House Journal: Page 2154: Tuesday, June 3, 2003
6 of such railway corporation or its trustee.
7 The square footage tax rate shall be expressed in
8 dollars and cents per one hundred dollars of valuation
9 per square foot.
10 Sec. 40. NEW SECTION. 444.9 COMPUTATION OF TAX.
11 The amount of tax imposed on any taxable property
12 is the sum of the amounts computed in subsections 1
13 and 2.
14 1. LAND TAX. The product of the land tax rate
15 times the number of acres or portion of an acre of the
16 taxable property.
17 2. SQUARE FOOTAGE TAX. The product of the square
18 footage tax rate times the valuation per square foot
19 of the taxable structure times the number of square
20 feet of the taxable structure. The square footage tax
21 shall be computed separately for each structure
22 located on the land.
23 Sec. 41. PROPERTY TAX IMPLEMENTATION COMMITTEE.
24 1. On or before July 1, 2003, the department of
25 revenue and finance, in consultation with the
26 department of management, shall initiate and
27 coordinate the establishment of a property tax
28 implementation committee and provide staffing
29 assistance to the committee. The property tax
30 implementation committee shall include four members of
31 the general assembly, one each appointed by the
32 majority leader of the senate, the speaker of the
33 house of representatives, the minority leader of the
34 senate, and the minority leader of the house of
35 representatives. The committee shall also include
36 members appointed by the department of revenue and
37 finance representing the department of revenue and
38 finance, the department of management, counties,
39 cities, school districts, local assessors, commercial
40 property taxpayers, industrial property taxpayers,
41 residential property taxpayers, and agricultural
42 property taxpayers, and other appropriate
43 stakeholders. The department may consider
44 participation on the committee of former state
45 officials with expertise in budget and tax policy.
46 The chairpersons of the committee shall be those
47 members of the general assembly appointed by the
48 majority leader of the senate and the speaker of the
49 house of representatives.
50 2. The committee shall study and make
Page 22
1 recommendations relating to the land tax, square
2 footage tax, the baseline assessment for the square
3 footage tax, and other related provisions. The
4 committee shall also study and make recommendations on
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League of Women Voters of Iowa
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