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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