Text: HSB00727 Text: HSB00729 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 499B.11, subsection 1, Code 2003, is
1 2 amended by adding the following new unnumbered paragraph:
1 3 NEW UNNUMBERED PARAGRAPH. If a building subject to a
1 4 horizontal property regime contains three or more apartments
1 5 intended for human habitation which are leased to tenants who
1 6 are not owners of the apartments and such apartments are not
1 7 listed as receiving a homestead credit under sections 425.1
1 8 through 425.15, any apartment located in the building and
1 9 intended for human habitation which is leased and which is not
1 10 receiving a homestead credit shall be treated, for purposes of
1 11 property taxation and special assessments, as commercial
1 12 property. However, this paragraph does not apply if an
1 13 apartment was classified as residential property for purposes
1 14 of property taxation on January 1, 2004.
1 15 Sec. 2. PROPERTY TAXATION OF RENTAL APARTMENTS AND
1 16 CONDOMINIUMS. It is the intent of the general assembly to
1 17 resolve the disparity that exists between property taxation of
1 18 rental apartments and condominiums. The property tax
1 19 implementation committee established pursuant to 2004 Iowa
1 20 Acts, First Extraordinary Session, chapter 1, section 41, or
1 21 any successor committee created by the general assembly, is
1 22 directed to develop a recommendation to the general assembly
1 23 for resolving the disparity in a manner that avoids shifting
1 24 any potential property tax burden to another class of property
1 25 taxpayers.
1 26 Sec. 3. APPLICABILITY DATE. Section 1 of this Act applies
1 27 to assessment years beginning on or after January 1, 2005.
1 28 EXPLANATION
1 29 This bill provides that if a building subject to a
1 30 horizontal property regime contains three or more apartments
1 31 (condominiums) intended for human habitation which are leased
1 32 to tenants who are not owners of the apartments and such
1 33 apartments are not listed as receiving a homestead credit, any
1 34 apartment located in the building and intended for human
1 35 habitation which is leased and which is not receiving a
2 1 homestead credit shall be treated, for purposes of property
2 2 taxation and special assessments, as commercial property
2 3 unless the apartment was classified as residential property
2 4 for purposes of property taxation on January 1, 2004. This
2 5 portion of the bill applies to assessment years beginning on
2 6 or after January 1, 2005.
2 7 The bill also provides that it is the intent of the general
2 8 assembly to resolve the disparity that exists between property
2 9 taxation of rental apartments and condominiums. The bill
2 10 directs the property tax implementation committee, or any
2 11 successor committee created by the general assembly, to
2 12 develop a recommendation to the general assembly for resolving
2 13 the disparity in a manner that avoids shifting any potential
2 14 property tax burden to another class of property taxpayers.
2 15 LSB 6970YC 80
2 16 sc/cf/24
Text: HSB00727 Text: HSB00729 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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