Text: HSB00204 Text: HSB00206 Text: HSB00200 - HSB00299 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 403.20, Code 2001, is amended to read 1 2 as follows: 1 3 403.20 PERCENTAGE OF ADJUSTMENT CONSIDERED IN VALUE 1 4 ASSESSMENT. 1 5 In determining the assessed value of property within an 1 6 urban renewal area which is subject to a division of tax 1 7 revenues pursuant to section 403.19, the difference between 1 8 the actual value of the property as determined by the assessor 1 9 each year and the percentage of adjustment certified for that 1 10 year by the director of revenue and finance on or before 1 11 November 1 pursuant to section 441.21, subsection 9, 1 12 multiplied by the actual value of the property as determined 1 13 by the assessor, shall be subtracted from the actual value of 1 14 the property in the ratio that the amount of the property 1 15 value as determined pursuant to section 403.19, subsection 1, 1 16 bears to the total value of the property, and in the ratio 1 17 that the amount of the property value as determined in section 1 18 403.19, subsection 2, bears to the total value of the 1 19 property. If the assessed value of the property as determined 1 20 pursuant to section 403.19, subsection 1, is reduced to zero, 1 21 the additional valuation reduction shall be subtracted from 1 22 the actual value of the property as determinedby the assessor1 23 in section 403.19, subsection 2. 1 24 Taxes collected under section 403.19, subsection 1, shall 1 25 be paid over by the county treasurer to the municipality if 1 26 the amount certified by the municipality to the county auditor 1 27 to pay principal and interest on loans, advances, bonds, or 1 28 other indebtedness incurred prior to July 1, 2001, to finance 1 29 an urban renewal project exceeds the amount that can be 1 30 collected and deposited in the special fund under section 1 31 403.19, subsection 2. The amount of taxes paid over shall be 1 32 to the extent that the assessment limitation applied pursuant 1 33 to this section lowered the valuation available to be levied 1 34 against under section 403.19, subsection 2. This paragraph 1 35 does not apply to payment of loans, advances, bonds, or other 2 1 indebtedness refunded or originally incurred after July 1, 2 2 2001. 2 3 Sec. 2. APPLICABILITY DATE. This Act applies to 2 4 assessment years beginning on or after January 1, 2002. 2 5 EXPLANATION 2 6 This bill provides that the rollback amount resulting from 2 7 the property tax assessment limitation shall be subtracted 2 8 from the increment value amount and the base value amount in 2 9 the proportion that the value of each bears to the total value 2 10 of the property. The bill also provides that if, because of 2 11 the application of the assessment limitation to the base value 2 12 and the incremental value, a municipality is not able to pay 2 13 amounts due on debt incurred prior to July 1, 2001, the county 2 14 treasurer is to pay over taxes collected from the base to the 2 15 extent that the valuation of the increment was lowered. 2 16 The bill applies to assessment years beginning on or after 2 17 January 1, 2002. 2 18 LSB 2649HC 79 2 19 sc/gg/8
Text: HSB00204 Text: HSB00206 Text: HSB00200 - HSB00299 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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