Senate File 522 H-1728 Amend the amendment, H-1716, to Senate File 522, as 1 passed by the Senate, as follows: 2 1. Page 6, lines 2 and 3, by striking < and each 3 assessment year thereafter, > and inserting < but before 4 January 1, 2016, > 5 2. Page 6, line 4, after < 434 > by inserting < that 6 is not new railway property > 7 3. Page 6, line 7, after < property > by inserting 8 < that is not new commercial property > 9 4. Page 6, line 7, after < year. > by inserting 10 < For valuations established on or after January 1, 11 2012, but before January 1, 2016, property valued by 12 the department of revenue pursuant to chapter 434 13 that is new railway property shall be assessed at a 14 percentage of its actual value equal to the percentage 15 of actual value at which commercial property that is 16 new commercial property, as defined in paragraph “c” , 17 is assessed for the same assessment year. For purposes 18 of this section, “new railway property” means that 19 portion of the actual value of property assessed by the 20 director of revenue under chapter 434 in excess of one 21 hundred fifty percent of such property’s value for the 22 assessment year beginning January 1, 2011, attributable 23 to new construction, renovation, or rehabilitation of 24 the property occurring on or after the effective date 25 of this division of this Act. “New railway property” 26 shall be considered a subclassification of property 27 assessed by the director of revenue under chapter 434 28 for the assessment years beginning on or after January 29 1, 2012, but before January 1, 2016. For valuations 30 established on or after January 1, 2016, property 31 valued by the department of revenue pursuant to chapter 32 434 shall be assessed at a percentage of its actual 33 value equal to the percentage of actual value at which 34 commercial property is assessed for the same assessment 35 year. > 36 5. Page 6, line 9, after < property > by inserting 37 < that is not new commercial property as defined in 38 paragraph “c” > 39 6. Page 6, line 16, after < property > by inserting 40 < that is not new commercial property > 41 7. Page 6, line 21, after < property > by inserting 42 < that is not new commercial property > 43 8. Page 6, line 26, after < property > by inserting 44 < that is not new commercial property > 45 9. Page 6, line 31, after < property > by inserting 46 < that is not new commercial property > 47 10. Page 6, by striking lines 33 through 38 and 48 inserting: 49 < c. (1) For valuations established on or after 50 -1- H1716.3189 (3) 84 md/sc 1/ 4 #1. #2. #3. #4. #5. #6. #7. #8. #9. #10.

January 1, 2012, but before January 1, 2016, new 1 commercial property, excluding properties referred to 2 in section 427A.1, subsection 8, shall be assessed as a 3 percentage of the actual value, as determined in this 4 paragraph “c” . 5 (2) For valuations established for assessment years 6 beginning on or after January 1, 2012, but before 7 January 1, 2016, the percentage of actual value as 8 equalized by the director of revenue as provided in 9 section 441.49 at which commercial property that is new 10 commercial property shall be assessed shall be sixty 11 percent. 12 (3) For purposes of this section, “new commercial 13 property” means that portion of the actual value of 14 property in excess of one hundred fifty percent of such 15 property’s value for the assessment year beginning 16 January 1, 2011, attributable to new construction, 17 renovation, or rehabilitation of the property occurring 18 on or after the effective date of this division of 19 this Act, and but for this paragraph would be assessed 20 under paragraph “b” . “New commercial property” shall be 21 considered a subclassification of commercial property 22 for the assessment years beginning on or after January 23 1, 2012, but before January 1, 2016. 24 d. (1) For valuations established on or after 25 January 1, 2016, commercial property, excluding 26 properties referred to in section 427A.1, subsection 8, 27 shall be assessed as a percentage of the actual value 28 as determined in this paragraph “d” . 29 (2) For valuations established for the assessment 30 year beginning January 1, 2016, and each assessment 31 year thereafter, the percentage of actual value as 32 equalized by the director of revenue as provided in 33 section 441.49 at which commercial property shall be 34 assessed shall be sixty percent. > 35 11. Page 6, line 39, by striking < c. > and inserting 36 < e. > 37 12. Page 6, line 40, after < property > by inserting 38 < that is not new industrial property as defined in 39 paragraph “f” > 40 13. Page 6, line 47, after < property > by inserting 41 < that is not new industrial property, > 42 14. Page 7, line 2, after < property > by inserting 43 < that is not new industrial property > 44 15. Page 7, line 7, after < property > by inserting 45 < that is not new industrial property > 46 16. Page 7, line 12, after < property > by inserting 47 < that is not new industrial property > 48 17. Page 7, by striking lines 14 through 19 and 49 inserting: 50 -2- H1716.3189 (3) 84 md/sc 2/ 4 #11. #12. #13. #14. #15. #16. #17.

< f. (1) For valuations established on or after 1 January 1, 2012, but before January 1, 2016, new 2 industrial property, excluding properties referred to 3 in section 427A.1, subsection 8, shall be assessed as 4 a percentage of the actual value as determined in this 5 paragraph “f” . 6 (2) For valuations established for assessment years 7 beginning on or after January 1, 2012, but before 8 January 1, 2016, the percentage of actual value as 9 equalized by the director of revenue as provided in 10 section 441.49 at which industrial property that is new 11 industrial property shall be assessed shall be sixty 12 percent. 13 (3) For purposes of this section, “new industrial 14 property” means that portion of the actual value of 15 property in excess of one hundred fifty percent of such 16 property’s value for the assessment year beginning 17 January 1, 2011, attributable to new construction, 18 renovation, or rehabilitation of the property occurring 19 on or after the effective date of this division of 20 this Act, and but for this paragraph would be assessed 21 under paragraph “e” . “New industrial property” shall be 22 considered a subclassification of industrial property 23 for the assessment years beginning on or after January 24 1, 2012, but before January 1, 2016. 25 g. (1) For valuations established on or after 26 January 1, 2016, industrial property, excluding 27 properties referred to in section 427A.1, subsection 8, 28 shall be assessed as a percentage of the actual value 29 as determined in this paragraph “g” . 30 (2) For valuations established for the assessment 31 year beginning January 1, 2016, and each assessment 32 year thereafter, the percentage of actual value as 33 equalized by the director of revenue as provided in 34 section 441.49 at which industrial property shall be 35 assessed shall be sixty percent. > 36 18. Page 7, after line 19 by inserting: 37 < Sec. ___. Section 441.21, subsections 9 and 10, 38 Code 2011, are amended to read as follows: 39 9. Not later than November 1, 1979, and November 40 1 of each subsequent year, the director shall 41 certify to the county auditor of each county the 42 percentages of actual value at which residential 43 property, agricultural property, commercial property, 44 new commercial property, industrial property, and 45 new industrial property, property valued by the 46 department of revenue pursuant to chapters 428 , 433 , 47 434 , 437 , and 438 , and new railway property in each 48 assessing jurisdiction in the county shall be assessed 49 for taxation. The county auditor shall proceed 50 -3- H1716.3189 (3) 84 md/sc 3/ 4 #18.

to determine the assessed values of agricultural 1 property, residential property, commercial property, 2 new commercial property, industrial property, and new 3 industrial property, property valued by the department 4 of revenue pursuant to chapters 428 , 433 , 434 , 437 , 5 and 438 , and new railway property by applying such 6 percentages to the current actual value of such 7 property, as reported to the county auditor by the 8 assessor, and the assessed values so determined shall 9 be the taxable values of such properties upon which the 10 levy shall be made. 11 10. The percentage of actual value computed by 12 the director for agricultural property, residential 13 property, commercial property, new commercial property, 14 industrial property and , new industrial property, 15 property valued by the department of revenue pursuant 16 to chapters 428 , 433 , 434 , 437 , and 438 , and new 17 railway property and used to determine assessed values 18 of those classes of property does not constitute a rule 19 as defined in section 17A.2, subsection 11 . > 20 19. Page 7, line 24, by striking < commercial and 21 industrial > and inserting < commercial, new commercial, 22 industrial, new industrial, railway, and new railway > 23 20. Page 7, line 27, by striking < paragraphs “b” 24 and “c” , > 25 21. Page 7, lines 43 and 44, by striking 26 < commercial and industrial > and inserting < commercial, 27 new commercial, industrial, new industrial, railway, 28 and new railway > 29 22. Page 7, line 46, by striking < paragraphs “b” 30 and “c” , > 31 23. Page 23, line 5, after < counties, > by inserting 32 < establishing certain property subclassifications, > 33 24. By renumbering, redesignating, and correcting 34 internal references as necessary. 35 ______________________________ SANDS of Louisa -4- H1716.3189 (3) 84 md/sc 4/ 4 #19. #20. #21. #22. #23. #24.