginning on or after 2 27 January 1, 1999. 2 28 LSB 4099HH 77 2 29 sc/cf/24
Text: HF02290 Text: HF02292 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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