House Amendment 2061


PAG LIN




     1  1    Amend House File 931 as follows:
     1  2 #1.  By striking everything after the enacting
     1  3 clause and inserting the following:
     1  4    <Section 1.  Section 441.21, Code 2007, is amended
     1  5 by adding the following new subsection:
     1  6    NEW SUBSECTION.  5A.  a.  For valuations
     1  7 established as of January 1, 2008, the percentage of
     1  8 actual value as equalized by the director of revenue
     1  9 pursuant to section 441.49 at which commercial and
     1 10 industrial property shall be assessed is ninety=eight
     1 11 percent.
     1 12    b.  For valuations established as of January 1,
     1 13 2009, the percentage of actual value as equalized by
     1 14 the director of revenue pursuant to section 441.49 at
     1 15 which commercial and industrial property shall be
     1 16 assessed is ninety=five percent.
     1 17    c.  For valuations established as of January 1,
     1 18 2010, the percentage of actual value as equalized by
     1 19 the director of revenue pursuant to section 441.49 at
     1 20 which commercial and industrial property shall be
     1 21 assessed is ninety percent.
     1 22    d.  For valuations established as of January 1,
     1 23 2011, and each year thereafter, the percentage of
     1 24 actual value as equalized by the director of revenue
     1 25 pursuant to section 441.49 at which commercial and
     1 26 industrial property shall be assessed is eighty=five
     1 27 percent.
     1 28    e.  Local governments shall be reimbursed by the
     1 29 state for a period of ten years beginning with the
     1 30 fiscal year beginning July 1, 2009, in an amount
     1 31 corresponding to the reduction in property tax
     1 32 revenues as a result of the operation of this
     1 33 subsection, and in no case shall a reimbursement be
     1 34 provided as a result of a reduction in property tax
     1 35 revenues due to operation of subsection 5.  However,
     1 36 beginning with the fiscal year beginning July 1, 2011,
     1 37 the reimbursement to be paid by the state to each
     1 38 taxing jurisdiction shall be reduced by an amount
     1 39 equal to fifty percent of the property tax revenues
     1 40 collected in that taxing jurisdiction due to new
     1 41 construction of commercial and industrial property.>
     1 42 #2.  Title page, by striking lines 2 through 6 and
     1 43 inserting the following:  <reducing assessments on
     1 44 commercial and industrial property and providing state
     1 45 reimbursement.>
     1 46 #3.  By renumbering as necessary.
     1 47
     1 48
     1 49                               
     1 50 ALONS of Sioux
     2  1 HF 931.201 82
     2  2 sc/es/10222

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