Text: HSB00750                          Text: HSB00752
Text: HSB00700 - HSB00799               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 751

Bill Text

PAG LIN
  1  1    Section 1.  Section 499B.3, Code 1999, is amended by adding
  1  2 the following new unnumbered paragraph:
  1  3    NEW UNNUMBERED PARAGRAPH.  If the declaration is to convert
  1  4 an existing structure, the declarant shall file the
  1  5 declaration of the horizontal property regime with the city in
  1  6 which the regime is located or with the county if not located
  1  7 within a city at least forty-five days before being recorded
  1  8 in the office of the county recorder to enable the city or
  1  9 county, as applicable, to establish that the converted
  1 10 structure meets appropriate building code requirements as
  1 11 provided in section 499B.20.  However, if the city or county,
  1 12 as applicable, does not have a building code, the declarant
  1 13 shall file the declaration with the state building code
  1 14 commissioner instead of the applicable city or county at least
  1 15 forty-five days before the recording of the declaration to
  1 16 enable the commissioner to establish that the converted
  1 17 structure meets the state building code.
  1 18    Sec. 2.  Section 499B.10, Code 1999, is amended to read as
  1 19 follows:
  1 20    499B.10  INDIVIDUAL APARTMENTS AND INTEREST IN COMMON
  1 21 ELEMENTS ARE ALIENABLE.
  1 22    When real property containing a building is committed to a
  1 23 horizontal property regime, each individual apartment located
  1 24 therein in the building and the interests in the general
  1 25 common elements and limited common elements if any,
  1 26 appurtenant thereto, shall be vested as, constitute for all
  1 27 purposes a separate parcel of real property and shall be as
  1 28 completely and freely alienable as any separate parcel of real
  1 29 property is or may be under the laws of this state, except as
  1 30 limited by the provisions of this chapter.
  1 31    Sec. 3.  Section 499B.11, subsection 1, Code Supplement
  1 32 1999, is amended to read as follows:
  1 33    1.  All real property taxes and special assessments shall
  1 34 be assessed and levied on each apartment and its respective
  1 35 appurtenant fractional share or percentage of the land,
  2  1 general common elements and limited common elements where
  2  2 applicable as such these apartments and appurtenances are
  2  3 separately owned, and not on the entire horizontal property
  2  4 regime.  The fair market value determined for an apartment
  2  5 includes the value of its appurtenant share or percentage of
  2  6 the land, general common elements, and limited common
  2  7 elements.
  2  8    Sec. 4.  NEW SECTION.  499B.20  CONVERSIONS TO MEET
  2  9 BUILDING CODES.
  2 10    After the effective date of this Act, an existing structure
  2 11 shall not be converted to a horizontal property regime unless
  2 12 the converted structure meets local city or county, as
  2 13 applicable, building code requirements in effect on the date
  2 14 of conversion or the state building code requirements if the
  2 15 local city or county does not have a building code.  For
  2 16 purposes of this section, if the structure is located in a
  2 17 city, the city building code applies and if the structure is
  2 18 located in the unincorporated area of the county, the county
  2 19 building code applies.
  2 20    Sec. 5.  EFFECTIVE DATE.  This Act, being deemed of
  2 21 immediate importance, takes effect upon enactment.  
  2 22                           EXPLANATION
  2 23    The bill specifies that a building unit, general common
  2 24 interests, and limited common interests, appurtenant to the
  2 25 building unit, in a horizontal property regime, i.e.,
  2 26 condominium complex, constitutes a separate parcel of real
  2 27 property.  Also, the bill provides that for property taxation
  2 28 purposes, the fair market value determined for the building
  2 29 unit in a condominium complex includes the value of the land
  2 30 and general and limited common elements.  After the effective
  2 31 date of the bill, existing structures meet shall not be
  2 32 converted to condominiums unless the structures the city or
  2 33 county, as applicable, building codes or the state building
  2 34 code, if the applicable city or county does not have a
  2 35 building code.  The bill provides that 45-day notice must be
  3  1 provided to the applicable city, county, or state before the
  3  2 filing of the declaration to convert a structure to a
  3  3 condominium complex.
  3  4    The bill takes effect upon enactment.  
  3  5 LSB 6513HC 78
  3  6 mg/cf/24
     

Text: HSB00750                          Text: HSB00752
Text: HSB00700 - HSB00799               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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