Text: HSB00766 Text: HSB00768 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 a land covenant and which limits the amount that the
1 21 individual or family may be required to pay for the rental or
1 22 lease of the property, the assessor shall use the productive
1 23 and earning capacity method of appraisal and shall take into
1 24 account the extent to which the contractual use and limitation
1 25 reduces the market value of the property. However, the
1 26 assessor shall not take into account any tax credits or other
1 27 subsidized financing provided in relation to the property in
1 28 determining the assessed value. Upon adoption of uniform
1 29 rules by the revenue department or succeeding authority
1 30 covering assessments and valuations of such properties, said
1 31 valuation on such properties shall be determined in accordance
1 32 therewith for assessment purposes to assure uniformity, but
1 33 such rules shall not be inconsistent with or change the
1 34 foregoing means of determining the actual, market, taxable and
1 35 assessed values.
2 1 EXPLANATION
2 2 This bill provides that property, which is rented or leased
2 3 to low-income families for use as habitation under a
2 4 governmental contract for affordable housing covered by a land
2 5 covenant that limits the amount of rent or lease payments
2 6 required, shall be valued on its earning capacity and its
2 7 restricted use in arriving at market value for purposes of
2 8 property tax assessments. The fact that the owner or builder
2 9 received tax credits or subsidized financing for the housing
2 10 is not to be taken into account in determining assessed value.
2 11 LSB 6908HC 78
2 12 mg/cls/14
Text: HSB00766 Text: HSB00768 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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