Text: HF00393 Text: HF00395 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 404.3A, Code 1999, is amended to read 1 2 as follows: 1 3 404.3A RESIDENTIAL DEVELOPMENT AREA EXEMPTION. 1 4 Notwithstanding the schedules provided for in section 1 5 404.3, all qualified real estate assessed as residential 1 6 property and assisted living property in an area designated 1 7 under section 404.1, subsection 5, is eligible to receive an 1 8 exemption from taxationon. For a residential property, the 1 9 exemption shall be on the first seventy-five thousand dollars 1 10 of actual value added by the improvements. For an assisted 1 11 living property, each living unit within the assisted living 1 12 property is eligible for an exemption from taxation on the 1 13 first seventy-five thousand dollars of actual value added to 1 14 each living unit by the improvements. The exemption is for a 1 15 period of five years. For purposes of this section, an 1 16 "assisted living property" means a property in which an 1 17 assisted living program certified or voluntarily accredited 1 18 pursuant to chapter 231C is administered. 1 19 EXPLANATION 1 20 This bill provides an urban revitalization tax exemption 1 21 for assisted living property located within an area designated 1 22 as appropriate for public improvements related to housing and 1 23 residential development or construction of housing and 1 24 residential development, including single or multifamily 1 25 housing. The bill provides that the tax exemption for each 1 26 living unit within the assisted living property is eligible 1 27 for an exemption from taxation on the first $75,000 of actual 1 28 value added to each living unit by the improvements. The bill 1 29 defines an assisted living property as a property in which an 1 30 assisted living program certified or voluntarily accredited 1 31 pursuant to Code chapter 231C is administered. 1 32 LSB 2580HH 78 1 33 tm/gg/8
Text: HF00393 Text: HF00395 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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