Text: HF00571 Text: HF00573 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 428A.1, unnumbered paragraph 2, Code
1 2 1999, is amended to read as follows:
1 3 When each deed, instrument, or writing by which any real
1 4 property in this state is granted, assigned, transferred, or
1 5 otherwise conveyed is presented for recording to the county
1 6 recorder, a declaration of value signed by at least one of the
1 7 sellers or one of the buyers or their agents shall be
1 8 submitted to the county recorder. However, if the deed,
1 9 instrument, or writing contains multiple parcels some of which
1 10 are located in more than one county, separate declarations of
1 11 value shall be submitted on the parcels located in each county
1 12 and submitted to the county recorder of that county when
1 13 paying the tax as provided in section 428A.5. A declaration
1 14 of value is not required for those instruments described in
1 15 section 428A.2, subsections 2 to 5, 7 to 13, and 16 to 21, or
1 16 described in section 428A.2, subsection 6, except in the case
1 17 of a federal agency or instrumentality, or if a transfer is
1 18 the result of acquisition of lands, whether by contract or
1 19 condemnation, for public purposes through an exercise of the
1 20 power of eminent domain.
1 21 Sec. 2. Section 428A.5, Code 1999, is amended to read as
1 22 follows:
1 23 428A.5 EVIDENCE OF PAYMENT.
1 24 The amount of tax imposed by this chapter shall be paid to
1 25 the county recorder in the county where the real property is
1 26 located and the amount received and the initials of the county
1 27 recorder shall appear on the face of the document or
1 28 instrument. The department of revenue and finance shall
1 29 provide each county recorder with a device to be used by the
1 30 recorder to evidence this information on the document or
1 31 instrument.
1 32 EXPLANATION
1 33 The real estate transfer tax is collected at the time deeds
1 34 are recorded. The proceeds are divided 82.75 percent to the
1 35 state and 17.25 percent to the county. Under present law,
2 1 when multiple parcels of land from different counties are sold
2 2 and the tax is paid on the entire amount in one county, that
2 3 county receives the whole 17.25 percent. The bill requires
2 4 the tax be paid to each recorder in the county where the
2 5 parcel is located. To enable the tax to be paid when a
2 6 transfer is made involving parcels located in more than one
2 7 county, separate declarations of values are to be filed with
2 8 the recorder for parcels located in each county. This will
2 9 permit each county to retain 17.25 percent of the allocated
2 10 amounts.
2 11 LSB 1757HV 78
2 12 mg/cf/24
Text: HF00571 Text: HF00573 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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