1. a. A mobile home or manufactured home which is located outside a mobile home park shall be converted to real estate by being placed on a permanent foundation and shall be assessed for real estate taxes. A home, after conversion to real estate, is eligible for the homestead tax credit and the military tax exemption as provided in sections 425.2 and 427.3.
b. If a security interest is noted on the certificate of title, the home owner shall tender to the secured party a mortgage on the real estate upon which the home is to be located in the unpaid amount of the secured debt, and with the same priority as or a higher priority than the secured party's security interest, or shall obtain the written consent of the secured party to the conversion, in which latter case the lien notation on the certificate of title shall suffice to preserve the lienholder's security in the home separate from any interest in the land.
2. After complying with subsection 1, the owner shall notify the assessor who shall inspect the new premises for compliance. If a security interest is noted on the certificate of title, the assessor shall require an affidavit, as defined in section 622.85, from the home owner, declaring that the owner has complied with subsection 1, paragraph "b", and setting forth the method of compliance.
a. If compliance with subsection 1, paragraph "b", has been accomplished by the secured party accepting the tender of a mortgage, the assessor shall collect the home vehicle title and enter the property upon the tax rolls.
b. If compliance with subsection 1, paragraph "b", has been accomplished by the secured party consenting to the conversion without accepting a mortgage, the secured party shall retain the home vehicle title and the assessor shall note the conversion on the assessor's records and enter the property upon the tax rolls. So long as a security interest is noted on the certificate of title, the title to the home will not be merged with title to the land, and the sale or foreclosure of an interest in the land shall not affect title to the home or any security interest in the home.
3. When the property is entered on the tax rolls, the assessor shall also enter on the tax rolls the title number last assigned to the mobile home, modular home,* or manufactured home and the manufacturer's identification number.
[C66, 71, 73, 75, 77, 79, 81, § 135D.26]
83 Acts, ch 64, § 1; 85 Acts, ch 98, § 2; 89 Acts, ch 260, §1; 91 Acts, ch 191, §4, 5
C93, § 435.26
94 Acts, ch 1110, §14, 24; 98 Acts, ch 1107, § 20, 21, 33
Referred to in § 331.559, 435.27
Tax provisions of 1994 amendments take effect January 1, 1995; 94 Acts, ch 1110, §24
1998 amendment to subsection 1, paragraph a, applies retroactively to the assessment year beginning January 1, 1998, and to all subsequent assessment years; 98 Acts, ch 1107, § 33
*Modular homes were removed from scope of chapter by 98 Acts, ch 1107, § 17 et seq.; corrective legislation is pending
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