Text: HF00195 Text: HF00197 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 368.11, subsection 13, unnumbered 1 2 paragraph 1, Code 2001, is amended to read as follows: 1 3 In the discretion of a city council, a provision for a 1 4 transition for the imposition of city taxes against property 1 5 within an annexation area. The provision shall not allow a 1 6 greater exemption from taxation than the tax exemption formula 1 7 schedule provided under section427B.3, subsections 1 through1 85404.3, subsection 2, and shall be applied in the levy and 1 9 collection of taxes. The provision may also allow for the 1 10 partial provision of city services during the time in which 1 11 the exemption from taxation is in effect. 1 12 EXPLANATION 1 13 Current law allows a city that annexes territory, 1 14 voluntarily or involuntarily, to provide a transition for 1 15 imposition of city property taxes in the annexed territory. 1 16 In providing for the transition, the law prohibits a city from 1 17 giving a taxpayer a greater exemption from property taxes than 1 18 is currently allowed by the five-year exemption schedule under 1 19 the program that provides a property tax exemption for new 1 20 construction of industrial property and cattle facilities. 1 21 The exemption schedule under current law is as follows: 1 22 For the first year, 75 percent. 1 23 For the second year, 60 percent. 1 24 For the third year, 45 percent. 1 25 For the fourth year, 30 percent. 1 26 For the fifth year, 15 percent. 1 27 This bill prohibits a city from giving a taxpayer a greater 1 28 exemption from property taxes than is currently allowed by the 1 29 10-year exemption schedule for certain property in an urban 1 30 revitalization area. The exemption schedule proposed by this 1 31 bill is as follows: 1 32 For the first year, 80 percent. 1 33 For the second year, 70 percent. 1 34 For the third year, 60 percent. 1 35 For the fourth year, 50 percent. 2 1 For the fifth year, 40 percent. 2 2 For the sixth year, 40 percent. 2 3 For the seventh year, 30 percent. 2 4 For the eighth year, 30 percent. 2 5 For the ninth year, 20 percent. 2 6 For the tenth year, 20 percent. 2 7 LSB 2008YH 79 2 8 sc/gg/8
Text: HF00195 Text: HF00197 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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