Text: HF00438 Text: HF00440 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 441.21, subsection 2, Code 2001, is
1 2 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 as authorized by section
1 19 42 of the Internal Revenue Code, as amended, and which section
1 20 limits the amount that the individual or family pays for the
1 21 rental or lease of units in the property, the assessor shall
1 22 use the productive and earning capacity method of appraisal
1 23 and shall take into account the extent to which that use and
1 24 limitation reduces the market value of the property. The
1 25 assessor shall not take into account any tax credits or other
1 26 subsidized financing provided in relation to the property in
1 27 determining the assessed value. Upon adoption of uniform
1 28 rules by the revenue department or succeeding authority
1 29 covering assessments and valuations of such properties, said
1 30 valuation on such properties shall be determined in accordance
1 31 therewith for assessment purposes to assure uniformity, but
1 32 such rules shall not be inconsistent with or change the
1 33 foregoing means of determining the actual, market, taxable and
1 34 assessed values.
1 35 EXPLANATION
2 1 This bill provides that property, which is rented or leased
2 2 to low-income individuals and families for use as habitation
2 3 as authorized by a federal tax credit provision that limits
2 4 the amount of rent or lease payments required, shall be valued
2 5 on its earning capacity and its restricted use in arriving at
2 6 market value for purposes of property tax assessments. The
2 7 fact that tax credits or other subsidized financing is
2 8 provided in relation to such property is not to be taken into
2 9 account in determining assessed value.
2 10 LSB 2689HH 79
2 11 mg/cls/14.1
Text: HF00438 Text: HF00440 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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