Text: HSB00149 Text: HSB00151 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 428A.5, Code 1999, is amended to read
1 2 as follows:
1 3 428A.5 EVIDENCE OF PAYMENT.
1 4 The amount of tax imposed by this chapter shall be paid to
1 5 the county recorder of the county in which the real property
1 6 is located and the amount received and the initials of the
1 7 county recorder shall appear on the face of the document or
1 8 instrument. However, in the case of multiple parcels located
1 9 in different counties, the tax may be paid to one county
1 10 recorder. This recorder shall allocate the tax to each county
1 11 based upon the value of the sold parcel located in the county.
1 12 This allocated amount shall be paid to the county recorder of
1 13 the appropriate county. The department of revenue and finance
1 14 shall provide each county recorder with a device to be used by
1 15 the recorder to evidence this information on the document or
1 16 instrument.
1 17 EXPLANATION
1 18 The real estate transfer tax is collected at the time deeds
1 19 are recorded. The proceeds are divided 82.75 percent to the
1 20 state and 17.25 percent to the county. Under present law,
1 21 when multiple parcels of land from different counties are sold
1 22 and the tax is paid on the entire amount in one county, that
1 23 county receives the whole 17.25 percent. The bill requires
1 24 the tax be paid to each recorder in the county where the
1 25 parcel is located, or in lieu of that, the tax may be paid to
1 26 one recorder. In that case, the recorder must allocate the
1 27 tax to each parcel based upon the value of the parcel. The
1 28 recorder must pay the allocated amounts to the other
1 29 recorders. This will permit each county to retain 17.25
1 30 percent of the allocated amounts.
1 31 LSB 1757HC 78
1 32 mg/cf/24
Text: HSB00149 Text: HSB00151 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
© 1999 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Feb 18 13:33:09 CST 1999
URL: /DOCS/GA/78GA/Legislation/HSB/00100/HSB00150/990217.html
jhf