Text: HSB00765 Text: HSB00767 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 441.21, subsection 2, Code Supplement
1 2 1999, is amended to read as follows:
1 3 2. In the event market value of the property being
1 4 assessed cannot be readily established in the foregoing
1 5 manner, then the assessor may determine the value of the
1 6 property using the other uniform and recognized appraisal
1 7 methods including its productive and earning capacity, if any,
1 8 industrial conditions, its cost, physical and functional
1 9 depreciation and obsolescence and replacement cost, and all
1 10 other factors which would assist in determining the fair and
1 11 reasonable market value of the property but the actual value
1 12 shall not be determined by use of only one such factor. The
1 13 following shall not be taken into consideration: Special
1 14 value or use value of the property to its present owner, and
1 15 the good will or value of a business which uses the property
1 16 as distinguished from the value of the property as property.
1 17 However, in assessing property that is rented or leased to
1 18 low-income individuals and families under a governmental
1 19 contract for affordable housing which contains units covered
1 20 by an Internal Revenue Code, section 42 tax credit land
1 21 covenant and which limits the amount that the individual or
1 22 family may be required to pay for the rental or lease of the
1 23 property, the assessor shall use the productive and earning
1 24 capacity method of appraisal and shall take into account the
1 25 extent to which that use and limitation reduces the market
1 26 value of the property. Upon adoption of uniform rules by the
1 27 revenue department or succeeding authority covering
1 28 assessments and valuations of such properties, said valuation
1 29 on such properties shall be determined in accordance therewith
1 30 for assessment purposes to assure uniformity, but such rules
1 31 shall not be inconsistent with or change the foregoing means
1 32 of determining the actual, market, taxable and assessed
1 33 values.
1 34 EXPLANATION
1 35 This bill provides that property, which is rented or leased
2 1 to low-income families for use as habitation under a
2 2 governmental contract for affordable housing covered by a tax
2 3 credit land covenant that limits the amount of rent or lease
2 4 payments required, shall be valued on its earning capacity and
2 5 its restricted use in arriving at market value for purposes of
2 6 property tax assessments.
2 7 LSB 6558HC 78
2 8 mg/cls/14
Text: HSB00765 Text: HSB00767 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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