701—110.14(427) Mobile home park storm shelter.
	110.14(1) Application for exemption. An application for exemption must be filed with the assessing authority by February 1 of the first year the exemption is requested. Applications for exemption are not required in subsequent years if the property remains eligible for exemption.
	110.14(2) Eligibility for exemption. The structure must be located in a mobile home park as defined in Iowa Code section 435.1.
	110.14(3) Valuation exempted. If the structure is used exclusively as a storm shelter, it shall be fully exempt from taxation. If the structure is not used exclusively as a storm shelter, the exemption shall be limited to 50 percent of the structure’s commercial valuation.
This rule is intended to implement Iowa Code Supplement section 427.1(30).
[Editorial change: IAC Supplement 11/2/22]