Text: S05232 Text: S05234 Text: S05200 - S05299 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 2296 as follows: 1 2 #1. Page 13, by striking lines 1 through 11 and 1 3 inserting the following: "However, in assessing 1 4 property that is rented or leased to low-income 1 5 individuals and families as authorized by section 42 1 6 of the Internal Revenue Code, as amended, and which 1 7 sectionlimits the amount thatestablishes annually 1 8 the rent the individual or family pays for the rental 1 9 or lease of units in the property, the assessor shall 1 10 use theproductive and earning capacity from the1 11actual rents received as a method of appraisal and1 12shall take into account the extent to which that use1 13and limitation reduces the market value of the1 14propertysection 42 rents in conjunction with the 1 15 income method of appraisal in compliance with the 1 16 uniform standards of professional appraisal practice 1 17 to arrive at the assessed value for the property. In 1 18 no case shall the value of the property exceed the 1 19 assessed value if it had been valued without 1 20 consideration to the special procedures established 1 21 herein for section 42 properties. In arriving at the 1 22 actual value of the property, the impact of applicable 1 23 rent restrictions, affordability requirements, or any 1 24 other related restrictions prescribed by any federal 1 25 or state programs shall be considered. The assessor 1 26 shall not directly or indirectly consider any tax 1 27 credit equity or other subsidized financing as income 1 28 provided to the property in determining the assessed 1 29 value. An owner of section 42 property may elect to 1 30 not have such property assessed using the section 42 1 31 valuation process by notifying the assessor in writing 1 32 prior to March 1 of each assessment year." 1 33 #2. Page 13, by inserting after line 28 the 1 34 following: 1 35 "Sec. . Section 441.37, subsection 3, Code 1 36 Supplement 2003, is amended by adding the following 1 37 new unnumbered paragraph: 1 38 NEW UNNUMBERED PARAGRAPH. If an assessment is 1 39 protested pursuant to subsection 1, paragraphs "a", 1 40 "b", "c", "d", and "e", costs of the protest incurred 1 41 by the property owner or taxpayer protesting the 1 42 assessment shall be paid from the respective 1 43 assessment expense fund of the city or county 1 44 described in section 441.16, if the board of review 1 45 determines that the assessed value protested is 1 46 greater than one hundred ten percent of the assessed 1 47 value of the property as determined by the assessor. 1 48 These costs incurred by the property owner or taxpayer 1 49 may include reasonable attorney fees, property 1 50 appraisal reports, expert testimony, travel and 2 1 lodging, and any other costs incurred by the property 2 2 owner or taxpayer who filed the protest if such costs 2 3 are reasonably related to the protest. 2 4 Sec. . Section 441.40, Code 2003, is amended by 2 5 adding the following new unnumbered paragraph: 2 6 NEW UNNUMBERED PARAGRAPH. However, costs of the 2 7 appeal incurred by the property owner or taxpayer 2 8 appealing the action of the board of review on an 2 9 assessment protested pursuant to section 441.37, 2 10 subsection 1, paragraphs "a", "b", "c", "d", and "e", 2 11 shall be paid from the respective assessment expense 2 12 fund of the city or county described in section 2 13 441.16, if the court determines that the assessed 2 14 value appealed is greater than one hundred ten percent 2 15 of the assessed value of the property as determined by 2 16 the board of review or if the judgment of the court 2 17 results in the assessed value being reduced such that 2 18 the assessed value appealed is greater than one 2 19 hundred ten percent of the assessed value placed on 2 20 the property pursuant to the decision of the court. 2 21 These costs incurred by the property owner or taxpayer 2 22 may include reasonable attorney fees, property 2 23 appraisal reports, expert testimony, court recorders, 2 24 depositions, travel and lodging, and any other costs 2 25 incurred by the property owner or taxpayer who filed 2 26 the appeal if such costs are reasonably related to the 2 27 appeal." 2 28 2 29 2 30 2 31 STEVEN H. WARNSTADT 2 32 SF 2296.201 80 2 33 mg/sh
Text: S05232 Text: S05234 Text: S05200 - S05299 Text: S Index Bills and Amendments: General Index Bill History: General Index
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