Text: SSB03180 Text: SSB03182 Text: SSB03100 - SSB03199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 441.21, Code Supplement 2001, is
1 2 amended by adding the following new subsection:
1 3 NEW SUBSECTION. 12. a. Beginning with valuations as of
1 4 January 1, 2003, apartment buildings, mobile home parks,
1 5 manufactured home communities, and land-lease communities
1 6 shall be valued as a separate class as multifamily residential
1 7 property and shall be assessed at a percentage of actual value
1 8 as follows:
1 9 (1) For valuations established as of January 1, 2003, a
1 10 percentage equal to the percentage of actual value established
1 11 for residential property plus four-fifths of the amount the
1 12 percentage of actual value established for commercial property
1 13 exceeds the percentage of actual value established for
1 14 residential property.
1 15 (2) For valuations established as of January 1, 2004, a
1 16 percentage equal to the percentage of actual value established
1 17 for residential property plus three-fifths of the amount the
1 18 percentage of actual value established for commercial property
1 19 exceeds the percentage of actual value established for
1 20 residential property.
1 21 (3) For valuations established as of January 1, 2005, a
1 22 percentage equal to the percentage of actual value established
1 23 for residential property plus two-fifths of the amount the
1 24 percentage of actual value established for commercial property
1 25 exceeds the percentage of actual value established for
1 26 residential property.
1 27 (4) For valuations established as of January 1, 2006, a
1 28 percentage equal to the percentage of actual value established
1 29 for residential property plus one-fifth of the amount the
1 30 percentage of actual value established for commercial property
1 31 exceeds the percentage of actual value established for
1 32 residential property.
1 33 (5) For valuations established on or after January 1,
1 34 2007, the same percentage as the percentage of actual value
1 35 established for residential property.
2 1 b. As used in this subsection:
2 2 (1) "Apartment building" means the land and building used
2 3 primarily for human habitation and not classified as
2 4 residential property. "Apartment building" does not include a
2 5 hotel, motel, inn, and other buildings where rooms are usually
2 6 rented for less than one month, and rest homes.
2 7 (2) "Land-lease community" means the same as defined in
2 8 sections 335.30A and 414.28A.
2 9 (3) "Manufactured home community" means the same as a
2 10 land-lease community.
2 11 (4) "Mobile home park" means the same as defined in
2 12 section 435.1.
2 13 EXPLANATION
2 14 This bill sets a percentage of actual value at which
2 15 apartments, mobile home parks, manufactured home communities,
2 16 and land-lease communities are to be assessed for property tax
2 17 purposes. For the 2003 assessment year, which begins January
2 18 1, 2003, the percentage is equal to the percentage established
2 19 for residential property plus four-fifths of the difference
2 20 between the percentage established for commercial property and
2 21 the percentage established for residential property. For the
2 22 2004 assessment year, the percentage is equal to the
2 23 percentage established for residential property plus three-
2 24 fifths of such difference. For the 2005 assessment year, the
2 25 percentage is equal to the percentage established for
2 26 residential property plus two-fifths of such difference. For
2 27 the 2006 assessment year, the percentage is equal to the
2 28 percentage established for residential property plus one-fifth
2 29 of such difference. For the 2007 assessment year and
2 30 subsequent assessment years, the percentage is equal to the
2 31 percentage established for residential property.
2 32 LSB 6670SC 79
2 33 mg/pj/5
Text: SSB03180 Text: SSB03182 Text: SSB03100 - SSB03199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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