House Journal: Page 2138: Tuesday, June 3, 2003
22 uniform rules by the department of revenue and finance
23 or covering assessments and valuations of such
24 properties, the valuation on such properties shall be
25 determined in accordance with such values for
26 assessment purposes to assure uniformity, but such
27 rules shall not be inconsistent with or change the
28 foregoing means of determining the market value.
29 b. The actual value of special purpose tooling,
30 which is subject to assessment and taxation as real
31 property under section 427A.1, subsection 1, paragraph
32 "e", but which can be used only to manufacture
33 property which is protected by one or more United
34 States or foreign patents, shall not exceed the fair
35 and reasonable exchange value between a willing buyer
36 and a willing seller, assuming that the willing buyer
37 is purchasing only the special purpose tooling and not
38 the patent covering the property which the special
39 purpose tooling is designed to manufacture nor the
40 rights to manufacture the patented property. For
41 purposes of this paragraph, special purpose tooling
42 includes dies, jigs, fixtures, molds, patterns, and
43 similar property. The assessor shall not take into
44 consideration the special value or use value to the
45 present owner of the special purpose tooling which is
46 designed and intended solely for the manufacture of
47 property protected by a patent in arriving at the
48 actual value of the special purpose tooling.
49 c. In determining the purchase price of a
50 structure, the assessor shall consider whether the
Page 6
1 sale was a fair and reasonable exchange in the year in
2 which the property was listed and valued between a
3 willing buyer and a willing seller, neither being
4 under any compulsion to buy or sell and each being
5 familiar with all the facts relating to the particular
6 property. Sale prices of the property or comparable
7 property in normal transactions reflecting market
8 value, and the probable availability or unavailability
9 of persons interested in purchasing the property,
10 shall be taken into consideration in determining
11 purchase price. In determining purchase price, sale
12 prices of property in abnormal transactions not
13 reflecting market value shall not be taken into
14 account, or shall be adjusted to eliminate the effect
15 of factors which distort market value, including but
16 not limited to sales to immediate family of the
17 seller, foreclosure or other forced sales, contract
18 sales, or discounted purchase transactions.
19 d. If a county enters into a contract before May
20 1, 2003, for a comprehensive revaluation by a private
© 2003 Cornell College and
League of Women Voters of Iowa
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