Iowa Code 2003: Section 427A.12

427A.12 Replacement fund.

1. A personal property tax replacement fund is established as a permanent fund in the office of the treasurer of state, for the purpose of reimbursing the taxing districts for their loss of revenue from personal property taxes due to the provisions of this chapter, determined as provided in this section.

2. On or before January 15, 1974, the county auditor of each county shall prepare a statement listing for each taxing district in the county:

a. The total assessed value of all personal property assessed for taxation as of January 1, 1973, excluding livestock but including other personal property eligible for tax credits granted by this chapter.

b. The millage rate of each taxing district levied in 1972 and payable in 1973.

c. The personal property tax replacement base for each taxing district, which shall be equal to the amount determined pursuant to paragraph "a" of this subsection multiplied by the millage rate specified in paragraph "b".

3. The county auditor shall certify and forward one copy each of the statement to the state comptroller and to the director of revenue not later than January 15, 1974.

4. The personal property tax replacement base for each taxing district is permanent and shall not be adjusted, except that the department of revenue and finance shall make any necessary corrections and shall make appropriate adjustments to reflect mergers, annexations, and other changes in taxing districts or their boundaries.

Section History: Early form

[C71, 73, § 427A.7; C75, 77, 79, 81, § 427A.12]

Section History: Recent form

83 Acts, ch 172, § 9; 84 Acts, ch 1298, § 1; 85 Acts, ch 32, §106; 88 Acts, ch 1134, § 82; 88 Acts, ch 1250, § 14; 97 Acts, ch 23, §49, 50; 99 Acts, ch 152, §18, 40; 2000 Acts, ch 1154, §29, 30

427A.12 Replacement fund.

Section History: Early form

Section History: Recent form

Footnotes