Text: HF00674 Text: HF00676 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 427.19, Code 2001, is amended to read
1 2 as follows:
1 3 427.19 EXEMPTIONS ELIGIBILITY – PRORATING.
1 4 All credits for and exemptions from property taxes for
1 5 which an application is required shall be granted on the basis
1 6 of eligibility in the fiscal year for which the application is
1 7 filed. If the property which has received a credit or
1 8 exemption becomes ineligible for the credit or exemption
1 9 during the fiscal year for which it was granted, the property
1 10 is subject to the taxes in a prorated amount for that part of
1 11 the fiscal year for which the property was ineligible for the
1 12 credit or exemption. If property subject to tax is
1 13 transferred during the fiscal year to an entity whose
1 14 ownership would have made the property tax exempt, the amount
1 15 of taxes on the property payable in the fiscal year shall be
1 16 prorated so that taxes would only be paid for that part of the
1 17 fiscal year prior to the transfer. Any taxes paid in excess
1 18 of the prorated amount shall be refunded to the new owner.
1 19 Sec. 2. There is appropriated from the general fund of the
1 20 state to the department of revenue and finance for the fiscal
1 21 year beginning July 1, 2000, and ending June 30, 2001, an
1 22 amount sufficient to reimburse taxing and levying authorities
1 23 for the refunding of property taxes as a result of the
1 24 amendment to section 427.19 in this Act as it pertains to real
1 25 property purchased in the 2000 calendar year for the purposes
1 26 of converting the property to a nonprofit mental health
1 27 center.
1 28 Sec. 3. Section 25B.7 does not apply to section 1 of this
1 29 Act.
1 30 Sec. 4. EFFECTIVE AND APPLICABILITY DATES. This Act,
1 31 being deemed of immediate importance, takes effect upon
1 32 enactment and applies retroactively to July 1, 2000, for
1 33 fiscal years beginning on or after that date.
1 34 EXPLANATION
1 35 This bill provides that if taxable property is transferred
2 1 to a tax exempt entity during a fiscal year, taxes payable in
2 2 that fiscal year are to be prorated so that the only taxes
2 3 payable are those due prior to transfer. Any taxes paid in
2 4 excess of this prorated amount shall be refunded. The bill
2 5 appropriates moneys for the fiscal year beginning July 1,
2 6 2000, to reimburse cities, counties, school districts, and
2 7 other levying bodies for refunding taxes as a result of this
2 8 bill in the case of property transferred during the 2000
2 9 calendar year which property is to be converted to a nonprofit
2 10 mental health center.
2 11 The bill takes effect upon enactment and applies
2 12 retroactively to July 1, 2000, for fiscal years beginning on
2 13 or after that date.
2 14 LSB 3015HH 79
2 15 mg/cls/14
Text: HF00674 Text: HF00676 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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