Text: HF00571                           Text: HF00573
Text: HF00500 - HF00599                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 572

Partial Bill History

Bill Text

  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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