House Journal: Page 2140: Tuesday, June 3, 2003
20 exempt property under section 427.1 to taxable
21 property. For commercial and industrial property,
22 "newly constructed" also includes an addition or
23 removal to a structure of personal property taxed as
24 real estate under chapter 427A.
25 d. "Structure" means any part of that which is
26 built or constructed, an edifice or building of any
27 kind, or any piece of work artificially built up or
28 composed of parts joined together in some definite
29 manner. For residential structures, structure
30 includes only those parts of the structure, including
31 basements and attics, that are or could be used as
32 living space. "Structure" does not include the land
33 beneath, or horizontal improvements relating to the
34 structure, such as sidewalks, sewers, or retaining
35 walls.
36 8. For the purpose of computing the debt
37 limitations for municipalities, political
38 subdivisions, and school districts, the term "actual
39 value" means the "actual value" as determined under
40 this section without application of any percentage
41 reduction and entered opposite each item, and as
42 listed on the tax list as provided in section 443.2,
43 as "actual value".
44 Whenever any board of review or other tribunal
45 changes the assessed value of property, all applicable
46 records of assessment shall be adjusted to reflect
47 such change in both assessed value and actual value of
48 such property.
49 9. The provisions of this chapter and chapters
50 443, 443A, and 444 shall be subject to legislative
Page 8
1 review at least once every five years. The review
2 shall be based upon a property tax status report
3 containing the recommendations of a property tax
4 implementation committee appointed to conduct a review
5 of the land tax, square footage tax, the baseline
6 assessment for the square footage tax, and other
7 related provisions, to be prepared with the assistance
8 of the departments of management and revenue and
9 finance. The report shall include recommendations for
10 changes or revisions based upon demographic changes
11 and property tax valuation fluctuations observed
12 during the preceding five-year interval, and a summary
13 of issues that have arisen since the previous review
14 and potential approaches for their resolution. The
15 first such report shall be submitted to the general
16 assembly no later than January 1, 2010, with
17 subsequent reports developed and submitted by January
18 1 at least every fifth year thereafter.
© 2003 Cornell College and
League of Women Voters of Iowa
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