CHAPTER 404B
DISASTER REVITALIZATION TAX EXEMPTIONS

Referred to in §364.19

  404B.1  Disaster revitalization area.
  1.  a.  The governing body of a city may, by ordinance, designate an area of the city a disaster revitalization area if that area is within a county or portion of a county in which the governor has proclaimed a disaster emergency or the United States president has declared a major disaster.
  b.  The governing body of a county may, by ordinance, designate an area of the county outside the boundaries of a city as a disaster revitalization area if that area is within a county or portion of a county in which the governor has proclaimed a disaster emergency or the United States president has declared a major disaster.
  2.  A disaster revitalization area shall be composed of contiguous parcels. However, the governing body of a city or the governing body of a county may establish more than one disaster revitalization area.
2009 Acts, ch 100, §23, 30
Referred to in §404B.2

  404B.2  Conditions mandatory.
  A city or county may only exercise the authority conferred upon it in this chapter after all of the following conditions have been met:
  1.  The governing body has adopted a resolution finding that the property located within the area was damaged by a disaster, that revitalization of the area is in the economic interest of the residents of the city or county, as applicable, and the area substantially meets the criteria of section 404B.1.
  2.  The city or county has prepared a proposed plan for the designated disaster revitalization area. The proposed disaster revitalization plan shall include all of the following:
  a.  A legal description of the real property forming the boundaries of the proposed area along with a map depicting the existing parcels of real property.
  b.  The assessed valuation of the real property in the proposed area as of January 1, 2007, listing the land and building values separately.
  c.  A list of names and addresses of the owners of record of real property within the area.
  d.  The existing zoning classifications and district boundaries and the existing and proposed land uses within the area.
  e.  The exemption percentage applicable in the proposed area pursuant to section 404B.4.
  f.  A statement specifying whether none, some, or all of the property assessed as residential, agricultural, commercial, or industrial property within the designated area is eligible for the exemption under section 404B.4.
  g.  A definition of revitalization, including whether it is applicable to existing buildings, new construction, or development of previously vacant land. A definition of revitalization may also include a requirement for a minimum increase in assessed valuation of individual parcels of property in the area.
  h.  A statement specifying the duration of the designated disaster revitalization area.
  i.  A description of planned measures to mitigate or prevent future disaster damage in the area.
  j.  A description of revitalization projects commenced prior to the effective date of the plan that are eligible for the exemption under section 404B.4.
  3.  a.  The city or county has scheduled a public hearing and published notice of the hearing in accordance with section 362.3 or 331.305, as applicable. In addition to notice by publication, notification shall also be given by ordinary mail to the last known address of the owners of record. The city or county shall also send notice by ordinary mail addressed to the “occupants” of addresses located within the proposed area, unless the governing body of the city or county, by reason of lack of a reasonably current and complete address list, or for other good cause, shall have waived the notice.
  b.  The notice provided by mail to owners and occupants within the area shall be given no later than thirty days before the date of the public hearing.
  4.  The public hearing has been held.
  5.  The city or county has adopted the proposed or amended plan for the disaster revitalization area after the hearing.
2009 Acts, ch 100, §24, 30

  404B.3  Disaster revitalization plan amendments.
  1.  The city or county may subsequently amend a disaster revitalization plan after a hearing. Notice of the hearing shall be published as provided in section 362.3 or 331.305, except that at least seven days’ notice must be given, and the public hearing shall not be held earlier than the next regularly scheduled city council or board of supervisors meeting following the published notice. Notice shall also be provided by ordinary mail to owners and occupants within the area and any proposed addition to the area.
  2.  A city which has adopted a plan for a disaster revitalization area that covers all property within the city limits may amend that plan at any time, pursuant to this section, to include property which has been or will be annexed to the city. The provisions of the original disaster revitalization plan shall be applicable to the property that is annexed and the property shall be considered to have been part of the disaster revitalization area as of the effective date of its annexation to the city. The notice and hearing provisions of subsection 1 shall apply to amendments under this subsection.
2009 Acts, ch 100, §25, 30

  404B.4  Basis of tax exemption.
  1.  All real property within a disaster revitalization area is eligible to receive a one hundred percent exemption from taxation on the increase in assessed value of the property, as compared to the property’s assessed value on January 1, 2007, if the increase in assessed value is attributable to revitalization of the property occurring between May 25, 2008, and December 31, 2013. The exemption is for a period not to exceed five years, starting with an assessment year beginning on or after January 1, 2010.
  2.  A city or county may adopt a different tax exemption percentage than the exemption provided in subsection 1. The different percentage adopted shall not allow a greater exemption, but may allow a smaller exemption. A different percentage adopted by a city or county shall apply to every disaster revitalization area within the city or county. The owners of real property eligible for the exemption provided in this section shall elect to take the exemption or shall elect to take an eligible exemption provided under another statute. Once the election has been made and the exemption granted, the owner is not permitted to change the method of exemption.
2009 Acts, ch 100, §26, 30
Referred to in §404B.2

  404B.5  Application for exemption by property owner.
  An application shall be filed for each revitalization project resulting in increased assessed value for which an exemption is claimed. The application for exemption shall be filed by the owner of the property with the local assessor by February 1 of the first assessment year for which the exemption is requested. Applications for exemption shall be made on forms prescribed by the local assessor and shall contain information pertaining to the requirements under this section and any requirements imposed by a city or county governing body.
2009 Acts, ch 100, §27, 30

  404B.6  Physical review of property by assessor.
  The local assessor shall review each application by making a physical review of the property to determine if the revitalization project increased the assessed value of the real property. If the assessor determines that the assessed value of the real property has increased, the assessor shall proceed to determine the assessed value of the property and certify the valuation determined to the county auditor at the time of transmitting the assessment rolls. The assessor shall notify the applicant of the determination, and the assessor’s decision may be appealed to the local board of review at the times specified in section 441.37. After the tax exemption is granted, the local assessor shall continue to grant the tax exemption, with periodic physical review by the assessor, for the time period specified by ordinance. The tax exemption for the succeeding years shall be granted without the taxpayer having to file an application for the succeeding years, unless additional revitalization projects occur on the property.
2009 Acts, ch 100, §28, 30

  404B.7  Expiration or repeal of ordinance.
  An ordinance enacted under this chapter shall expire or be repealed no later than December 31, 2016.
2009 Acts, ch 100, §29, 30