House Journal: Page 2139: Tuesday, June 3, 2003
21 appraiser and such revaluation is for the assessment
22 year beginning January 1, 2006, the valuations
23 determined under the comprehensive revaluation for
24 that assessment year shall be divided by the
25 cumulative inflation factor for the assessment year
26 beginning January 1, 2006, and that quotient shall be
27 considered the valuation of the property for the
28 assessment year beginning January 1, 2005.
29 6. Notwithstanding any other provision of this
30 section, the assessed value per square foot of a
31 structure times the total number of square feet of the
32 structure shall not exceed its fair and reasonable
33 market value for the assessment year, except for
34 agricultural structures which shall be valued
35 exclusively as provided in subsection 4.
36 7. For purposes of this section:
37 a. "Annual inflation factor" means an index,
38 expressed as a percentage, determined by the
39 department by January 15 of the assessment year for
40 which the factor is determined, which reflects the
41 purchasing power of the dollar as a result of
42 inflation during the twelve-month period ending
43 September 30 of the calendar year preceding the
44 assessment year for which the factor is determined.
45 In determining the annual inflation factor, the
46 department shall use the annual percent change, but
47 not less than zero percent, in the gross domestic
48 product price deflator computed for the calendar year
49 by the bureau of economic analysis of the United
50 States department of commerce and shall add all of
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1 that percent change to one hundred percent. The
2 annual inflation factor and the cumulative inflation
3 factor shall each be expressed as a percentage rounded
4 to the nearest one-tenth of one percent. The annual
5 inflation factor shall not be less than one hundred
6 percent. The annual inflation factor for the 2005
7 calendar year is one hundred percent.
8 b. "Cumulative inflation factor" means the product
9 of the annual inflation factor for the 2005 calendar
10 year and all annual inflation factors for subsequent
11 calendar years as determined pursuant to this
12 subsection. The cumulative inflation factor applies
13 to the assessment year beginning on January 1 of the
14 calendar year for which the latest annual inflation
15 factor has been determined.
16 c. "Newly constructed" includes, but is not
17 limited to, structural replacement, additions that
18 substantially increase the square footage, conversion
19 into another class of property, and conversion from
© 2003 Cornell College and
League of Women Voters of Iowa
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