House Journal: Page 1368: Friday, April 25, 2003
41 to agree on the amount of foundation property tax
42 revenue of a school district certified by the
43 municipality for the fiscal year beginning July 1,
44 2004, either party may request that the state appeal
45 board review and finally pass upon the amount that may
46 be certified. Such appeals must be presented in
47 writing to the state appeal board no later than July
48 31 following certification. The burden shall be on
49 the municipality to prove that the foundation property
50 tax levy revenue is necessary to pay principal and
Page 9
1 interest on obligations incurred prior to July 1,
2 2004. A final decision must be issued by the state
3 appeal board no later than the following October 1.
4 NEW SUBSECTION. 10. If an urban renewal plan is
5 amended and the amendment to the plan provides for the
6 addition of territory to the urban renewal area, the
7 assessment year for the territory added for purposes
8 of dividing revenue under this section shall be the
9 assessment year beginning January 1 of the calendar
10 year preceding the calendar year in which the
11 municipality adopted the amendment.
12 NEW SUBSECTION. 11. When all loans, advances,
13 indebtedness, and bonds, if any, and interest thereon,
14 have been paid, revenues from taxes levied on taxable
15 property in an urban renewal area shall not be divided
16 pursuant to this section and shall not be deposited in
17 a special fund under subsection 2.
18 NEW SUBSECTION. 12. On or after July 1, 2003, a
19 municipality shall not enter into a written agreement,
20 or shall not extend or renew an existing agreement, to
21 use revenues paid into the special fund in subsection
22 2 to suspend, abate, exempt, rebate, refund, or
23 reimburse property taxes, or to provide a grant for
24 property taxes paid, in an urban renewal area if the
25 property taxes are imposed against retail property.
26 For the purposes of this subsection, "retail property"
27 means property that is assessed as commercial property
28 for property tax purposes and from which is sold at
29 retail tangible goods, wares, or merchandise on the
30 premises to the general public, which are subject to
31 the state sales tax, but shall not include property on
32 which the sales of retail tangible goods, wares, or
33 merchandise constitutes a use of less than fifty
34 percent of the structures on the property.
35 Sec. 15. NEW SECTION. 403.19a DEBT LIMITATION
36 FOR URBAN RENEWAL AREAS.
37 1. For fiscal years beginning on or after July 1,
38 2003, the total amount of loans, advances,
39 indebtedness, and bonds payable from the special fund
© 2003 Cornell College and
League of Women Voters of Iowa
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