Text: HF00463 Text: HF00465 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 441.21, subsection 4, Code 1999, is 1 2 amended to read as follows: 1 3 4. a. For valuations established as of January 1, 1979, 1 4 the percentage of actual value at which agricultural and 1 5 residential property shall be assessed shall be the quotient 1 6 of the dividend and divisor as defined in this section. The 1 7 dividend for each class of property shall be the dividend as 1 8 determined for each class of property for valuations 1 9 established as of January 1, 1978, adjusted by the product 1 10 obtained by multiplying the percentage determined for that 1 11 year by the amount of any additions or deletions to actual 1 12 value, excluding those resulting from the revaluation of 1 13 existing properties, as reported by the assessors on the 1 14 abstracts of assessment for 1978, plus six percent of the 1 15 amount so determined.However, if the difference between the1 16dividend so determined for either class of property and the1 17dividend for that class of property for valuations established1 18as of January 1, 1978, adjusted by the product obtained by1 19multiplying the percentage determined for that year by the1 20amount of any additions or deletions to actual value,1 21excluding those resulting from the revaluation of existing1 22properties, as reported by the assessors on the abstracts of1 23assessment for 1978, is less than six percent, the 19791 24dividend for the other class of property shall be the dividend1 25as determined for that class of property for valuations1 26established as of January 1, 1978, adjusted by the product1 27obtained by multiplying the percentage determined for that1 28year by the amount of any additions or deletions to actual1 29value, excluding those resulting from the revaluation of1 30existing properties, as reported by the assessors on the1 31abstracts of assessment for 1978, plus a percentage of the1 32amount so determined which is equal to the percentage by which1 33the dividend as determined for the other class of property for1 34valuations established as of January 1, 1978, adjusted by the1 35product obtained by multiplying the percentage determined for2 1that year by the amount of any additions or deletions to2 2actual value, excluding those resulting from the revaluation2 3of existing properties, as reported by the assessors on the2 4abstracts of assessment for 1978, is increased in arriving at2 5the 1979 dividend for the other class of property.The 2 6 divisor for each class of property shall be the total actual 2 7 value of all such property in the state in the preceding year, 2 8 as reported by the assessors on the abstracts of assessment 2 9 submitted for 1978, plus the amount of value added to said 2 10 total actual value by the revaluation of existing properties 2 11 in 1979 as equalized by the director of revenue pursuant to 2 12 section 441.49. The director shall utilize information 2 13 reported on abstracts of assessment submitted pursuant to 2 14 section 441.45 in determining such percentage. For valuations 2 15 established as of January 1, 1980, and each year thereafter, 2 16 the percentage of actual value as equalized by the director of 2 17 revenue and finance as provided in section 441.49 at which 2 18 agricultural and residential property shall be assessed shall 2 19 be calculated in accordance with the methods providedherein2 20including the limitation of increases in agricultural and2 21residential assessed values to the percentage increase of the2 22other class of property if the other class increases less than2 23the allowable limit adjusted to include the applicable and2 24current values as equalized by the director of revenue and2 25financein this subsection, except that any references to six 2 26 percent in this subsection shall be four percent. 2 27 b. For valuations established as of January 1, 1999, and 2 28 each year thereafter, the percentage of actual value, as 2 29 equalized by the director of revenue and finance as provided 2 30 in section 441.49, at which residential property shall be 2 31 assessed shall not be less than fifty-six and four hundred 2 32 seventy-nine thousandths percent. If the percentage of actual 2 33 value of residential property as calculated in accordance with 2 34 paragraph "a" is less than fifty-six and four hundred seventy- 2 35 nine thousandths percent, the director of revenue and finance 3 1 shall increase the percentage to fifty-six and four hundred 3 2 seventy-nine thousandths percent. For purposes of determining 3 3 valuations in the assessment year beginning January 1, 2000, 3 4 and for each subsequent assessment year, the actual percentage 3 5 for the prior year as determined under paragraph "a" before 3 6 adjustment under this paragraph, if necessary, shall be the 3 7 percentage used in making the calculation of the dividend for 3 8 that assessment year. 3 9 Sec. 2. APPLICABILITY. This Act applies to assessment 3 10 years beginning on or after January 1, 1999. 3 11 EXPLANATION 3 12 The bill eliminates the tie between agricultural and 3 13 residential property which limits the increase in the 3 14 percentage of assessed value for one class of property to the 3 15 increase in the other. 3 16 The bill limits the percentage of actual value that 3 17 residential property may be rolled back to 56.479 percent 3 18 beginning with the assessment year beginning January 1, 1999, 3 19 which is the approximate rollback for the 1998 assessment 3 20 year. 3 21 LSB 1827HH 78 3 22 mg/cf/24
Text: HF00463 Text: HF00465 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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