Text: SF02164 Text: SF02166 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 403.20, Code 1999, is amended to read 1 2 as follows: 1 3 403.20 PERCENTAGE OF ADJUSTMENT CONSIDERED IN VALUE 1 4 ASSESSMENT. 1 5 In determining the assessed value of property within an 1 6 urban renewal area which is subject to a division of tax 1 7 revenues pursuant to section 403.19, the difference between 1 8 the actual value of the property as determined by the assessor 1 9 each year and thepercentage of adjustment certified for that1 10year by the director of revenue and finance on or before1 11November 1reductions applied to the property pursuant to 1 12 section 441.21, subsection94, 5, 5A, or 5B,multiplied by1 13the actual value of the property as determined by the1 14assessor,shall be subtracted from the actual value of the 1 15 property as determined pursuant to section 403.19, subsection 1 16 1. If the assessed value of the property as determined 1 17 pursuant to section 403.19, subsection 1, is reduced to zero, 1 18 the additional valuation reduction shall be subtracted from 1 19 the actual value of the property as determined by the 1 20 assessor. 1 21 Sec. 2. Section 433.6, Code 1999, is amended to read as 1 22 follows: 1 23 433.6 TAXABLE VALUE. 1 24 The taxable value shall bedetermined by taking the1 25percentage of the actual value so ascertained,reduced as 1 26 provided by section 441.21, and the ratio between the actual 1 27 value and the assessed or taxable value of the property of 1 28 each of said companies shall be the same as in the case of 1 29 property of private individuals. 1 30 Sec. 3. Section 436.8, Code 1999, is amended to read as 1 31 follows: 1 32 436.8 ACTUAL VALUE PER MILE – TAXABLE VALUE. 1 33 The director of revenue and finance shall thereupon 1 34 ascertain the value per mile of the property within the state, 1 35 by dividing the total value as above ascertained, after 2 1 deducting the specific properties locally assessed within the 2 2 state, by the number of miles within the state, and the result 2 3 shall be deemed and held to be the actual value per mile of 2 4 the property of such company within the state. The assessed 2 5 or taxable value shall bedetermined by taking that percentage2 6of the actual value so ascertained,reduced as is provided by 2 7 section 441.21, and such valuation and assessment shall be in 2 8 the same ratio as that of the property of individuals. 2 9 Sec. 4. Section 437.7, Code 1999, is amended to read as 2 10 follows: 2 11 437.7 TAXABLE VALUE. 2 12 The taxable value of such line or lines of which the 2 13 director of revenue and finance by this chapter is required to 2 14 find the value, shall be determined by taking thepercentage2 15of the actualreduction in value so ascertained, as provided 2 16 by section 441.21, and the ratio between the actual value and 2 17 the assessed or taxable value of the transmission line or 2 18 lines of each of said companies located outside of cities 2 19 shall be the same as in the case of the property of private 2 20 individuals. 2 21 Sec. 5. Section 441.21, subsection 1, paragraphs e, f, and 2 22 g, Code Supplement 1999, are amended by striking the 2 23 paragraphs. 2 24 Sec. 6. Section 441.21, subsection 2, Code Supplement 2 25 1999, is amended to read as follows: 2 26 2. In the event market value of the property being 2 27 assessed cannot be readily established in the foregoing 2 28 manner, then the assessor may determine the value of the 2 29 property using the other uniform and recognized appraisal 2 30 methods including its productive and earning capacity, if any, 2 31 industrial conditions, its cost, physical and functional 2 32 depreciation and obsolescence and replacement cost, and all 2 33 other factors which would assist in determining the fair and 2 34 reasonable market value of the property but the actual value 2 35 shall not be determined by use of only one such factor. The 3 1 following shall not be taken into consideration: Special 3 2 value or use value of the property to its present owner, and 3 3 the good will or value of a business which uses the property 3 4 as distinguished from the value of the property as property. 3 5 Upon adoption of uniform rules by the revenue department or 3 6 succeeding authority covering assessments and valuations of 3 7 such properties, said valuation on such properties shall be 3 8 determined in accordancetherewithwith such uniform rules for 3 9 assessment purposes to assure uniformity, but such rules shall 3 10 not be inconsistent with or change the foregoing means of 3 11 determining the actual, market, taxable, and assessed values. 3 12 In the event market value of newly constructed residential 3 13 property being assessed cannot be readily established because 3 14 of insufficient comparable sales, the assessor shall use the 3 15 replacement cost method to value the property. 3 16 Sec. 7. Section 441.21, subsection 4, Code Supplement 3 17 1999, is amended by striking the subsection and inserting in 3 18 lieu thereof the following: 3 19 4. For valuations established as of January 1, 2001, the 3 20 actual value at which residential property is assessed shall 3 21 be reduced by twenty-five thousand dollars on each parcel of 3 22 residential property assessed for taxation. 3 23 Sec. 8. Section 441.21, subsection 5, Code Supplement 3 24 1999, is amended to read as follows: 3 25 5.For valuations established as of January 1, 1979,3 26commercial property and industrial property, excluding3 27properties referred to in section 427A.1, subsection 6, shall3 28be assessed as a percentage of the actual value of each class3 29of property. The percentage shall be determined for each3 30class of property by the director of revenue for the state in3 31accordance with the provisions of this section. For3 32valuations established as of January 1, 1979, the percentage3 33shall be the quotient of the dividend and divisor as defined3 34in this section. The dividend for each class of property3 35shall be the total actual valuation for each class of property4 1established for 1978, plus six percent of the amount so4 2determined. The divisor for each class of property shall be4 3the valuation for each class of property established for 1978,4 4as reported by the assessors on the abstracts of assessment4 5for 1978, plus the amount of value added to the total actual4 6value by the revaluation of existing properties in 1979 as4 7equalized by the director of revenue pursuant to section4 8441.49. For valuations established as of January 1, 1979,4 9property valued by the department of revenue pursuant to4 10chapters 428, 433, 436, 437, and 438 shall be considered as4 11one class of property and shall be assessed as a percentage of4 12its actual value. The percentage shall be determined by the4 13director of revenue in accordance with the provisions of this4 14section. For valuations established as of January 1, 1979,4 15the percentage shall be the quotient of the dividend and4 16divisor as defined in this section. The dividend shall be the4 17total actual valuation established for 1978 by the department4 18of revenue, plus ten percent of the amount so determined. The4 19divisor for property valued by the department of revenue4 20pursuant to chapters 428, 433, 436, 437, and 438 shall be the4 21valuation established for 1978, plus the amount of value added4 22to the total actual value by the revaluation of the property4 23by the department of revenue as of January 1, 1979. For4 24valuations established as of January 1, 1980, commercial4 25property and industrial property, excluding properties4 26referred to in section 427A.1, subsection 6, shall be assessed4 27at a percentage of the actual value of each class of property.4 28The percentage shall be determined for each class of property4 29by the director of revenue for the state in accordance with4 30the provisions of this section. For valuations established as4 31of January 1, 1980, the percentage shall be the quotient of4 32the dividend and divisor as defined in this section. The4 33dividend for each class of property shall be the dividend as4 34determined for each class of property for valuations4 35established as of January 1, 1979, adjusted by the product5 1obtained by multiplying the percentage determined for that5 2year by the amount of any additions or deletions to actual5 3value, excluding those resulting from the revaluation of5 4existing properties, as reported by the assessors on the5 5abstracts of assessment for 1979, plus four percent of the5 6amount so determined. The divisor for each class of property5 7shall be the total actual value of all such property in 1979,5 8as equalized by the director of revenue pursuant to section5 9441.49, plus the amount of value added to the total actual5 10value by the revaluation of existing properties in 1980. The5 11director shall utilize information reported on the abstracts5 12of assessment submitted pursuant to section 441.45 in5 13determining such percentage. For valuations established as of5 14January 1, 1980, property valued by the department of revenue5 15pursuant to chapters 428, 433, 436, 437, and 438 shall be5 16assessed at a percentage of its actual value. The percentage5 17shall be determined by the director of revenue in accordance5 18with the provisions of this section. For valuations5 19established as of January 1, 1980, the percentage shall be the5 20quotient of the dividend and divisor as defined in this5 21section. The dividend shall be the total actual valuation5 22established for 1979 by the department of revenue, plus eight5 23percent of the amount so determined. The divisor for property5 24valued by the department of revenue pursuant to chapters 428,5 25433, 436, 437, and 438 shall be the valuation established for5 261979, plus the amount of value added to the total actual value5 27by the revaluation of the property by the department of5 28revenue as of January 1, 1980.For valuations established as 5 29 of January 1, 1981, and each year thereafter, the percentage 5 30 of actual value as equalized by the director of revenue and 5 31 finance as provided in section 441.49 at whichcommercial5 32property andindustrial property, excluding properties 5 33 referred to in section 427A.1, subsection 6, shall be assessed 5 34 shall be calculated in accordance with the methods provided 5 35herein, except that any references to six percent in this6 1subsection shall be four percentin this section. For 6 2 valuations established as of January 1, 1981, and each year 6 3 thereafter, the percentage of actual value at which property 6 4 valued by the department of revenue and finance pursuant to 6 5 chapters 428, 433, 436, 437, and 438 shall be assessed shall 6 6 be calculated in accordance with the methods providedherein6 7 in this section, except that any references to ten percent in 6 8 this subsection shall be eight percent. Beginning with 6 9 valuations established as of January 1, 1979, and each year 6 10 thereafter, property valued by the department of revenue and 6 11 finance pursuant to chapter 434 shall also be assessed at a 6 12 percentage of its actual value which percentage shall be equal 6 13 to the percentage determined by the director of revenue and 6 14 finance for commercial property, industrial property,or 6 15 property valued by the department of revenue and finance 6 16 pursuant to chapters 428, 433, 436, 437, and 438, whichever is 6 17 lowest. 6 18 Sec. 9. Section 441.21, Code Supplement 1999, is amended 6 19 by adding the following new subsection: 6 20 NEW SUBSECTION. 5A. For valuations established as of 6 21 January 1, 2001, the actual value at which commercial property 6 22 is assessed shall be reduced by one hundred thousand dollars 6 23 per parcel of commercial property. 6 24 Sec. 10. Section 441.21, Code Supplement 1999, is amended 6 25 by adding the following new subsection: 6 26 NEW SUBSECTION. 5B. For valuations established as of 6 27 January 1, 2001, the actual value at which agricultural 6 28 property is assessed shall be reduced by seven hundred fifty 6 29 dollars per acre of agricultural property up to one hundred 6 30 thousand dollars per agricultural taxpayer in the county. 6 31 However, in no case shall the reduction provided for in this 6 32 subsection cause the taxable value of agricultural property to 6 33 fall below two hundred fifty dollars per acre. 6 34 Sec. 11. Section 443.2, unnumbered paragraph 2, Code 1999, 6 35 is amended to read as follows: 7 1 The county auditor shall list the aggregate actual value 7 2 and the aggregate taxable value of all taxable property within 7 3 the county and each political subdivision on the tax list in 7 4 order that the actual value of the taxable property within the 7 5 county or a political subdivision may be ascertained and shown 7 6 by the tax list for the purpose of computing the debt- 7 7 incurring capacity of the county or political subdivision. As 7 8 used in this section, "actual value" is the value determined 7 9 under section 441.21, subsections 1 to 3, prior to the 7 10 reductionto a percentage ofin actual value as otherwise 7 11 provided in section 441.21. 7 12 Sec. 12. APPLICABILITY DATE. This Act applies to 7 13 assessment years beginning on or after January 1, 2001. 7 14 EXPLANATION 7 15 This bill removes the property tax assessment limitations 7 16 on residential, commercial, industrial, and agricultural 7 17 property and requires that all such property be valued at its 7 18 fair market value. The bill provides a reduction from actual 7 19 value of $750 per acre of agricultural property up to $100,000 7 20 per taxpayer but with a guaranteed reduction of $250 per acre. 7 21 The bill also provides a reduction from actual value of 7 22 $25,000 for residential property and $100,000 for commercial 7 23 property. 7 24 The bill makes conforming amendments to sections pertaining 7 25 to valuation of property in an urban renewal area and 7 26 valuation of property owned by telegraph and telephone 7 27 companies, express companies, and electric cooperatives. 7 28 The bill also provides that if the assessor is unable to 7 29 establish fair market value of newly constructed residential 7 30 property because of a lack of comparable sales, the assessor 7 31 shall use the replacement cost method to value the property. 7 32 The bill applies to assessment years beginning on or after 7 33 January 1, 2001. 7 34 LSB 5132SS 78 7 35 sc/cls/14
Text: SF02164 Text: SF02166 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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