House Journal: Page 2137: Tuesday, June 3, 2003
23 January 1, 2005, shall be the productivity value of
24 the structure for the assessment year following the
25 year construction was completed, as determined by the
26 assessor, divided by the cumulative inflation factor
27 established for the assessment year following the year
28 construction was completed, divided by the total
29 number of square feet of the structure as of January 1
30 of the assessment year. However, when valuing an
31 addition that substantially increases the square
32 footage of a structure, only that portion of the
33 structure comprising the addition shall be valued by
34 the assessor under this subparagraph.
35 (2) If additions or modifications to an existing
36 structure do not constitute a newly constructed
37 structure, the valuation of the structure shall only
38 increase if the square footage of the structure
39 increases. The increased valuation, if any, equals
40 the amount of increased square feet times the value
41 per square foot of the structure prior to the
42 additions or modifications.
43 5. a. In determining the market value of newly
44 constructed property, except agricultural structures,
45 the assessor may determine the value of the property
46 using uniform and recognized appraisal methods
47 including its productive and earning capacity, if any,
48 industrial conditions, its cost, physical and
49 functional depreciation and obsolescence and
50 replacement cost, and all other factors which would
Page 5
1 assist in determining the fair and reasonable market
2 value of the property but the actual value shall not
3 be determined by use of only one such factor. The
4 following shall not be taken into consideration:
5 special value or use value of the property to its
6 present owner, and the goodwill or value of a business
7 that uses the property as distinguished from the value
8 of the property as property. However, in assessing
9 property that is rented or leased to low-income
10 individuals and families as authorized by section 42
11 of the Internal Revenue Code, as amended, and which
12 section limits the amount that the individual or
13 family pays for the rental or lease of units in the
14 property, the assessor shall use the productive and
15 earning capacity from the actual rents received as a
16 method of appraisal and shall take into account the
17 extent to which that use and limitation reduces the
18 market value of the property. The assessor shall not
19 consider any tax credit equity or other subsidized
20 financing as income provided to the property in
21 determining the market value. Upon adoption of
© 2003 Cornell College and
League of Women Voters of Iowa
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