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Senate File 2426

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Bill Text

PAG LIN
  1  1                                            SENATE FILE 2426
  1  2 
  1  3  
  1  4                             AN ACT
  1  5 RELATING TO THE DESIGNATION, VALUATION, AND TAXATION OF
  1  6    PROPERTY IN A HORIZONTAL PROPERTY REGIME AND INCLUDING
  1  7    AN EFFECTIVE DATE.  
  1  8 
  1  9 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1 10 
  1 11    Section 1.  Section 499B.3, Code 1999, is amended by adding
  1 12 the following new unnumbered paragraph:
  1 13    NEW UNNUMBERED PARAGRAPH.  If the declaration is to convert
  1 14 an existing structure, the declarant shall file the
  1 15 declaration of the horizontal property regime with the city in
  1 16 which the regime is located or with the county if not located
  1 17 within a city at least sixty days before being recorded in the
  1 18 office of the county recorder to enable the city or county, as
  1 19 applicable, to establish that the converted structure meets
  1 20 appropriate building code requirements as provided in section
  1 21 499B.20.  However, if the city or county, as applicable, does
  1 22 not have a building code, the declarant shall file the
  1 23 declaration with the state building code commissioner instead
  1 24 of the applicable city or county at least sixty days before
  1 25 the recording of the declaration to enable the commissioner to
  1 26 establish that the converted structure meets the state
  1 27 building code.
  1 28    Sec. 2.  Section 499B.10, Code 1999, is amended to read as
  1 29 follows:
  1 30    499B.10  INDIVIDUAL APARTMENTS AND INTEREST IN COMMON
  1 31 ELEMENTS ARE ALIENABLE.
  1 32    When real property containing a building is committed to a
  1 33 horizontal property regime, each individual apartment located
  1 34 therein in the building and the interests in the general
  1 35 common elements and limited common elements if any,
  2  1 appurtenant thereto, shall be vested as, constitute for all
  2  2 purposes a separate parcel of real property and shall be as
  2  3 completely and freely alienable as any separate parcel of real
  2  4 property is or may be under the laws of this state, except as
  2  5 limited by the provisions of this chapter.
  2  6    Sec. 3.  Section 499B.11, subsection 1, Code Supplement
  2  7 1999, is amended to read as follows:
  2  8    1.  All real property taxes and special assessments shall
  2  9 be assessed and levied on each apartment and its respective
  2 10 appurtenant fractional share or percentage of the land,
  2 11 general common elements and limited common elements where
  2 12 applicable as such these apartments and appurtenances are
  2 13 separately owned, and not on the entire horizontal property
  2 14 regime.  The fair market value determined for an apartment
  2 15 includes the value of its appurtenant share or percentage of
  2 16 the land, general common elements, and limited common
  2 17 elements.
  2 18    Sec. 4.  NEW SECTION.  499B.20  CONVERSIONS TO MEET
  2 19 BUILDING CODES.
  2 20    After the effective date of this Act, an existing structure
  2 21 shall not be converted to a horizontal property regime unless
  2 22 the converted structure meets local city or county, as
  2 23 applicable, building code requirements in effect on the date
  2 24 of conversion or the state building code requirements if the
  2 25 local city or county does not have a building code.  For
  2 26 purposes of this section, if the structure is located in a
  2 27 city, the city building code applies and if the structure is
  2 28 located in the unincorporated area of the county, the county
  2 29 building code applies.
  2 30    Sec. 5.  EFFECTIVE DATE.  This Act, being deemed of
  2 31 immediate importance, takes effect upon enactment.  
  2 32 
  2 33 
  2 34                                                             
  2 35                               MARY E. KRAMER
  3  1                               President of the Senate
  3  2 
  3  3 
  3  4                                                             
  3  5                               BRENT SIEGRIST
  3  6                               Speaker of the House
  3  7 
  3  8    I hereby certify that this bill originated in the Senate and
  3  9 is known as Senate File 2426, Seventy-eighth General Assembly.
  3 10 
  3 11 
  3 12                                                             
  3 13                               MICHAEL E. MARSHALL
  3 14                               Secretary of the Senate
  3 15 Approved                , 2000
  3 16 
  3 17 
  3 18                                
  3 19 THOMAS J. VILSACK
  3 20 Governor
     
Text: SF02425                           Text: SF02427
Text: SF02400 - SF02499                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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