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 Section 404.3A, Code Supplement 1997, is repealed.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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