Text: SF00518 Text: SF00520 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 SENATE FILE 519
1 2
1 3 AN ACT
1 4 RELATING TO THE ASSESSMENT FOR PROPERTY TAX PURPOSES OF
1 5 CERTAIN AFFORDABLE HOUSING FOR LOW-INCOME INDIVIDUALS
1 6 AND FAMILIES.
1 7
1 8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 9
1 10 Section 1. Section 441.21, subsection 2, Code 2001, is
1 11 amended to read as follows:
1 12 2. In the event market value of the property being
1 13 assessed cannot be readily established in the foregoing
1 14 manner, then the assessor may determine the value of the
1 15 property using the other uniform and recognized appraisal
1 16 methods including its productive and earning capacity, if any,
1 17 industrial conditions, its cost, physical and functional
1 18 depreciation and obsolescence and replacement cost, and all
1 19 other factors which would assist in determining the fair and
1 20 reasonable market value of the property but the actual value
1 21 shall not be determined by use of only one such factor. The
1 22 following shall not be taken into consideration: Special
1 23 value or use value of the property to its present owner, and
1 24 the good will or value of a business which uses the property
1 25 as distinguished from the value of the property as property.
1 26 However, in assessing property that is rented or leased to
1 27 low-income individuals and families as authorized by section
1 28 42 of the Internal Revenue Code, as amended, and which section
1 29 limits the amount that the individual or family pays for the
1 30 rental or lease of units in the property, the assessor shall
1 31 use the productive and earning capacity from the actual rents
1 32 received as a method of appraisal and shall take into account
1 33 the extent to which that use and limitation reduces the market
1 34 value of the property. The assessor shall not consider any
1 35 tax credit equity or other subsidized financing as income
2 1 provided to the property in determining the assessed value.
2 2 Upon adoption of uniform rules by the revenue department or
2 3 succeeding authority covering assessments and valuations of
2 4 such properties, said valuation on such properties shall be
2 5 determined in accordance therewith for assessment purposes to
2 6 assure uniformity, but such rules shall not be inconsistent
2 7 with or change the foregoing means of determining the actual,
2 8 market, taxable and assessed values.
2 9
2 10
2 11
2 12 MARY E. KRAMER
2 13 President of the Senate
2 14
2 15
2 16
2 17 BRENT SIEGRIST
2 18 Speaker of the House
2 19
2 20 I hereby certify that this bill originated in the Senate and
2 21 is known as Senate File 519, Seventy-ninth General Assembly.
2 22
2 23
2 24
2 25 MICHAEL E. MARSHALL
2 26 Secretary of the Senate
2 27 Approved , 2001
2 28
2 29
2 30
2 31 THOMAS J. VILSACK
2 32 Governor
Text: SF00518 Text: SF00520 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 2001 Cornell College and League of Women Voters of Iowa
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