Text: HF00438                           Text: HF00440
Text: HF00400 - HF00499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 439

Partial Bill History

Bill Text

  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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