Text: HSB00022 Text: HSB00024 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 403.19, subsection 1, paragraph a, Code
1 2 2003, is amended to read as follows:
1 3 a. Unless otherwise provided in this section, that portion
1 4 of the taxes which would be produced by the rate at which the
1 5 tax is levied each year by or for each of the taxing districts
1 6 upon the total sum of the assessed value of the taxable
1 7 property in the urban renewal area, as shown on the assessment
1 8 roll as of January 1 of the calendar year preceding the first
1 9 calendar year in which the municipality certifies to the
1 10 county auditor the amount of loans, advances, indebtedness, or
1 11 bonds payable from the division of property tax revenue, as
1 12 such assessed value is periodically adjusted pursuant to
1 13 subsection 8, or on the assessment roll last equalized prior
1 14 to the date of initial adoption of the urban renewal plan if
1 15 the plan was adopted prior to July 1, 1972, shall be allocated
1 16 to and when collected be paid into the fund for the respective
1 17 taxing district as taxes by or for the taxing district into
1 18 which all other property taxes are paid. However, the
1 19 municipality may choose to divide that portion of the taxes
1 20 which would be produced by levying the municipality's portion
1 21 of the total tax rate levied by or for the municipality upon
1 22 the total sum of the assessed value of the taxable property in
1 23 the urban renewal area, as shown on the assessment roll as of
1 24 January 1 of the calendar year preceding the effective date of
1 25 the ordinance and if the municipality so chooses, an affected
1 26 taxing entity may allow a municipality to divide that portion
1 27 of the taxes which would be produced by levying the affected
1 28 taxing district's portion of the total tax rate levied by or
1 29 for the affected taxing entity upon the total sum of the
1 30 assessed value of the taxable property in the urban renewal
1 31 area, as shown on the assessment roll as of January 1 of the
1 32 calendar year preceding the effective date of the ordinance.
1 33 This choice to divide a portion of the taxes shall not be
1 34 construed to change the effective date of the division of
1 35 property tax revenue with respect to an urban renewal plan in
2 1 existence on July 1, 1994.
2 2 Sec. 2. Section 403.19, Code 2003, is amended by adding
2 3 the following new subsection:
2 4 NEW SUBSECTION. 8. a. The assessed value of taxable
2 5 property in subsection 1 shall be adjusted by the assessor
2 6 every eight years to remove the increase in total assessed
2 7 value over the previous eight years except for the increase in
2 8 value due solely to new construction, additions or
2 9 improvements to existing structures, or remodeling of existing
2 10 structures for which a building permit was required.
2 11 b. For any fiscal year, a municipality may certify to the
2 12 county auditor the portion of the revenue collected due to the
2 13 valuation adjustment amount determined pursuant to paragraph
2 14 "a", which is necessary to pay principal and interest on bonds
2 15 issued prior to July 1, 2003. This portion of the revenue
2 16 shall be transferred to the municipality from the tax
2 17 collections of each taxing district in the urban renewal area
2 18 in an amount proportionate to the taxing district's percentage
2 19 of the total tax collected in the urban renewal area. When
2 20 determining the amount of the proportionate transfers of
2 21 revenue, revenue collected by a school district from
2 22 imposition of a physical plant and equipment levy, shall not
2 23 be counted as part of the school district's revenue subject to
2 24 transfer, except as otherwise provided in subsection 7.
2 25 Sec. 3. APPLICABILITY DATE. This Act applies to urban
2 26 renewal areas established by ordinance before, on, or after
2 27 the effective date of this Act.
2 28 EXPLANATION
2 29 This bill requires the assessor, every eight years, to
2 30 adjust the incremental property valuation of property located
2 31 in an urban renewal area to remove increases in valuation from
2 32 the increment. The bill provides that the transferred
2 33 valuation shall not include increases in value due solely to
2 34 new construction, additions or improvements to existing
2 35 structures, or remodeling of existing structures for which a
3 1 building permit was required.
3 2 The bill allows a municipality to receive revenue collected
3 3 from the transferred valuation if the revenue is needed to pay
3 4 principal and interest on urban renewal bonds issued before
3 5 July 1, 2003. The revenue subject to transfer does not
3 6 include revenue from a school district's physical plant and
3 7 equipment levy. That revenue is subject to transfer elsewhere
3 8 in the urban renewal chapter.
3 9 The bill applies to urban renewal areas established by
3 10 ordinance before, on, or after the effective date of this Act.
3 11 LSB 1276YC 80
3 12 sc/pj/5.1
Text: HSB00022 Text: HSB00024 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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