Amend  the amendment, H-1735, to House File 697 as follows:
   1.  By striking page 5, line 48, through page 7, line 16, and inserting <433, 437, and 438, whichever is lowest. Beginning with valuations established as of January 1, 2012, but before January 1, 2016, property valued by the department of revenue pursuant to chapter 434 that is not new railway property shall be assessed at a percentage of its actual value equal to the percentage of actual value at which commercial property that is not new commercial property is assessed for the same assessment year. For valuations established on or after January 1, 2012, but before January 1, 2016, property valued by the department of revenue pursuant to chapter 434 that is new railway property shall be assessed at a percentage of its actual value equal to the percentage of actual value at which commercial property that is new commercial property, as defined in paragraph “c”, is assessed for the same assessment year. For purposes of this section,“new railway property” means that portion of the actual value of property assessed by the director of revenue under chapter 434 in excess of one hundred fifty percent of such property’s value for the assessment year beginning January 1, 2011, attributable to new construction, renovation, or rehabilitation of the property occurring on or after the effective date of this division of this Act, and but for this provision would be assessed as railway property.“New railway property” shall be considered a subclassification of property assessed by the director of revenue under chapter 434 for the assessment years beginning on or after January 1, 2012, but before January 1, 2016. For valuations established on or after January 1, 2016, property valued by the department of revenue pursuant to chapter 434 shall be assessed at a percentage of its actual value equal to the percentage of actual value at which commercial property is assessed for the same assessment year.
   b.  For valuations established on or after January 1, 2012, commercial property that is not new commercial property as defined in paragraph “c”, excluding properties referred to in section 427A.1, subsection 8, shall be assessed as a percentage of the actual value, as determined in this paragraph “b”.
   (1)  For valuations established for the assessment year beginning January 1, 2012, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which commercial property that is not new commercial property shall be assessed shall be ninety-five percent.

   (2)  For valuations established for the assessment year beginning January 1, 2013, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which commercial property that is not new commercial property shall be assessed shall be ninety percent.
   (3)  For valuations established for the assessment year beginning January 1, 2014, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which commercial property that is not new commercial property shall be assessed shall be eight-five percent.
   (4)  For valuations established for the assessment year beginning January 1, 2015, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which commercial property that is not new commercial property shall be assessed shall be eighty percent.
   c.
  (1)  For valuations established on or after January 1, 2012, but before January 1, 2016, new commercial property, excluding properties referred to in section 427A.1, subsection 8, shall be assessed as a percentage of the actual value, as determined in this paragraph “c”.
   (2)  For valuations established for assessment years beginning on or after January 1, 2012, but before January 1, 2016, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which commercial property that is new commercial property shall be assessed shall be seventy-five percent.
   (3)  For purposes of this section,“new commercial property” means that portion of the actual value of property in excess of one hundred fifty percent of such property’s value for the assessment year beginning January 1, 2011, attributable to new construction, renovation, or rehabilitation of the property occurring on or after the effective date of this division of this Act, and but for this paragraph would be assessed under paragraph “b”.“New commercial property” shall be considered a subclassification of commercial property for the assessment years beginning on or after January 1, 2012, but before January 1, 2016.
   d.
  (1)  For valuations established on or after January 1, 2016, commercial property, excluding properties referred to in section 427A.1, subsection 8, shall be assessed as a percentage of the actual value as determined in this paragraph “d”.
   (2)  For valuations established for the assessment year beginning January 1, 2016, and each assessment year thereafter, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which commercial property shall be assessed shall be seventy-five percent.
   e.  For valuations established on or after January 1, 2012, industrial property that is not new industrial property as defined in paragraph “f”, excluding properties referred to in section 427A.1, subsection 8, shall be assessed as a percentage of the actual value, as determined in this paragraph “e”.
   (1)  For valuations established for the assessment year beginning January 1, 2012, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which industrial property that is not new industrial property, shall be assessed shall be ninety-five percent.
   (2)  For valuations established for the assessment year beginning January 1, 2013, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which industrial property that is not new industrial property shall be assessed shall be ninety percent.
   (3)  For valuations established for the assessment year beginning January 1, 2014, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which industrial property that is not new industrial property shall be assessed shall be eighty-five percent.
   (4)  For valuations established for the assessment year beginning January 1, 2015, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which industrial property that is not new industrial property shall be assessed shall be eighty percent.
   f.
  (1)  For valuations established on or after January 1, 2012, but before January 1, 2016, new industrial property, excluding properties referred to in section 427A.1, subsection 8, shall be assessed as a percentage of the actual value as determined in this paragraph “f”.
   (2)  For valuations established for assessment years beginning on or after January 1, 2012, but before January 1, 2016, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which industrial property that is new industrial property shall be assessed shall be seventy-five percent.
   (3)  For purposes of this section,“new industrial property” means that portion of the actual value of property in excess of one hundred fifty percent of such property’s value for the assessment year beginning January 1, 2011, attributable to new construction, renovation, or rehabilitation of the property occurring on or after the effective date of this division of this Act, and but for this paragraph would be assessed under paragraph “e”.“New industrial property” shall be considered a subclassification of industrial property for the assessment years beginning on or after January 1, 2012, but before January 1, 2016.
   g.
  (1)  For valuations established on or after January 1, 2016, industrial property, excluding properties referred to in section 427A.1, subsection 8, shall be assessed as a percentage of the actual value as determined in this paragraph “g”.
   (2)  For valuations established for the assessment year beginning January 1, 2016, and each assessment year thereafter, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which industrial property shall be assessed shall be seventy-five percent.
   Sec. 4.  Section 441.21, subsections 9 and 10, Code 2011, are amended to read as follows:
   9.  Not later than November 1, 1979, and November 1 of each subsequent year, the director shall certify to the county auditor of each county the percentages of actual value at which residential property, agricultural property, commercial property, new commercial property, industrial property, and new industrial property, property valued by the department of revenue pursuant to chapters 428, 433, 434, 437, and 438, and new railway property in each assessing jurisdiction in the county shall be assessed for taxation. The county auditor shall proceed to determine the assessed values of agricultural property, residential property, commercial property, new commercial property, industrial property, and new industrial property, property valued by the department of revenue pursuant to chapters 428, 433, 434, 437, and 438, and new railway property by applying such percentages to the current actual value of such property, as reported to the county auditor by the assessor, and the assessed values so determined shall be the taxable values of such properties upon which the levy shall be made.
   10.  The percentage of actual value computed by the director for agricultural property, residential property, commercial property, new commercial property, industrial property and, new industrial property, property valued by the department of revenue pursuant to chapters 428, 433, 434, 437, and 438, and new railway property and used to determine assessed values of those classes of property does not constitute a rule as defined in section 17A.2, subsection 11.>
   2.  By renumbering as necessary.

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SANDS of Louisa