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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