Text: SSB01257 Text: SSB01259 Text: SSB01200 - SSB01299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 441.21, subsection 2, Code 2001, is
1 2 amended to read as follows:
1 3 2. In the event market value of the property being
1 4 assessed cannot be readily established in the foregoing
1 5 manner, then the assessor may determine the value of the
1 6 property using the other uniform and recognized appraisal
1 7 methods including its productive and earning capacity, if any,
1 8 industrial conditions, its cost, physical and functional
1 9 depreciation and obsolescence and replacement cost, and all
1 10 other factors which would assist in determining the fair and
1 11 reasonable market value of the property but the actual value
1 12 shall not be determined by use of only one such factor. The
1 13 following shall not be taken into consideration: Special
1 14 value or use value of the property to its present owner, and
1 15 the good will or value of a business which uses the property
1 16 as distinguished from the value of the property as property.
1 17 However, in assessing property that is rented or leased to
1 18 low-income individuals and families as authorized by section
1 19 42 of the Internal Revenue Code, as amended, and which section
1 20 limits the amount that the individual or family pays for the
1 21 rental or lease of units in the property, the assessor shall
1 22 use the productive and earning capacity from the actual rents
1 23 received as a method of appraisal and shall take into account
1 24 the extent to which that use and limitation reduces the market
1 25 value of the property. The assessor shall not consider any
1 26 tax credit equity or other subsidized financing as income
1 27 provided to the property in determining the assessed value.
1 28 Upon adoption of uniform rules by the revenue department or
1 29 succeeding authority covering assessments and valuations of
1 30 such properties, said valuation on such properties shall be
1 31 determined in accordance therewith for assessment purposes to
1 32 assure uniformity, but such rules shall not be inconsistent
1 33 with or change the foregoing means of determining the actual,
1 34 market, taxable and assessed values.
1 35 EXPLANATION
2 1 This bill provides that property, which is rented or leased
2 2 to low-income individuals and families for use as habitation
2 3 as authorized by a federal tax credit provision that limits
2 4 the amount of rent or lease payments required, shall be valued
2 5 on its actual earning capacity, based upon the actual rents
2 6 received, and its restricted use in arriving at market value
2 7 for purposes of property tax assessments. The fact that tax
2 8 credit equity or other subsidized financing is provided in
2 9 relation to such property is not to be taken into account as
2 10 income in determining assessed value.
2 11 LSB 3559SC 79
2 12 mg/gg/8
Text: SSB01257 Text: SSB01259 Text: SSB01200 - SSB01299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Apr 4 03:35:24 CDT 2001
URL: /DOCS/GA/79GA/Legislation/SSB/01200/SSB01258/010329.html
jhf