House Journal: Page 2135: Tuesday, June 3, 2003
25 following:
26 441.21 ASSESSMENT OF STRUCTURES.
27 1. All real property, except land, subject to
28 taxation shall be assessed on a value per square foot
29 basis according to the provisions of this section.
30 2. a. Subject to paragraph "b", for valuations
31 established as of January 1, 2006, and for subsequent
32 assessment years, the assessed value per square foot
33 of a residential structure shall be an amount equal to
34 the valuation of the structure as determined for the
35 assessment year beginning January 1, 2005, prior to
36 application of the assessment limitation for that
37 year, divided by the total number of square feet of
38 the structure as of January 1, 2005.
39 b. (1) The assessed value per square foot of an
40 existing residential structure purchased after January
41 1, 2005, shall be the purchase price of the structure
42 divided by the cumulative inflation factor established
43 for the assessment year following the year of
44 purchase, divided by the total number of square feet
45 of the structure as of January 1 of the assessment
46 year. The assessed value per square foot of a
47 residential structure newly constructed after January
48 1, 2005, shall be the market value of the structure,
49 as determined by the assessor, divided by the
50 cumulative inflation factor established for the
Page 3
1 assessment year following the year construction was
2 completed, divided by the total number of square feet
3 of the structure as of January 1 of the assessment
4 year. However, when valuing an addition that
5 substantially increases the square footage of a
6 structure, only that portion of the structure
7 comprising the addition shall be valued by the
8 assessor under this subparagraph.
9 (2) If additions or modifications to an existing
10 structure do not constitute a newly constructed
11 structure, the valuation of the structure shall only
12 increase if the square footage of the structure
13 increases. The increased valuation, if any, equals
14 the amount of increased square feet times the value
15 per square foot of the structure prior to the
16 additions or modifications.
17 3. a. Subject to paragraph "b" for valuations
18 established as of January 1, 2006, and for subsequent
19 assessment years, the assessed value per square foot
20 of a commercial or industrial structure shall be an
21 amount equal to the valuation of the structure as
22 determined for the assessment year beginning January
23 1, 2005, prior to application of the assessment
© 2003 Cornell College and
League of Women Voters of Iowa
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