House Journal: Page 2141: Tuesday, June 3, 2003
19 Sec. 4. NEW SECTION. 441.21A PROPERTY
20 CLASSIFICATIONS.
21 1. a. Agricultural land shall be valued at its
22 productivity value. The productivity value of
23 agricultural land shall be determined on the basis of
24 productivity and net earning capacity of the land
25 determined on the basis of its use for agricultural
26 purposes capitalized at a rate of seven percent and
27 applied uniformly among counties and among classes of
28 property. Any formula or method employed to determine
29 productivity and net earning capacity of land shall be
30 adopted in full by rule.
31 b. In counties or townships in which field work on
32 a modern soil survey has been completed since January
33 1, 1949, the assessor shall place emphasis upon the
34 results of the survey in spreading the valuation among
35 individual parcels of such agricultural land.
36 c. "Agricultural land" includes the land of a
37 vineyard.
38 2. a. "Residential property" includes all lands
39 and buildings which are primarily used or intended for
40 human habitation, including those buildings located on
41 agricultural land. Buildings used primarily or
42 intended for human habitation shall include the
43 dwelling as well as structures and improvements used
44 primarily as a part of, or in conjunction with, the
45 dwelling. This includes but is not limited to
46 garages, whether attached or detached, tennis courts,
47 swimming pools, guest cottages, and storage sheds for
48 household goods. Residential property located on
49 agricultural land shall include only buildings.
50 b. "Residential property" includes all land and
Page 9
1 buildings of multiple housing cooperatives organized
2 under chapter 499a and includes land and buildings
3 used primarily for human habitation which land and
4 buildings are owned and operated by organizations that
5 have received tax-exempt status under section
6 501(c)(3) of the Internal Revenue Code and rental
7 income from the property is not taxed as unrelated
8 business income under section 422.33, subsection 1A.
9 c. "Residential property" includes an apartment in
10 a horizontal property regime referred to in chapter
11 499B which is used or intended for use for human
12 habitation regardless of who occupies the apartment.
13 Existing structures shall not be converted to a
14 horizontal property regime unless applicable building
15 code requirements have been met.
16 d. Buildings for human habitation that are used as
17 commercial ventures, including but not limited to
© 2003 Cornell College and
League of Women Voters of Iowa
Comments about this site or page?
hjourn@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Jul 30 14:40:01 CDT 2003
URL: /DOCS/GA/80GA/Session.1/HJournal/02100/02141.html
jhf