Text: SSB01055 Text: SSB01057 Text: SSB01000 - SSB01099 Text: SSB 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 thepercentage of adjustment certified for that1 10year by the director of revenue and finance on or before1 11November 1reductions applied to the property pursuant to 1 12 section 441.21, subsection94, 5, 5A, or 5B,multiplied by1 13the actual value of the property as determined by the1 14assessor,shall be subtracted from the actual value of the 1 15 property as determined pursuant to section 403.19, subsection 1 16 1. If the assessed value of the property as determined 1 17 pursuant to section 403.19, subsection 1, is reduced to zero, 1 18 the additional valuation reduction shall be subtracted from 1 19 the actual value of the property as determined by the 1 20 assessor. 1 21 Sec. 2. Section 433.6, Code 2001, is amended to read as 1 22 follows: 1 23 433.6 TAXABLE VALUE. 1 24 The taxable value shall bedetermined by taking the1 25percentage of the actual value so ascertained,reduced as 1 26 provided by section 441.21, and the ratio between the actual 1 27 value and the assessed or taxable value of the property of 1 28 each of said companies shall be the same as in the case of 1 29 property of private individuals. 1 30 Sec. 3. Section 436.8, Code 2001, is amended to read as 1 31 follows: 1 32 436.8 ACTUAL VALUE PER MILE – TAXABLE VALUE. 1 33 The director of revenue and finance shall thereupon 1 34 ascertain the value per mile of the property within the state, 1 35 by dividing the total value as above ascertained, after 2 1 deducting the specific properties locally assessed within the 2 2 state, by the number of miles within the state, and the result 2 3 shall be deemed and held to be the actual value per mile of 2 4 the property of such company within the state. The assessed 2 5 or taxable value shall bedetermined by taking that percentage2 6of the actual value so ascertained,reduced as is provided by 2 7 section 441.21, and such valuation and assessment shall be in 2 8 the same ratio as that of the property of individuals. 2 9 Sec. 4. Section 437.7, Code 2001, is amended to read as 2 10 follows: 2 11 437.7 TAXABLE VALUE. 2 12 The taxable value of such line or lines of which the 2 13 director of revenue and finance by this chapter is required to 2 14 find the value, shall be determined by taking thepercentage2 15of the actualreduction in value so ascertained, as provided 2 16 by section 441.21, and the ratio between the actual value and 2 17 the assessed or taxable value of the transmission line or 2 18 lines of each of said companies located outside of cities 2 19 shall be the same as in the case of the property of private 2 20 individuals. 2 21 Sec. 5. Section 441.21, subsection 1, paragraphs e and f, 2 22 Code 2001, are amended by striking the paragraphs. 2 23 Sec. 6. Section 441.21, subsection 1, paragraph g, Code 2 24 2001, is amended to read as follows: 2 25 g. Notwithstanding any other provision of this section, 2 26 the actual value of any property shall not exceed its fair and 2 27 reasonable market value, except agricultural property which2 28shall be valued exclusively as provided in paragraph "e" of2 29this subsection. 2 30 Sec. 7. Section 441.21, subsection 2, Code 2001, is 2 31 amended to read as follows: 2 32 2. In the event market value of the property being 2 33 assessed cannot be readily established in the foregoing 2 34 manner, then the assessor may determine the value of the 2 35 property using the other uniform and recognized appraisal 3 1 methods including its productive and earning capacity, if any, 3 2 industrial conditions, its cost, physical and functional 3 3 depreciation and obsolescence and replacement cost, and all 3 4 other factors which would assist in determining the fair and 3 5 reasonable market value of the property but the actual value 3 6 shall not be determined by use of only one such factor. The 3 7 following shall not be taken into consideration: Special 3 8 value or use value of the property to its present owner, and 3 9 the good will or value of a business which uses the property 3 10 as distinguished from the value of the property as property. 3 11 Upon adoption of uniform rules by the revenue department or 3 12 succeeding authority covering assessments and valuations of 3 13 such properties, said valuation on such properties shall be 3 14 determined in accordancetherewithwith such uniform rules for 3 15 assessment purposes to assure uniformity, but such rules shall 3 16 not be inconsistent with or change the foregoing means of 3 17 determining the actual, market, taxable, and assessed values. 3 18 In the event market value of newly constructed residential 3 19 property being assessed cannot be readily established because 3 20 of insufficient comparable sales, the assessor shall use the 3 21 replacement cost method to value the property. 3 22 Sec. 8. Section 441.21, subsection 4, Code 2001, is 3 23 amended by striking the subsection and inserting in lieu 3 24 thereof the following: 3 25 4. For the assessment year beginning January 1, 2002, 3 26 valuations established for residential property shall be 3 27 assessed at seventy percent of actual value. That amount 3 28 shall be reduced by twenty-five thousand dollars on each 3 29 parcel of residential property assessed for taxation. 3 30 For the assessment year beginning January 1, 2003, 3 31 valuations established for residential property shall be 3 32 assessed at eighty-five percent of actual value. That amount 3 33 shall be reduced by twenty-five thousand dollars on each 3 34 parcel of residential property assessed for taxation. 3 35 For valuations established as of January 1, 2004, and each 4 1 year thereafter, the actual value at which residential 4 2 property is assessed shall be reduced by twenty-five thousand 4 3 dollars on each parcel of residential property assessed for 4 4 taxation. 4 5 Sec. 9. Section 441.21, subsection 5, Code 2001, is 4 6 amended to read as follows: 4 7 5.For valuations established as of January 1, 1979,4 8commercial property and industrial property, excluding4 9properties referred to in section 427A.1, subsection 6, shall4 10be assessed as a percentage of the actual value of each class4 11of property. The percentage shall be determined for each4 12class of property by the director of revenue for the state in4 13accordance with the provisions of this section. For4 14valuations established as of January 1, 1979, the percentage4 15shall be the quotient of the dividend and divisor as defined4 16in this section. The dividend for each class of property4 17shall be the total actual valuation for each class of property4 18established for 1978, plus six percent of the amount so4 19determined. The divisor for each class of property shall be4 20the valuation for each class of property established for 1978,4 21as reported by the assessors on the abstracts of assessment4 22for 1978, plus the amount of value added to the total actual4 23value by the revaluation of existing properties in 1979 as4 24equalized by the director of revenue pursuant to section4 25441.49. For valuations established as of January 1, 1979,4 26property valued by the department of revenue pursuant to4 27chapters 428, 433, 436, 437, and 438 shall be considered as4 28one class of property and shall be assessed as a percentage of4 29its actual value. The percentage shall be determined by the4 30director of revenue in accordance with the provisions of this4 31section. For valuations established as of January 1, 1979,4 32the percentage shall be the quotient of the dividend and4 33divisor as defined in this section. The dividend shall be the4 34total actual valuation established for 1978 by the department4 35of revenue, plus ten percent of the amount so determined. The5 1divisor for property valued by the department of revenue5 2pursuant to chapters 428, 433, 436, 437, and 438 shall be the5 3valuation established for 1978, plus the amount of value added5 4to the total actual value by the revaluation of the property5 5by the department of revenue as of January 1, 1979. For5 6valuations established as of January 1, 1980, commercial5 7property and industrial property, excluding properties5 8referred to in section 427A.1, subsection 6, shall be assessed5 9at a percentage of the actual value of each class of property.5 10The percentage shall be determined for each class of property5 11by the director of revenue for the state in accordance with5 12the provisions of this section. For valuations established as5 13of January 1, 1980, the percentage shall be the quotient of5 14the dividend and divisor as defined in this section. The5 15dividend for each class of property shall be the dividend as5 16determined for each class of property for valuations5 17established as of January 1, 1979, adjusted by the product5 18obtained by multiplying the percentage determined for that5 19year by the amount of any additions or deletions to actual5 20value, excluding those resulting from the revaluation of5 21existing properties, as reported by the assessors on the5 22abstracts of assessment for 1979, plus four percent of the5 23amount so determined. The divisor for each class of property5 24shall be the total actual value of all such property in 1979,5 25as equalized by the director of revenue pursuant to section5 26441.49, plus the amount of value added to the total actual5 27value by the revaluation of existing properties in 1980. The5 28director shall utilize information reported on the abstracts5 29of assessment submitted pursuant to section 441.45 in5 30determining such percentage. For valuations established as of5 31January 1, 1980, property valued by the department of revenue5 32pursuant to chapters 428, 433, 436, 437, and 438 shall be5 33assessed at a percentage of its actual value. The percentage5 34shall be determined by the director of revenue in accordance5 35with the provisions of this section. For valuations6 1established as of January 1, 1980, the percentage shall be the6 2quotient of the dividend and divisor as defined in this6 3section. The dividend shall be the total actual valuation6 4established for 1979 by the department of revenue, plus eight6 5percent of the amount so determined. The divisor for property6 6valued by the department of revenue pursuant to chapters 428,6 7433, 436, 437, and 438 shall be the valuation established for6 81979, plus the amount of value added to the total actual value6 9by the revaluation of the property by the department of6 10revenue as of January 1, 1980.For valuations established as 6 11 of January 1, 1981, and each year thereafter, the percentage 6 12 of actual value as equalized by the director of revenue and 6 13 finance as provided in section 441.49 at whichcommercial6 14property andindustrial property, excluding properties 6 15 referred to in section 427A.1, subsection 6, shall be assessed 6 16 shall be calculated in accordance with the methods provided 6 17herein, except that any references to six percent in this6 18subsection shall be four percentin this section. For 6 19 valuations established as of January 1, 1981, and each year 6 20 thereafter, the percentage of actual value at which property 6 21 valued by the department of revenue and finance pursuant to 6 22 chapters 428, 433, 436, 437, and 438 shall be assessed shall 6 23 be calculated in accordance with the methods providedherein6 24 in this section, except that any references to ten percent in 6 25 this subsection shall be eight percent. Beginning with 6 26 valuations established as of January 1, 1979, and each year 6 27 thereafter, property valued by the department of revenue and 6 28 finance pursuant to chapter 434 shall also be assessed at a 6 29 percentage of its actual value which percentage shall be equal 6 30 to the percentage determined by the director of revenue and 6 31 finance for commercial property, industrial property,or 6 32 property valued by the department of revenue and finance 6 33 pursuant to chapters 428, 433, 436, 437, and 438, whichever is 6 34 lowest. 6 35 Sec. 10. Section 441.21, Code 2001, is amended by adding 7 1 the following new subsection: 7 2 NEW SUBSECTION. 5A. For valuations established as of 7 3 January 1, 2002, and each year thereafter, the actual value at 7 4 which commercial property is assessed shall be reduced by one 7 5 hundred thousand dollars per parcel of commercial property. 7 6 Sec. 11. Section 441.21, Code 2001, is amended by adding 7 7 the following new subsection: 7 8 NEW SUBSECTION. 5B. For valuations established as of 7 9 January 1, 2002, the actual value at which agricultural 7 10 property is assessed shall be reduced by one thousand one 7 11 hundred fifty dollars per acre of agricultural property up to 7 12 one hundred thousand dollars per agricultural taxpayer in the 7 13 county, and for valuations established as of January 1, 2003, 7 14 the actual value as which agricultural property is assessed 7 15 shall be reduced by nine hundred fifty dollars per acre of 7 16 agricultural property up to one hundred thousand dollars per 7 17 agricultural taxpayer in the county. For valuations 7 18 established as of January 1, 2004, and each year thereafter, 7 19 the actual value at which agricultural property is assessed 7 20 shall be reduced by seven hundred fifty dollars per acre of 7 21 agricultural property up to one hundred thousand dollars per 7 22 agricultural taxpayer in the county. However, in no case 7 23 shall the reduction provided for in this subsection cause the 7 24 taxable value of agricultural property to fall below two 7 25 hundred fifty dollars per acre. 7 26 Sec. 12. Section 443.2, unnumbered paragraph 2, Code 2001, 7 27 is amended to read as follows: 7 28 The county auditor shall list the aggregate actual value 7 29 and the aggregate taxable value of all taxable property within 7 30 the county and each political subdivision on the tax list in 7 31 order that the actual value of the taxable property within the 7 32 county or a political subdivision may be ascertained and shown 7 33 by the tax list for the purpose of computing the debt- 7 34 incurring capacity of the county or political subdivision. As 7 35 used in this section, "actual value" is the value determined 8 1 under section 441.21, subsections 1 to 3, prior to the 8 2 reductionto a percentage ofin actual value as otherwise 8 3 provided in section 441.21. 8 4 Sec. 13. APPLICABILITY DATE. This Act applies to 8 5 assessment years beginning on or after January 1, 2002. 8 6 EXPLANATION 8 7 This bill removes the property tax assessment limitations 8 8 on residential, commercial, industrial, and agricultural 8 9 property and the agricultural property productivity formula 8 10 and requires that all such property be valued at its fair 8 11 market value with some modifications. The bill provides a 8 12 reduction from actual value per acre of agricultural property 8 13 up to $100,000 per taxpayer but with a guaranteed assessment 8 14 of $250 per acre. For the assessment year beginning January 8 15 1, 2002, the acreage reduction is $1,150, and for the 8 16 assessment year beginning January 1, 2003, the acreage 8 17 reduction is $950. For the assessment year beginning January 8 18 1, 2004, and subsequent years, the acreage reduction is $750. 8 19 The bill also provides a reduction from actual value of 8 20 $25,000 for residential property and of $100,000 for 8 21 commercial property. For the assessment year beginning 8 22 January 1, 2002, residential property shall be assessed at 70 8 23 percent of actual value and for the assessment year beginning 8 24 January 1, 2003, residential property shall be assessed at 85 8 25 percent of actual value. For assessment years beginning on or 8 26 after January 1, 2004, residential property will be assessed 8 27 at 100 percent of actual value. 8 28 The bill makes conforming amendments to sections pertaining 8 29 to valuation of property in an urban renewal area and 8 30 valuation of property owned by telegraph and telephone 8 31 companies, express companies, and electric cooperatives. 8 32 The bill also provides that if the assessor is unable to 8 33 establish fair market value of newly constructed residential 8 34 property because of a lack of comparable sales, the assessor 8 35 shall use the replacement cost method to value the property. 9 1 The bill applies to assessment years beginning on or after 9 2 January 1, 2002. 9 3 LSB 1417XC 79 9 4 sc/cls/14
Text: SSB01055 Text: SSB01057 Text: SSB01000 - SSB01099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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