Text: HSB00164 Text: HSB00166 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 331.401, subsection 1, Code 2003, is
1 2 amended by adding the following new paragraph after paragraph
1 3 c:
1 4 NEW PARAGRAPH. cc. Establish a property tax replacement
1 5 fund in accordance with section 331.430A.
1 6 Sec. 2. NEW SECTION. 331.430A PROPERTY TAX REPLACEMENT
1 7 CREDIT.
1 8 1. Property tax replacement dollars received by a county
1 9 shall be credited to the county's property tax replacement
1 10 fund. The board shall not levy property taxes for or make
1 11 appropriations from the property tax replacement fund other
1 12 than as provided in this section.
1 13 2. a. The county auditor shall reduce the certified tax
1 14 levy for the general fund received from the board of
1 15 supervisors for the budget year by an amount equal to the
1 16 amount in the property tax replacement fund designated or
1 17 allocated for countywide property tax relief. The auditor
1 18 shall calculate the tax rate after the countywide property tax
1 19 replacement amount is applied to the certified levy.
1 20 b. The county auditor shall reduce the certified tax levy
1 21 for the rural services fund received from the board of
1 22 supervisors for the budget year by an amount equal to the
1 23 amount in the property tax replacement fund designated or
1 24 allocated for property tax relief in the unincorporated area.
1 25 The auditor shall calculate the tax rate after the property
1 26 tax replacement amount is applied to the certified levy.
1 27 c. Amounts deposited in the property tax replacement fund
1 28 not specifically designated or allocated for countywide
1 29 property tax relief or for property tax relief in the
1 30 unincorporated area shall be credited to the general fund in
1 31 the proportion that the total taxable valuation in the county
1 32 bears to the sum of the total taxable valuation in the county
1 33 and the taxable valuation in the unincorporated area of the
1 34 county and shall be credited to the rural services fund in the
1 35 proportion that the taxable valuation in the unincorporated
2 1 area of the county bears to the sum of the total taxable
2 2 valuation in the county and the taxable valuation in the
2 3 unincorporated area of the county.
2 4 3. On the tax list, the county auditor shall compute the
2 5 amount of taxes due and payable on each parcel before and
2 6 after the amount received from the property tax replacement
2 7 fund is used to reduce the county levy. The amounts shall be
2 8 computed separately for the general fund and the rural
2 9 services fund. The amount of property tax dollars reduced on
2 10 each parcel as a result of the moneys received from the
2 11 property tax replacement fund, if applicable, shall be noted
2 12 on each tax statement prepared by the county treasurer
2 13 pursuant to section 445.23.
2 14 4. As used in this section, "property tax replacement
2 15 dollars" means revenues estimated to be received in the budget
2 16 year under chapter 422B that are designated to be allocated
2 17 for property tax relief and amounts appropriated by the
2 18 general assembly for property tax relief first enacted for
2 19 fiscal years beginning on or after July 1, 2003. The amount
2 20 of property tax replacement dollars for the budget year shall
2 21 be adjusted to reflect revenue corrections or reconciliation
2 22 made during the current fiscal year for the previous fiscal
2 23 year.
2 24 Sec. 3. Section 445.5, subsection 1, Code 2003, is amended
2 25 by adding the following new paragraph:
2 26 NEW PARAGRAPH. j. The information required pursuant to
2 27 section 331.430A, subsection 3.
2 28 Sec. 4. EFFECTIVE AND APPLICABILITY DATES. This Act,
2 29 being deemed of immediate importance, takes effect upon
2 30 enactment and applies to the fiscal year beginning July 1,
2 31 2003, and all subsequent fiscal years.
2 32 EXPLANATION
2 33 This bill requires the establishment of a county property
2 34 tax replacement fund in each county. The bill provides that
2 35 local option sales tax revenues and amounts appropriated by
3 1 the general assembly for property tax relief are to be
3 2 credited to the fund. For each fiscal year, the county
3 3 auditor is to reduce the amount of the certified levy by the
3 4 amount of moneys in the fund before calculating the property
3 5 tax rate. If moneys in the fund are designated or allocated
3 6 for property tax relief in the unincorporated area only, the
3 7 auditor shall reduce the certified levy for the rural services
3 8 fund. If moneys in the fund are designated or allocated for
3 9 countywide property tax relief, the auditor shall reduce the
3 10 certified levy for the general services fund. If amounts in
3 11 the fund are not specifically designated or allocated, the
3 12 certified levies for both funds shall be reduced
3 13 proportionately.
3 14 The bill further provides that the amount of property tax
3 15 dollars reduced on each parcel as a result of moneys received
3 16 from the property tax replacement fund shall be noted on each
3 17 tax statement prepared by the county treasurer.
3 18 The bill takes effect upon enactment and applies to fiscal
3 19 years beginning on or after July 1, 2003.
3 20 LSB 1572YC 80
3 21 sc/cf/24.1
Text: HSB00164 Text: HSB00166 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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