Text: HF02385 Text: HF02387 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 404.2, subsection 2, paragraph h, 1 2 unnumbered paragraph 1, Code Supplement 1997, is amended to 1 3 read as follows: 1 4 Any tax exemption schedule that shall be used in lieu of 1 5 the schedule set out in section 404.3, subsection 1, 2, 3 or 1 6 4. This schedule shall not allow a greater exemption, but may 1 7 allow a smaller exemption, than allowed in the schedule 1 8 specified in the corresponding subsection of section 404.3. 1 9 Any tax exemption schedule used in lieu of the schedule set 1 10 out in section 404.3, subsection 1, 2, 3, or 4, shall not 1 11 exceed five years in duration. 1 12 Sec. 2. Section 404.3, Code 1997, is amended by adding the 1 13 following new subsection: 1 14 NEW SUBSECTION. 9. For purposes of subsection 2, 3, or 4, 1 15 or for purposes of a different schedule adopted by a city or 1 16 county as part of the city or county urban revitalization 1 17 plan, when computing the exemption for actual value added by 1 18 improvements to qualified real estate assessed as residential 1 19 property, if the actual value added is the result of new 1 20 construction on vacant land or on land with existing 1 21 structures, the exemption shall be computed on only that 1 22 amount of actual value added which exceeds fifty thousand 1 23 dollars. 1 24 Sec. 3. Section 404.3A, Code Supplement 1997, is repealed. 1 25 Sec. 4. CONTINUATION OF EXEMPTION. Exemptions granted 1 26 pursuant to section 404.3A shall continue until their 1 27 expiration. 1 28 Sec. 5. APPLICABILITY. This Act applies to urban 1 29 revitalization areas designated on or after July 1, 1998. 1 30 This Act also applies to amendments made on or after July 1, 1 31 1998, to urban revitalization plans for urban revitalization 1 32 areas designated before July 1, 1998. 1 33 EXPLANATION 1 34 This bill provides that a property tax exemption schedule 1 35 adopted by a city or county, in lieu of the schedule in the 2 1 Code, as part of an urban revitalization plan shall not exceed 2 2 five years in duration. The bill also provides that, for 2 3 qualified residential property only, actual value added by 2 4 improvements which may be used to compute an urban 2 5 revitalization tax exemption shall be only that portion of the 2 6 actual value added by the improvements which exceeds $50,000. 2 7 The bill also repeals an exemption schedule which would have 2 8 allowed all qualified real estate assessed as residential 2 9 property and located in an urban revitalization area 2 10 established for residential development purposes to receive an 2 11 exemption from taxation of the first $75,000 of actual value 2 12 added by improvements. However, current exemptions allowed 2 13 under this section shall continue until their expiration. 2 14 The bill applies to urban revitalization areas designated 2 15 on or after July 1, 1998. The bill also applies to amendments 2 16 made on or after July 1, 1998, to urban revitalization plans 2 17 for urban revitalization areas designated before July 1, 1998. 2 18 LSB 3477YH 77 2 19 sc/jw/5
Text: HF02385 Text: HF02387 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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