Text: HF00539 Text: HF00541 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 441.16, unnumbered paragraph 7, Code 1 2 2001, is amended to read as follows: 1 3 Any tax for the maintenance of the office of assessor and 1 4 other assessment procedure shall be levied only upon the 1 5 property in the area assessed bysaidthat assessor andsuch1 6 the tax levy shall not exceed forty and one-half cents per 1 7 thousand dollars ofassessedtaxable value in assessing areas 1 8 where the valuation upon which the tax is levied does not 1 9 exceedninety-two million, six hundred thousandfive hundred 1 10 fifty-five million dollars; thirty-three and three-fourths 1 11 cents per thousand dollars ofassessedtaxable value in 1 12 assessing areas where the valuation upon which the tax is 1 13 levied exceedsninety-two million, six hundred thousandfive 1 14 hundred fifty-five million dollars and does not exceedone1 15hundred eleven million, one hundred twenty thousandseven 1 16 hundred million dollars; twenty-seven cents per thousand 1 17 dollars ofassessedtaxable value in assessing areas where the 1 18 valuation upon which the tax is levied exceedsone hundred1 19eleven million, one hundred twenty thousandseven hundred 1 20 million dollars. The county treasurer shall credit the sums 1 21 received fromsuchthis levy to a separate fund to be known as 1 22 the "assessment expense fund" and from which fund all expenses 1 23 incurred under this chapter shall be paid. In the case of a 1 24 county where there is more than one assessor the treasurer 1 25 shall maintain separate assessment expense funds for each 1 26 assessor. For the 2003 calendar year and each subsequent odd- 1 27 numbered calendar year, the taxable value amounts in assessing 1 28 areas specified in this paragraph shall be multiplied by a 1 29 cumulative adjustment factor for that calendar year. 1 30 "Cumulative adjustment factor" means the product of the 1 31 annual adjustment factor for the 2001 calendar year and all 1 32 annual adjustment factors for subsequent calendar years. The 1 33 cumulative adjustment factor applies to the fiscal year 1 34 beginning in the calendar year for which the latest annual 1 35 adjustment factor has been determined. 2 1 The annual adjustment factor for the 2001 calendar year is 2 2 one hundred percent. For each subsequent calendar year, the 2 3 annual adjustment factor equals the annual inflation factor 2 4 for the calendar year, in which the fiscal year begins, as 2 5 computed in section 422.4 for purposes of the individual 2 6 income tax. 2 7 The director of revenue and finance shall compute the two 2 8 adjustment factors and notify the assessors of the changes in 2 9 the appropriate taxable value amounts. 2 10 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act, 2 11 being deemed of immediate importance, takes effect upon 2 12 enactment and applies to property taxes due and payable in 2 13 fiscal years beginning on or after July 1, 2001. 2 14 EXPLANATION 2 15 Under current law the levy rate on taxable property for the 2 16 maintenance of the assessor's office and other assessment 2 17 procedures are as follows: 41 1/2 cents per $1,000 of 2 18 assessed value in assessing areas with values of less than 2 19 $92.6 million; 33 3/4 cents per $1,000 of assessed value in 2 20 assessing areas with values between $92.6 million and $111.12 2 21 million; and 27 cents per $1,000 of assessed value in 2 22 assessing areas with values exceeding $111.12 million. This 2 23 bill maintains the rates but changes the assessed valuations 2 24 of the assessing areas as follows: 41 1/2 cents per $1,000 of 2 25 taxable value in assessing areas with values of less than $550 2 26 million; 33 3/4 cents per $1,000 of taxable value in assessing 2 27 areas with values between $550 million and $700 million; and 2 28 27 cents per $1,000 of taxable values in assessing areas with 2 29 values exceeding $700 million. 2 30 These valuations are to be adjusted for inflation beginning 2 31 with the 2003 calendar year and every odd-numbered year 2 32 thereafter. 2 33 The bill takes effect upon enactment and applies to taxes 2 34 due and payable in fiscal years beginning on or after July 1, 2 35 2001. 3 1 LSB 2741HH 79 3 2 mg/gg/8
Text: HF00539 Text: HF00541 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed May 9 09:40:40 CDT 2001
URL: /DOCS/GA/79GA/Legislation/HF/00500/HF00540/010307.html
jhf