Text: H08730 Text: H08732 Text: H08700 - H08799 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 2426, as passed by the Senate, as 1 2 follows: 1 3 #1. Page 1, by inserting after line 17 the 1 4 following: 1 5 "Sec. . Section 499B.4, Code 1999, is amended 1 6 by adding the following new subsection: 1 7 NEW SUBSECTION. 10. If an existing structure is 1 8 to be converted after the effective date of this Act, 1 9 a maximum property tax percentage shall be determined 1 10 and specified for each unit to be converted. The 1 11 "maximum property tax percentage" for a unit equals 1 12 the percentage of the average monthly gross rent 1 13 charged for the previous two years for that unit that 1 14 is paid as property taxes." 1 15 #2. Page 2, by inserting after line 19 the 1 16 following: 1 17 "Sec. . NEW SECTION. 499B.21 REDUCTION IN 1 18 GROSS RENT PENALTY. 1 19 1. In the case of an existing structure that is 1 20 converted to a horizontal property regime after the 1 21 effective date of this Act, any reduction in property 1 22 taxes levied on an apartment resulting from such 1 23 conversion shall be passed on to the tenant by means 1 24 of a reduction in gross rent. The reduction in gross 1 25 rent required under this subsection shall only apply 1 26 to the first fiscal year in which the reduction in 1 27 property tax first occurs. The amount of the 1 28 reduction in gross rent shall result in the percentage 1 29 of gross rent paid in property taxes to be equal to 1 30 the maximum property tax percentage specified pursuant 1 31 to section 499B.4, subsection 10. 1 32 2. The landlord shall provide notice to the tenant 1 33 at the beginning of the fiscal year for which a 1 34 reduction in rent is to occur. The notice shall state 1 35 that the reduction in rent is due to the reduction in 1 36 property taxes payable by the landlord as a result of 1 37 the conversion of the property to a horizontal 1 38 property regime. The notice shall also state that the 1 39 law requires this reduction in rent for only one 1 40 fiscal year. 1 41 3. If gross rent is not reduced in violation of 1 42 this section, the excess gross rent shall be returned, 1 43 along with interest at the rate of two percent per 1 44 month, to the renter or to the city or county building 1 45 inspector, as appropriate, if the renter is 1 46 unavailable. A suit for return of excess gross rent 1 47 may be brought by the renter or the appropriate local 1 48 building inspector on behalf of the renter." 1 49 1 50 2 1 2 2 SHOULTZ of Black Hawk 2 3 SF 2426.302 78 2 4 mg/cf
Text: H08730 Text: H08732 Text: H08700 - H08799 Text: H Index Bills and Amendments: General Index Bill History: General Index
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