Iowa General Assembly Banner

 
Text: HSB00220                          Text: HSB00222
Text: HSB00200 - HSB00299               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 221

Bill Text

PAG LIN
  1  1    Section 1.  Section 403.19, Code 1997, is amended by adding
  1  2 the following new subsection:
  1  3    NEW SUBSECTION.  7.  A municipality shall not amend an
  1  4 urban renewal plan in order to remove taxable property from a
  1  5 designated urban renewal area at any time while any
  1  6 outstanding loans, advances, indebtedness, or bonds remain to
  1  7 be paid for the designated urban renewal project from the
  1  8 special fund established in subsection 2.
  1  9    Sec. 2.  Section 403.20, Code 1997, is amended to read as
  1 10 follows:
  1 11    403.20  PERCENTAGE OF ADJUSTMENT CONSIDERED IN VALUE
  1 12 ASSESSMENT.
  1 13    In determining the assessed value of property within an
  1 14 urban renewal area which is subject to a division of tax
  1 15 revenues pursuant to section 403.19, the difference between
  1 16 the actual value of the property as determined by the assessor
  1 17 each year and the percentage of adjustment certified for that
  1 18 year by the director of revenue and finance on or before
  1 19 November 1 pursuant to section 441.21, subsection 10,
  1 20 multiplied by the actual value of the property as determined
  1 21 by the assessor, shall be subtracted from the actual
  1 22 incremental value of the property as determined pursuant to
  1 23 section 403.19, subsection 1 2.  If the assessed incremental
  1 24 value of the property as determined pursuant to section
  1 25 403.19, subsection 1 2, is reduced to zero, the additional
  1 26 valuation reduction shall be subtracted from the actual value
  1 27 of the property as determined by the assessor pursuant to
  1 28 section 403.19, subsection 1.
  1 29    Sec. 3.  APPLICABILITY.  Section 2 of this Act applies to
  1 30 property located in an urban renewal area and used to secure
  1 31 indebtedness incurred by an urban renewal area on or after the
  1 32 effective date of this Act.  
  1 33                           EXPLANATION
  1 34    The bill relates to urban renewal areas and provides that
  1 35 the boundaries of an urban renewal project area shall not be
  2  1 redesignated in order to remove taxable property from the
  2  2 project area as long as bonds or other indebtedness to be paid
  2  3 from incremental taxes are outstanding.
  2  4    The bill also provides that the property tax rollback
  2  5 percentage shall be applied to the incremental value in a tax
  2  6 increment financing district.  This portion or the bill
  2  7 applies to property located in an urban renewal area and used
  2  8 to secure debt obligations incurred on or after July 1, 1997.  
  2  9 LSB 2447HC 77
  2 10 sc/jw/5
     
Text: HSB00220                          Text: HSB00222
Text: HSB00200 - HSB00299               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index
Return To Home Iowa General Assembly

index Search: House Bills and Amendments (77th General Assembly)

© 1997 Cornell College and League of Women Voters of Iowa

Comments about this site or page? webmaster@legis.iowa.gov. Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Wed Mar 12 09:13:45 CST 1997
URL: /DOCS/GA/77GA/Legislation/HSB/00200/HSB00221/970310.html
jhf