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House File 2244

Partial Bill History

Bill Text

  1  1    Section 1.  Section 427C.3, Code Supplement 2001, is
  1  2 amended to read as follows:
  1  3    427C.3  FOREST RESERVATION.
  1  4    A forest reservation shall contain not less than two
  1  5 hundred growing forest trees on each acre.  If the area
  1  6 selected is a forest containing the required number of growing
  1  7 forest trees, it shall be accepted as a forest reservation
  1  8 under this chapter provided application is made or on file on
  1  9 or before February 1 of the exemption year and all owners of
  1 10 the property being claimed as a forest reservation declare
  1 11 residency in Iowa for purposes of income taxation.  If any
  1 12 buildings are standing on an area selected as a forest
  1 13 reservation under this section or a fruit-tree reservation
  1 14 under section 427C.7, one acre of that area shall be excluded
  1 15 from the tax exemption.  However, the exclusion of that acre
  1 16 shall not affect the area's meeting the acreage requirement of
  1 17 section 427C.2.
  1 18    Sec. 2.  Section 427C.12, unnumbered paragraph 2, Code
  1 19 2001, is amended to read as follows:
  1 20    The board of supervisors shall designate the county
  1 21 conservation board or the assessor who shall inspect the area
  1 22 for which an application is filed for a fruit-tree or forest
  1 23 reservation tax exemption before the application is accepted.
  1 24 Use of aerial photographs may be substituted for on-site
  1 25 inspection when appropriate.  The application can only be
  1 26 accepted if it meets the criteria established by the natural
  1 27 resource commission to be a fruit-tree or forest reservation.
  1 28 Once the application has been accepted, the area shall
  1 29 continue to receive the tax exemption without the owner having
  1 30 to refile during each year in which the area is maintained as
  1 31 a fruit-tree or forest reservation without the owner having to
  1 32 refile and with respect to use as a forest reservation, all of
  1 33 the owners declaring residency in Iowa for income taxation
  1 34 purposes during each year.  If the property is sold or
  1 35 transferred, the seller shall notify the buyer that all, or
  2  1 part of, the property is in fruit-tree or forest reservation
  2  2 and subject to the recapture tax provisions of this section.
  2  3 The tax exemption shall continue to be granted for the
  2  4 remainder of the eight-year period for fruit-tree reservation
  2  5 and for the following years for forest reservation or until
  2  6 the property no longer qualifies as a fruit-tree or forest
  2  7 reservation.  The area may be inspected each year by the
  2  8 county conservation board or the assessor to determine if the
  2  9 area is maintained as a fruit-tree or forest reservation.
  2 10    PARAGRAPH DIVIDED.  If the area is not maintained or is
  2 11 used for economic gain other than as a fruit-tree reservation
  2 12 during any year of the eight-year exemption period and any
  2 13 year of the following five years or as a forest reservation
  2 14 during any year for which the exemption is granted and any of
  2 15 the five years following those exemption years, the assessor
  2 16 shall assess the property for taxation at its fair market
  2 17 value as of January 1 of that year and in addition the area
  2 18 shall be subject to a recapture tax.  However, the area shall
  2 19 not be subject to the recapture tax if the owner, including
  2 20 one possessing under a contract of sale, and the owner's
  2 21 direct antecedents or descendants have owned the area for more
  2 22 than ten years.  The tax shall be computed by multiplying the
  2 23 consolidated levy for each of those years, if any, of the five
  2 24 preceding years for which the area received the exemption for
  2 25 fruit-tree or forest reservation times the assessed value of
  2 26 the area that would have been taxed but for the tax exemption.
  2 27 This tax shall be entered against the property on the tax list
  2 28 for the current year and shall constitute a lien against the
  2 29 property in the same manner as a lien for property taxes.  The
  2 30 tax when collected shall be apportioned in the manner provided
  2 31 for the apportionment of the property taxes for the applicable
  2 32 tax year.
  2 33    Sec. 3.   APPLICABILITY DATE.  This Act applies to claims
  2 34 filed or on file on or after January 1, 2003.  
  2 35                           EXPLANATION
  3  1    This bill requires that before an area of property may
  3  2 receive and continue to receive the property tax exemption as
  3  3 a forest reservation, all of the owners must declare residency
  3  4 in Iowa for purposes of income taxation.  This requirement is
  3  5 the same as that for claiming the homestead tax credit.
  3  6    The bill applies to claims filed or on file on or after
  3  7 January 1, 2003.  
  3  8 LSB 5665YH 79
  3  9 mg/hk/91

Text: HF02243                           Text: HF02245
Text: HF02200 - HF02299                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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