House Journal: Page 1364: Friday, April 25, 2003
45 allow a municipality to divide that portion of the
46 taxes which would be produced by levying the affected
47 taxing district's portion of the total tax rate levied
48 by or for the affected taxing entity upon the total
49 sum of the assessed taxable value of the taxable
50 property in the urban renewal area, as shown on the
Page 5
1 assessment roll as of January 1 of the calendar year
2 preceding the effective date of the ordinance. This
3 choice to divide a portion of the taxes shall not be
4 construed to change the effective date of the division
5 of property tax revenue with respect to an urban
6 renewal plan in existence on July 1, 1994.
7 b. For the purpose of allocating taxes levied by
8 or for any taxing district which did not include the
9 territory in an urban renewal area on the effective
10 date of the ordinance or initial adoption of the plan,
11 but to which the territory has been annexed or
12 otherwise included after the effective date, the
13 assessment roll applicable to property in the annexed
14 territory as of January 1 of the calendar year
15 preceding the effective date of the ordinance, which
16 amends the plan to include the annexed area, shall be
17 used in determining the assessed taxable valuation of
18 the taxable property in the annexed area.
19 Sec. 11. Section 403.19, subsection 2, Code 2003,
20 is amended to read as follows:
21 2. That portion of the taxes each year in excess
22 of such amount shall be allocated to and when
23 collected be paid into a special fund of the
24 municipality to pay the principal of and interest on
25 loans, moneys advanced to, or indebtedness, whether
26 funded, refunded, assumed, or otherwise, including
27 bonds issued under the authority of section 403.9,
28 subsection 1, incurred by the municipality to finance
29 or refinance, in whole or in part, an urban renewal
30 project within the area, and to provide assistance for
31 low and moderate income family housing as provided in
32 section 403.22, except that. However, taxes for the
33 regular and voter-approved physical plant and
34 equipment levy of a school district imposed pursuant
35 to section 298.2, and taxes for the payment of bonds
36 and interest of each taxing district must, and for
37 fiscal years beginning on or after July 1, 2004, the
38 foundation property tax imposed pursuant to section
39 257.3, subsection 1, unless the board of directors of
40 the school district by resolution adopted pursuant to
41 subsection 8 directs that the foundation property tax
42 be paid to the municipality or unless the municipality
43 provides the certification required under subsection
© 2003 Cornell College and
League of Women Voters of Iowa
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