Senate
File
2472
S-5172
Amend
Senate
File
2472
as
follows:
1
1.
Page
1,
by
striking
lines
14
through
30
and
inserting:
2
<
c.
(1)
For
each
fiscal
year
beginning
on
or
after
July
3
1,
2028,
three
dollars
and
fifty
cents
per
thousand
dollars
of
4
assessed
value.
For
the
fiscal
year
beginning
July
1,
2027,
5
and
the
fiscal
year
beginning
July
1,
2028,
the
greater
of:
6
(a)
A
levy
rate
per
one
thousand
dollars
of
assessed
value
7
equal
to
one
thousand
multiplied
by
the
quotient
of
one
hundred
8
one
and
three-fourths
percent
of
the
current
fiscal
year’s
9
actual
property
tax
dollars
certified
for
levy
under
this
10
subsection
1
divided
by
the
remainder
of
the
total
assessed
11
value
used
to
calculate
such
taxes
for
the
budget
year
minus
12
value
attributable
to
new
valuation.
13
(b)
A
levy
rate
per
one
thousand
dollars
of
assessed
value
14
that
results
in
an
amount
of
actual
property
tax
dollars
15
certified
for
levy
under
this
subsection
1
equal
to
one
16
hundred
and
one-half
percent
of
the
actual
property
tax
dollars
17
certified
for
levy
under
this
subsection
1
for
the
current
18
fiscal
year.
19
(2)
For
the
fiscal
year
beginning
July
1,
2029,
the
greater
20
of:
21
(a)
A
levy
rate
per
one
thousand
dollars
of
assessed
value
22
equal
to
one
thousand
multiplied
by
the
quotient
of
one
hundred
23
two
percent
of
the
current
fiscal
year’s
actual
property
tax
24
dollars
certified
for
levy
under
this
subsection
1
divided
by
25
the
remainder
of
the
total
assessed
value
used
to
calculate
26
such
taxes
for
the
budget
year
minus
value
attributable
to
new
27
valuation.
28
(b)
A
levy
rate
per
one
thousand
dollars
of
assessed
value
29
that
results
in
an
amount
of
actual
property
tax
dollars
30
certified
for
levy
under
this
subsection
1
equal
to
one
31
hundred
and
one-half
percent
of
the
actual
property
tax
dollars
32
certified
for
levy
under
this
subsection
1
for
the
current
33
fiscal
year.
>
34
2.
Page
1,
line
34,
by
striking
<
2028
>
and
inserting
<
2030
>
35
-1-
SF
2472.3906
(2)
91
md/jh
1/
38
#1.
3.
Page
2,
line
2,
by
striking
<
2028
>
and
inserting
<
2030
>
1
4.
By
striking
page
3,
line
24,
through
page
4,
line
5,
and
2
inserting:
3
<
c.
(1)
For
each
fiscal
year
beginning
on
or
after
July
1,
4
2028,
three
dollars
and
ninety-five
cents
per
thousand
dollars
5
of
assessed
value.
For
the
fiscal
year
beginning
July
1,
2027,
6
and
the
fiscal
year
beginning
July
1,
2028,
the
greater
of:
7
(a)
A
levy
rate
per
one
thousand
dollars
of
assessed
value
8
equal
to
one
thousand
multiplied
by
the
quotient
of
one
hundred
9
one
and
three-fourths
percent
of
the
current
fiscal
year’s
10
actual
property
tax
dollars
certified
for
levy
under
this
11
subsection
2
divided
by
the
remainder
of
the
total
assessed
12
value
used
to
calculate
such
taxes
for
the
budget
year
minus
13
value
attributable
to
new
valuation.
14
(b)
A
levy
rate
per
one
thousand
dollars
of
assessed
value
15
that
results
in
an
amount
of
actual
property
tax
dollars
16
certified
for
levy
under
this
subsection
2
equal
to
one
17
hundred
and
one-half
percent
of
the
actual
property
tax
dollars
18
certified
for
levy
under
this
subsection
2
for
the
current
19
fiscal
year.
20
(2)
For
the
fiscal
year
beginning
July
1,
2029,
the
greater
21
of:
22
(a)
A
levy
rate
per
one
thousand
dollars
of
assessed
value
23
equal
to
one
thousand
multiplied
by
the
quotient
of
one
hundred
24
two
percent
of
the
current
fiscal
year’s
actual
property
tax
25
dollars
certified
for
levy
under
this
subsection
2
divided
by
26
the
remainder
of
the
total
assessed
value
used
to
calculate
27
such
taxes
for
the
budget
year
minus
value
attributable
to
new
28
valuation.
29
(b)
A
levy
rate
per
one
thousand
dollars
of
assessed
value
30
that
results
in
an
amount
of
actual
property
tax
dollars
31
certified
for
levy
under
this
subsection
2
equal
to
one
32
hundred
and
one-half
percent
of
the
actual
property
tax
dollars
33
certified
for
levy
under
this
subsection
2
for
the
current
34
fiscal
year.
>
35
-2-
SF
2472.3906
(2)
91
md/jh
2/
38
#3.
#4.
5.
Page
4,
line
9,
by
striking
<
2028
>
and
inserting
<
2030
>
1
6.
Page
4,
line
12,
by
striking
<
2028
>
and
inserting
<
2030
>
2
7.
By
striking
page
6,
line
21,
through
page
7,
line
15,
and
3
inserting:
4
<
d.
(1)
(a)
For
each
fiscal
year
beginning
on
or
after
5
July
1,
2028,
a
city’s
tax
levy
rate
for
the
general
fund,
6
except
for
levies
authorized
in
section
384.12
,
shall
not
7
exceed
eight
dollars
and
ten
cents
per
thousand
dollars
of
8
assessed
value
used
to
calculate
taxes
in
any
fiscal
year.
For
9
the
fiscal
year
beginning
July
1,
2027,
and
the
fiscal
year
10
beginning
July
1,
2028,
a
city’s
tax
levy
rate
for
the
general
11
fund,
except
for
levies
authorized
in
section
384.12,
shall
not
12
exceed
the
greater
of:
13
(i)
A
levy
rate
per
one
thousand
dollars
of
assessed
value
14
equal
to
one
thousand
multiplied
by
the
quotient
of
one
hundred
15
one
and
three-fourths
percent
of
the
current
fiscal
year’s
16
actual
property
tax
dollars
certified
for
levy
under
this
17
subsection
divided
by
the
remainder
of
the
total
assessed
value
18
used
to
calculate
such
taxes
for
the
budget
year
minus
value
19
attributable
to
new
valuation.
20
(ii)
A
levy
rate
per
one
thousand
dollars
of
assessed
21
value
that
results
in
an
amount
of
actual
property
tax
dollars
22
certified
for
levy
under
this
subsection
equal
to
one
hundred
23
and
one-half
percent
of
the
actual
property
tax
dollars
24
certified
for
levy
under
this
subsection
for
the
current
fiscal
25
year.
26
(b)
Notwithstanding
other
provisions
of
this
subparagraph,
27
if
a
city’s
actual
levy
rate
for
the
current
fiscal
year
is
28
zero
dollars
per
one
thousand
dollars
of
assessed
value,
a
levy
29
rate
per
one
thousand
dollars
of
assessed
value
equal
to
one
30
thousand
multiplied
by
the
quotient
of
one
hundred
two
percent
31
of
the
city’s
certified
general
fund
budget
for
the
current
32
fiscal
year
divided
by
the
remainder
of
the
total
assessed
33
value
used
to
calculate
taxes
for
the
budget
year
minus
value
34
attributable
to
new
valuation.
35
-3-
SF
2472.3906
(2)
91
md/jh
3/
38
#5.
#6.
#7.
(2)
(a)
For
the
fiscal
year
beginning
July
1,
2029,
a
1
city’s
tax
levy
rate
for
the
general
fund,
except
for
levies
2
authorized
in
section
384.12,
shall
not
exceed
the
greater
of:
3
(i)
A
levy
rate
per
one
thousand
dollars
of
assessed
value
4
equal
to
one
thousand
multiplied
by
the
quotient
of
one
hundred
5
two
percent
of
the
current
fiscal
year’s
actual
property
tax
6
dollars
certified
for
levy
under
this
subsection
divided
by
7
the
remainder
of
the
total
assessed
value
used
to
calculate
8
such
taxes
for
the
budget
year
minus
value
attributable
to
new
9
valuation.
10
(ii)
A
levy
rate
per
one
thousand
dollars
of
assessed
11
value
that
results
in
an
amount
of
actual
property
tax
dollars
12
certified
for
levy
under
this
subsection
equal
to
one
hundred
13
and
one-half
percent
of
the
actual
property
tax
dollars
14
certified
for
levy
under
this
subsection
for
the
current
fiscal
15
year.
16
(b)
Notwithstanding
other
provisions
of
this
subparagraph,
17
if
a
city’s
actual
levy
rate
for
the
current
fiscal
year
is
18
zero
dollars
per
one
thousand
dollars
of
assessed
value,
a
levy
19
rate
per
one
thousand
dollars
of
assessed
value
equal
to
one
20
thousand
multiplied
by
the
quotient
of
one
hundred
two
percent
21
of
the
city’s
certified
general
fund
budget
for
the
current
22
fiscal
year
divided
by
the
remainder
of
the
total
assessed
23
value
used
to
calculate
taxes
for
the
budget
year
minus
value
24
attributable
to
new
valuation.
>
25
8.
Page
7,
line
19,
by
striking
<
2028
>
and
inserting
<
2030
>
26
9.
Page
7,
line
23,
by
striking
<
2028
>
and
inserting
<
2030
>
27
10.
By
striking
page
10,
line
23,
through
page
11,
line
28.
28
11.
By
striking
page
23,
line
33,
through
page
24,
line
4.
29
12.
By
striking
page
34,
line
20,
through
page
36,
line
5,
30
and
inserting:
31
<
(2)
For
valuations
established
for
the
assessment
year
32
beginning
January
1,
2026,
the
percentage
of
actual
value
as
33
equalized
by
the
department
of
revenue
as
provided
in
section
34
441.49
at
which
residential
property
shall
be
assessed
shall
35
-4-
SF
2472.3906
(2)
91
md/jh
4/
38
#8.
#9.
#10.
#11.
#12.
be
fifty-five
percent.
1
(3)
For
valuations
established
for
the
assessment
year
2
beginning
January
1,
2027,
and
each
assessment
year
thereafter,
3
the
percentage
of
actual
value
as
equalized
by
the
department
4
of
revenue
as
provided
in
section
441.49
at
which
residential
5
property
shall
be
assessed
shall
be
sixty-five
percent.
>
6
13.
By
striking
page
38,
line
1,
through
page
40,
line
4,
7
and
inserting:
8
<
b.
For
valuations
established
on
or
after
January
1,
2013,
9
commercial
Commercial
property,
excluding
properties
referred
10
to
in
section
427A.1,
subsection
9,
shall
be
assessed
at
a
11
portion
of
its
actual
value,
as
determined
in
this
paragraph
12
“b”
.
13
(1)
For
valuations
established
for
the
assessment
year
14
beginning
January
1,
2013,
the
percentage
of
actual
value
15
as
equalized
by
the
department
of
revenue
as
provided
in
16
section
441.49
at
which
commercial
property
shall
be
assessed
17
shall
be
ninety-five
percent.
For
valuations
established
18
for
the
assessment
year
beginning
January
1,
2014,
and
each
19
assessment
year
thereafter
beginning
before
January
1,
2022,
20
the
percentage
of
actual
value
as
equalized
by
the
department
21
of
revenue
as
provided
in
section
441.49
at
which
commercial
22
property
shall
be
assessed
shall
be
ninety
percent.
23
(2)
(1)
For
valuations
established
for
the
assessment
year
24
beginning
January
1,
2022,
and
each
assessment
year
thereafter
25
beginning
before
January
1,
2026
,
the
portion
of
actual
value
26
at
which
each
property
unit
of
commercial
property
shall
be
27
assessed
shall
be
the
sum
of
the
following:
28
(a)
An
amount
equal
to
the
product
of
the
assessment
29
limitation
percentage
applicable
to
residential
property
under
30
subsection
4
for
that
assessment
year
multiplied
by
the
actual
31
value
of
the
property
that
exceeds
zero
dollars
but
does
not
32
exceed
one
hundred
fifty
thousand
dollars.
33
(b)
An
amount
equal
to
ninety
percent
of
the
actual
value
of
34
the
property
for
that
assessment
year
that
exceeds
one
hundred
35
-5-
SF
2472.3906
(2)
91
md/jh
5/
38
#13.
fifty
thousand
dollars.
1
(2)
For
valuations
established
for
the
assessment
year
2
beginning
January
1,
2026,
the
portion
of
actual
value
at
which
3
each
property
unit
of
commercial
property
shall
be
assessed
4
shall
be
the
sum
of
the
following:
5
(a)
An
amount
equal
to
the
product
of
the
assessment
6
limitation
percentage
applicable
to
residential
property
under
7
subsection
4
for
that
assessment
year
multiplied
by
the
actual
8
value
of
the
property
that
exceeds
zero
dollars
but
does
not
9
exceed
one
hundred
fifty
thousand
dollars.
10
(b)
An
amount
equal
to
ninety-three
percent
of
the
actual
11
value
of
the
property
for
that
assessment
year
that
exceeds
one
12
hundred
fifty
thousand
dollars.
13
(3)
For
valuations
established
for
the
assessment
year
14
beginning
January
1,
2027,
and
each
assessment
year
thereafter,
15
the
portion
of
actual
value
at
which
each
property
unit
of
16
commercial
property
shall
be
assessed
shall
be
the
sum
of
the
17
following:
18
(a)
An
amount
equal
to
the
product
of
the
assessment
19
limitation
percentage
applicable
to
residential
property
under
20
subsection
4
for
that
assessment
year
multiplied
by
the
actual
21
value
of
the
property
that
exceeds
zero
dollars
but
does
not
22
exceed
one
hundred
fifty
thousand
dollars.
23
(b)
An
amount
equal
to
one
hundred
percent
of
the
actual
24
value
of
the
property
for
that
assessment
year
that
exceeds
one
25
hundred
fifty
thousand
dollars.
26
c.
For
valuations
established
on
or
after
January
1,
2013,
27
industrial
Industrial
property,
excluding
properties
referred
28
to
in
section
427A.1,
subsection
9,
shall
be
assessed
at
a
29
portion
of
its
actual
value,
as
determined
in
this
paragraph
30
“c”
.
31
(1)
For
valuations
established
for
the
assessment
year
32
beginning
January
1,
2013,
the
percentage
of
actual
value
33
as
equalized
by
the
department
of
revenue
as
provided
in
34
section
441.49
at
which
industrial
property
shall
be
assessed
35
-6-
SF
2472.3906
(2)
91
md/jh
6/
38
shall
be
ninety-five
percent.
For
valuations
established
1
for
the
assessment
year
beginning
January
1,
2014,
and
each
2
assessment
year
thereafter
beginning
before
January
1,
2022,
3
the
percentage
of
actual
value
as
equalized
by
the
department
4
of
revenue
as
provided
in
section
441.49
at
which
industrial
5
property
shall
be
assessed
shall
be
ninety
percent.
6
(2)
(1)
For
valuations
established
for
the
assessment
year
7
beginning
January
1,
2022,
and
each
assessment
year
thereafter
8
beginning
before
January
1,
2026
,
the
portion
of
actual
value
9
at
which
each
property
unit
of
industrial
property
shall
be
10
assessed
shall
be
the
sum
of
the
following:
11
(a)
An
amount
equal
to
the
product
of
the
assessment
12
limitation
percentage
applicable
to
residential
property
under
13
subsection
4
for
that
assessment
year
multiplied
by
the
actual
14
value
of
the
property
that
exceeds
zero
dollars
but
does
not
15
exceed
one
hundred
fifty
thousand
dollars.
16
(b)
An
amount
equal
to
ninety
percent
of
the
actual
value
of
17
the
property
for
that
assessment
year
that
exceeds
one
hundred
18
fifty
thousand
dollars.
19
(2)
For
valuations
established
for
the
assessment
year
20
beginning
January
1,
2026,
the
portion
of
actual
value
at
which
21
each
property
unit
of
industrial
property
shall
be
assessed
22
shall
be
the
sum
of
the
following:
23
(a)
An
amount
equal
to
the
product
of
the
assessment
24
limitation
percentage
applicable
to
residential
property
under
25
subsection
4
for
that
assessment
year
multiplied
by
the
actual
26
value
of
the
property
that
exceeds
zero
dollars
but
does
not
27
exceed
one
hundred
fifty
thousand
dollars.
28
(b)
An
amount
equal
to
ninety-three
percent
of
the
actual
29
value
of
the
property
for
that
assessment
year
that
exceeds
one
30
hundred
fifty
thousand
dollars.
31
(3)
For
valuations
established
for
the
assessment
year
32
beginning
January
1,
2027,
and
each
assessment
year
thereafter,
33
the
portion
of
actual
value
at
which
each
property
unit
of
34
industrial
property
shall
be
assessed
shall
be
the
sum
of
the
35
-7-
SF
2472.3906
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91
md/jh
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38
following:
1
(a)
An
amount
equal
to
the
product
of
the
assessment
2
limitation
percentage
applicable
to
residential
property
under
3
subsection
4
for
that
assessment
year
multiplied
by
the
actual
4
value
of
the
property
that
exceeds
zero
dollars
but
does
not
5
exceed
one
hundred
fifty
thousand
dollars.
6
(b)
An
amount
equal
to
one
hundred
percent
of
the
actual
7
value
of
the
property
for
that
assessment
year
that
exceeds
one
8
hundred
fifty
thousand
dollars.
9
d.
For
valuations
established
for
the
assessment
year
10
beginning
January
1,
2019,
and
each
assessment
year
thereafter,
11
the
percentages
or
portions
of
actual
value
at
which
property
12
is
assessed,
as
determined
under
this
subsection,
shall
not
be
13
applied
to
the
value
of
wind
energy
conversion
property
valued
14
under
section
427B.26
the
construction
of
which
is
approved
by
15
the
Iowa
utilities
commission
on
or
after
July
1,
2018.
>
16
14.
By
striking
page
44,
line
12,
through
page
45,
line
32,
17
and
inserting:
18
<
b.
For
valuations
established
for
the
assessment
19
year
beginning
January
1,
2027,
and
each
assessment
year
20
thereafter,
the
percentage
of
actual
value
as
equalized
by
the
21
department
of
revenue
as
provided
in
section
441.49
at
which
22
multiresidential
property
shall
be
assessed
shall
be
eighty
23
percent.
>
24
15.
Page
48,
after
line
9
by
inserting:
25
<
Sec.
___.
Section
441.33,
Code
2026,
is
amended
by
adding
26
the
following
new
subsection:
27
NEW
SUBSECTION
.
3.
Ex
parte
communications
with
board
of
28
review
members
are
prohibited
in
protests
before
the
board.
>
29
16.
Page
53,
lines
15
and
16,
by
striking
<
and
the
exemption
30
under
subsection
1B,
if
applicable,
>
31
17.
Page
53,
line
27,
by
striking
<
subsections
>
and
32
inserting
<
subsection
>
33
18.
By
striking
page
53,
line
28,
through
page
55,
line
10,
34
and
inserting:
35
-8-
SF
2472.3906
(2)
91
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8/
38
#14.
#15.
#16.
#17.
#18.
<
NEW
SUBSECTION
.
1A.
a.
(1)
Except
as
provided
in
1
subparagraph
(2),
for
the
assessment
year
beginning
January
1,
2
2026,
an
exemption
from
taxation
of
five
percent
of
taxable
3
value,
but
not
less
than
four
thousand
eight
hundred
fifty
4
dollars
in
taxable
value
and
not
to
exceed
an
exemption
of
5
thirty-five
thousand
dollars
in
taxable
value,
shall
be
allowed
6
on
each
eligible
homestead.
7
(2)
(a)
For
an
owner
that
has
attained
the
age
of
sixty
8
years
but
has
not
yet
attained
the
age
of
seventy
by
January
1
9
of
the
assessment
year,
the
amount
of
the
exemption
shall
be
10
sixty
percent
of
taxable
value,
not
to
exceed
an
exemption
of
11
three
hundred
fifty
thousand
dollars
in
taxable
value.
12
(b)
For
an
owner
that
has
attained
the
age
of
seventy
years
13
but
has
not
yet
attained
the
age
of
eighty
by
January
1
of
the
14
assessment
year,
the
amount
of
the
exemption
shall
be
seventy
15
percent
of
taxable
value,
not
to
exceed
an
exemption
of
three
16
hundred
fifty
thousand
dollars
in
taxable
value.
17
(c)
For
an
owner
that
has
attained
the
age
of
eighty
years
18
but
has
not
yet
attained
the
age
of
ninety
by
January
1
of
the
19
assessment
year,
the
amount
of
the
exemption
shall
be
eighty
20
percent
of
taxable
value,
not
to
exceed
an
exemption
of
three
21
hundred
fifty
thousand
dollars
in
taxable
value.
22
(d)
For
an
owner
that
has
attained
the
age
of
ninety
years
23
but
has
not
yet
attained
the
age
of
one
hundred
by
January
1
24
of
the
assessment
year,
the
amount
of
the
exemption
shall
be
25
ninety
percent
of
taxable
value,
not
to
exceed
an
exemption
of
26
three
hundred
fifty
thousand
dollars
in
taxable
value.
27
(e)
For
an
owner
that
has
attained
the
age
of
one
hundred
28
years
by
January
1
of
the
assessment
year,
the
amount
of
the
29
exemption
shall
be
one
hundred
percent
of
taxable
value,
not
30
to
exceed
an
exemption
of
three
hundred
fifty
thousand
dollars
31
in
taxable
value.
32
b.
(1)
Except
as
provided
in
subparagraph
(2),
for
each
33
assessment
year
beginning
on
or
after
January
1,
2027,
an
34
exemption
from
taxation
of
fifteen
percent
of
taxable
value,
35
-9-
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2472.3906
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91
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38
but
not
less
than
four
thousand
eight
hundred
fifty
dollars
in
1
taxable
value
and
not
to
exceed
an
exemption
of
one
hundred
2
fifty
thousand
dollars
in
taxable
value,
shall
be
allowed
on
3
each
eligible
homestead.
>
4
19.
Page
55,
after
line
35
by
inserting:
5
<
c.
(1)
For
the
assessment
year
beginning
January
1,
6
2028,
and
for
each
subsequent
assessment
year,
the
maximum
7
exemption
amounts
under
paragraph
“b”
shall
be
multiplied
by
8
the
cumulative
adjustment
factor
for
that
assessment
year.
9
“Cumulative
adjustment
factor”
means
the
product
of
the
annual
10
adjustment
factor
for
the
assessment
year
beginning
January
11
1,
2027,
and
all
annual
adjustment
factors
for
subsequent
12
assessment
years.
The
cumulative
adjustment
factor
applies
to
13
the
assessment
year
beginning
in
the
calendar
year
for
which
14
the
latest
annual
adjustment
factor
has
been
determined.
15
(2)
The
annual
adjustment
factor
for
the
assessment
year
16
beginning
January
1,
2027,
is
one
hundred
percent.
For
each
17
subsequent
assessment
year,
the
annual
adjustment
factor
equals
18
the
annual
inflation
factor
for
the
calendar
year,
in
which
19
the
assessment
year
begins,
as
computed
in
section
422.4
for
20
purposes
of
the
individual
income
tax.
21
(3)
The
cumulative
adjustment
factor
shall
be
determined
22
annually
by
the
department
of
revenue.
>
23
20.
By
striking
page
56,
line
1,
through
page
57,
line
5.
24
21.
Page
60,
after
line
14
by
inserting:
25
<
Sec.
___.
Section
425.17,
subsection
4,
Code
2026,
is
26
amended
to
read
as
follows:
27
4.
“Homestead”
means
the
dwelling
owned
or
rented
and
28
actually
used
as
a
home
by
the
claimant
during
the
period
29
specified
in
subsection
2
,
and
so
much
of
the
land
surrounding
30
it
including
one
or
more
contiguous
lots
or
tracts
of
land,
31
as
is
reasonably
necessary
for
use
of
the
dwelling
as
a
home,
32
but
not
exceeding
one-half
acre,
and
may
consist
of
a
part
of
33
a
multidwelling
or
multipurpose
building
and
a
part
of
the
34
land
upon
which
it
is
built.
It
does
not
include
personal
35
-10-
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2472.3906
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38
#19.
#20.
#21.
property
except
that
a
manufactured
or
mobile
home
may
be
1
a
homestead.
Any
dwelling
or
a
part
of
a
multidwelling
or
2
multipurpose
building
which
is
exempt
from
taxation,
except
3
for
an
exemption
under
section
425.1A
,
does
not
qualify
as
a
4
homestead
under
this
subchapter
.
However,
solely
for
purposes
5
of
claimants
living
in
a
property
and
receiving
reimbursement
6
for
rent
constituting
property
taxes
paid
immediately
before
7
the
property
becomes
tax
exempt,
and
continuing
to
live
in
it
8
after
it
becomes
tax
exempt,
the
property
shall
continue
to
9
be
classified
as
a
homestead.
A
homestead
must
be
located
10
in
this
state.
When
a
person
is
confined
in
a
nursing
home,
11
extended-care
facility,
or
hospital,
the
person
shall
be
12
considered
as
occupying
or
living
in
the
person’s
homestead
13
if
the
person
is
the
owner
of
the
homestead
and
the
person
14
maintains
the
homestead
and
does
not
lease,
rent,
or
otherwise
15
receive
profits
from
other
persons
for
the
use
of
the
16
homestead.
>
17
22.
By
striking
page
61,
line
35,
through
page
64,
line
7,
18
and
inserting:
19
<
Sec.
___.
Section
347.7,
Code
2026,
is
amended
by
adding
20
the
following
new
subsection:
21
NEW
SUBSECTION
.
3A.
a.
(1)
For
the
fiscal
year
beginning
22
July
1,
2027,
and
the
fiscal
year
beginning
July
1,
2028,
any
23
property
tax
levy
imposed
for
a
county
hospital
under
this
24
chapter
that
is
limited
by
law
to
a
specific
property
tax
25
levy
rate
per
one
thousand
dollars
of
assessed
value
shall
26
not
exceed
a
levy
rate
per
one
thousand
dollars
of
assessed
27
value
that
is
equal
to
one
thousand
multiplied
by
the
quotient
28
obtained
by
dividing
one
hundred
one
and
three-fourths
percent
29
of
the
current
fiscal
year’s
actual
property
tax
dollars
30
certified
for
such
levy
by
the
remainder
of
the
total
assessed
31
value
used
to
calculate
such
taxes
for
the
budget
year
minus
32
value
attributable
to
new
valuation.
33
(2)
For
fiscal
years
beginning
on
or
after
July
1,
2029,
34
any
property
tax
levy
imposed
for
a
county
hospital
under
35
-11-
SF
2472.3906
(2)
91
md/jh
11/
38
#22.
this
chapter
that
is
limited
by
law
to
a
specific
property
1
tax
levy
rate
per
one
thousand
dollars
of
assessed
value
2
shall
not
exceed
a
levy
rate
per
one
thousand
dollars
of
3
assessed
value
that
is
equal
to
one
thousand
multiplied
by
the
4
quotient
obtained
by
dividing
one
hundred
five
percent
of
the
5
current
fiscal
year’s
actual
property
tax
dollars
certified
6
for
such
levy
by
the
remainder
of
the
total
assessed
value
7
used
to
calculate
such
taxes
for
the
budget
year
minus
value
8
attributable
to
new
valuation.
9
b.
For
purposes
of
this
subsection,
“budget
year”
,
“current
10
fiscal
year”
,
and
“new
valuation”
mean
the
same
as
defined
in
11
section
331.423.
12
Sec.
___.
Section
347A.3,
Code
2026,
is
amended
by
adding
13
the
following
new
subsection:
14
NEW
SUBSECTION
.
3.
a.
(1)
For
the
fiscal
year
beginning
15
July
1,
2027,
and
the
fiscal
year
beginning
July
1,
2028,
any
16
property
tax
levy
imposed
for
a
county
hospital
under
this
17
chapter
that
is
limited
by
law
to
a
specific
property
tax
18
levy
rate
per
one
thousand
dollars
of
assessed
value
shall
19
not
exceed
a
levy
rate
per
one
thousand
dollars
of
assessed
20
value
that
is
equal
to
one
thousand
multiplied
by
the
quotient
21
obtained
by
dividing
one
hundred
one
and
three-fourths
percent
22
of
the
current
fiscal
year’s
actual
property
tax
dollars
23
certified
for
such
levy
by
the
remainder
of
the
total
assessed
24
value
used
to
calculate
such
taxes
for
the
budget
year
minus
25
value
attributable
to
new
valuation.
26
(2)
For
fiscal
years
beginning
on
or
after
July
1,
2029,
27
any
property
tax
levy
imposed
for
a
county
hospital
under
28
this
chapter
that
is
limited
by
law
to
a
specific
property
29
tax
levy
rate
per
one
thousand
dollars
of
assessed
value
30
shall
not
exceed
a
levy
rate
per
one
thousand
dollars
of
31
assessed
value
that
is
equal
to
one
thousand
multiplied
by
the
32
quotient
obtained
by
dividing
one
hundred
five
percent
of
the
33
current
fiscal
year’s
actual
property
tax
dollars
certified
34
for
such
levy
by
the
remainder
of
the
total
assessed
value
35
-12-
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2472.3906
(2)
91
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12/
38
used
to
calculate
such
taxes
for
the
budget
year
minus
value
1
attributable
to
new
valuation.
2
b.
For
purposes
of
this
subsection,
“budget
year”
,
“current
3
fiscal
year”
,
and
“new
valuation”
mean
the
same
as
defined
in
4
section
331.423.
5
Sec.
___.
Section
357F.8,
Code
2026,
is
amended
by
adding
6
the
following
new
subsection:
7
NEW
SUBSECTION
.
3.
a.
(1)
For
the
fiscal
year
beginning
8
July
1,
2027,
and
the
fiscal
year
beginning
July
1,
2028,
any
9
property
tax
levy
imposed
for
the
district
under
this
chapter
10
that
is
limited
by
law
to
a
specific
property
tax
levy
rate
per
11
one
thousand
dollars
of
assessed
value
shall
not
exceed
a
levy
12
rate
per
one
thousand
dollars
of
assessed
value
that
is
equal
13
to
one
thousand
multiplied
by
the
quotient
obtained
by
dividing
14
one
hundred
one
and
three-fourths
percent
of
the
current
fiscal
15
year’s
actual
property
tax
dollars
certified
for
such
levy
by
16
the
remainder
of
the
total
assessed
value
used
to
calculate
17
such
taxes
for
the
budget
year
minus
value
attributable
to
new
18
valuation.
19
(2)
For
fiscal
years
beginning
on
or
after
July
1,
2029,
any
20
property
tax
levy
imposed
for
the
district
under
this
chapter
21
that
is
limited
by
law
to
a
specific
property
tax
levy
rate
per
22
one
thousand
dollars
of
assessed
value
shall
not
exceed
a
levy
23
rate
per
one
thousand
dollars
of
assessed
value
that
is
equal
24
to
one
thousand
multiplied
by
the
quotient
obtained
by
dividing
25
one
hundred
five
percent
of
the
current
fiscal
year’s
actual
26
property
tax
dollars
certified
for
such
levy
by
the
remainder
27
of
the
total
assessed
value
used
to
calculate
such
taxes
for
28
the
budget
year
minus
value
attributable
to
new
valuation.
29
b.
For
purposes
of
this
subsection,
“budget
year”
,
“current
30
fiscal
year”
,
and
“new
valuation”
mean
the
same
as
defined
in
31
section
331.423.
32
Sec.
___.
Section
357G.8,
Code
2026,
is
amended
by
adding
33
the
following
new
subsection:
34
NEW
SUBSECTION
.
3.
a.
(1)
For
the
fiscal
year
beginning
35
-13-
SF
2472.3906
(2)
91
md/jh
13/
38
July
1,
2027,
and
the
fiscal
year
beginning
July
1,
2028,
any
1
property
tax
levy
imposed
for
the
district
under
this
chapter
2
that
is
limited
by
law
to
a
specific
property
tax
levy
rate
per
3
one
thousand
dollars
of
assessed
value
shall
not
exceed
a
levy
4
rate
per
one
thousand
dollars
of
assessed
value
that
is
equal
5
to
one
thousand
multiplied
by
the
quotient
obtained
by
dividing
6
one
hundred
one
and
three-fourths
percent
of
the
current
fiscal
7
year’s
actual
property
tax
dollars
certified
for
such
levy
by
8
the
remainder
of
the
total
assessed
value
used
to
calculate
9
such
taxes
for
the
budget
year
minus
value
attributable
to
new
10
valuation.
11
(2)
For
fiscal
years
beginning
on
or
after
July
1,
2029,
any
12
property
tax
levy
imposed
for
the
district
under
this
chapter
13
that
is
limited
by
law
to
a
specific
property
tax
levy
rate
per
14
one
thousand
dollars
of
assessed
value
shall
not
exceed
a
levy
15
rate
per
one
thousand
dollars
of
assessed
value
that
is
equal
16
to
one
thousand
multiplied
by
the
quotient
obtained
by
dividing
17
one
hundred
five
percent
of
the
current
fiscal
year’s
actual
18
property
tax
dollars
certified
for
such
levy
by
the
remainder
19
of
the
total
assessed
value
used
to
calculate
such
taxes
for
20
the
budget
year
minus
value
attributable
to
new
valuation.
21
b.
For
purposes
of
this
subsection,
“budget
year”
,
“current
22
fiscal
year”
,
and
“new
valuation”
mean
the
same
as
defined
in
23
section
384.1.
24
Sec.
___.
NEW
SECTION
.
422D.5A
Levy
limitation.
25
1.
a.
For
the
fiscal
year
beginning
July
1,
2027,
and
26
the
fiscal
year
beginning
July
1,
2028,
any
property
tax
levy
27
imposed
under
this
chapter
that
is
limited
by
law
to
a
specific
28
property
tax
levy
rate
per
one
thousand
dollars
of
assessed
29
value
shall
not
exceed
a
levy
rate
per
one
thousand
dollars
of
30
assessed
value
that
is
equal
to
one
thousand
multiplied
by
the
31
quotient
obtained
by
dividing
one
hundred
one
and
three-fourths
32
percent
of
the
current
fiscal
year’s
actual
property
tax
33
dollars
certified
for
such
levy
by
the
remainder
of
the
total
34
assessed
value
used
to
calculate
such
taxes
for
the
budget
year
35
-14-
SF
2472.3906
(2)
91
md/jh
14/
38
minus
value
attributable
to
new
valuation.
1
b.
For
fiscal
years
beginning
on
or
after
July
1,
2029,
2
any
property
tax
levy
imposed
under
this
chapter
that
is
3
limited
by
law
to
a
specific
property
tax
levy
rate
per
one
4
thousand
dollars
of
assessed
value
shall
not
exceed
a
levy
rate
5
per
one
thousand
dollars
of
assessed
value
that
is
equal
to
6
one
thousand
multiplied
by
the
quotient
obtained
by
dividing
7
one
hundred
five
percent
of
the
current
fiscal
year’s
actual
8
property
tax
dollars
certified
for
such
levy
by
the
remainder
9
of
the
total
assessed
value
used
to
calculate
such
taxes
for
10
the
budget
year
minus
value
attributable
to
new
valuation.
11
2.
For
purposes
of
this
section,
“budget
year”
,
“current
12
fiscal
year”
,
and
“new
valuation”
mean
the
same
as
defined
in
13
section
331.423.
>
14
23.
Page
65,
line
5,
after
<
rate
>
by
inserting
<
for
a
fiscal
15
year
beginning
on
or
after
July
1,
2027,
expressed
in
statute
16
as
a
specific
amount
of
money
due
other
than
a
calculated
17
amount,
>
18
24.
Page
65,
line
6,
by
striking
<
taxes,
but
does
not
>
and
19
inserting
<
taxes.
This
paragraph
shall
not
be
construed
to
>
20
25.
Page
65,
line
25,
after
<
2.
>
by
inserting
<
a.
>
21
26.
Page
65,
line
25,
after
<
2027,
>
by
inserting
<
and
the
22
fiscal
year
beginning
July
1,
2028,
>
23
27.
Page
65,
lines
27
and
28,
by
striking
<
fiscal
year
24
beginning
July
1,
2026,
>
and
inserting
<
immediately
preceding
25
fiscal
year,
>
26
28.
Page
65,
line
31,
by
striking
<
two
>
and
inserting
<
one
27
and
three-fourths
>
28
29.
Page
66,
lines
3
and
4,
by
striking
<
fiscal
year
29
beginning
July
1,
2026
>
and
inserting
<
immediately
preceding
30
fiscal
year
>
31
30.
Page
66,
after
line
4
by
inserting:
32
<
b.
For
the
fiscal
year
beginning
July
1,
2029,
each
33
rate-limited
property
tax
levy
may
only
be
imposed
if
the
34
governmental
entity
imposed
such
levy
for
the
immediately
35
-15-
SF
2472.3906
(2)
91
md/jh
15/
38
#23.
#24.
#25.
#26.
#27.
#28.
#29.
#30.
preceding
fiscal
year,
and
shall,
by
operation
of
this
section,
1
be
limited
to
a
levy
rate
per
one
thousand
dollars
of
assessed
2
value
that
is
equal
to
one
thousand
multiplied
by
the
quotient
3
of
one
hundred
two
percent
of
the
current
fiscal
year’s
actual
4
property
tax
dollars
certified
for
such
levy
divided
by
the
5
total
assessed
value
used
to
calculate
such
taxes
for
the
6
budget
year,
but
not
less
than
a
levy
rate
per
one
thousand
7
dollars
of
assessed
value
that
results
in
an
amount
of
actual
8
property
tax
dollars
certified
for
levy
for
such
levy
equal
to
9
one
hundred
and
one-half
percent
of
the
actual
property
tax
10
dollars
certified
for
such
levy
for
the
immediately
preceding
11
fiscal
year.
>
12
31.
Page
66,
line
5,
by
striking
<
2028
>
and
inserting
<
2030
>
13
32.
Page
66,
line
9,
by
striking
<
fiscal
year
beginning
July
14
1,
2026,
>
and
inserting
<
immediately
preceding
fiscal
year,
>
15
33.
Page
67,
by
striking
lines
15
through
21
and
inserting
16
<
rates
of
property
taxation
imposed
by
governmental
entities.
>
17
34.
By
striking
page
67,
line
34,
through
page
68,
line
18
2,
and
inserting
<
rates
of
property
taxation
imposed
by
19
governmental
entities,
no
later
than
January
15,
2028.
>
20
35.
Page
68,
line
20,
by
striking
<
one-half
>
and
inserting
21
<
one-fourth
>
22
36.
Page
75,
line
6,
after
<
2027,
>
by
inserting
<
and
the
23
fiscal
year
beginning
July
1,
2028,
>
24
37.
Page
75,
line
12,
by
striking
<
two
>
and
inserting
<
one
25
and
three-fourths
>
26
38.
Page
75,
line
18,
by
striking
<
2028
>
and
inserting
27
<
2029
>
28
39.
Page
76,
line
33,
by
striking
<
eighty
>
and
inserting
29
<
eighty-eight
>
30
40.
Page
77,
line
9,
by
striking
<
eighty
>
and
inserting
31
<
eighty-eight
>
32
41.
Page
77,
by
striking
lines
11
through
20
and
inserting:
33
<
b.
(1)
For
the
fiscal
year
beginning
July
1,
2027,
and
34
the
fiscal
year
beginning
July
1,
2028,
the
sum
of
property
tax
35
-16-
SF
2472.3906
(2)
91
md/jh
16/
38
#31.
#32.
#33.
#34.
#35.
#36.
#37.
#38.
#39.
#40.
#41.
dollars
levied
for
the
regional
transit
district
under
this
1
subsection
and
property
tax
dollars
received
by
the
regional
2
transit
district
from
participating
cities
and
counties
shall
3
not
exceed
an
amount
equal
to
one
hundred
one
and
three-fourths
4
percent
of
the
sum
of
property
tax
dollars
levied
for
the
5
regional
transit
district
under
this
subsection
for
the
6
immediately
preceding
fiscal
year
and
property
tax
dollars
7
received
by
the
regional
transit
district
from
participating
8
cities
and
counties
for
the
immediately
preceding
fiscal
year.
9
(2)
For
each
fiscal
year
beginning
on
or
after
July
1,
10
2029,
the
sum
of
property
tax
dollars
levied
for
the
regional
11
transit
district
under
this
subsection
and
property
tax
dollars
12
received
by
the
regional
transit
district
from
participating
13
cities
and
counties
shall
not
exceed
an
amount
equal
to
one
14
hundred
five
percent
of
the
sum
of
property
tax
dollars
levied
15
for
the
regional
transit
district
under
this
subsection
for
16
the
immediately
preceding
fiscal
year
and
property
tax
dollars
17
received
by
the
regional
transit
district
from
participating
18
cities
and
counties
for
the
immediately
preceding
fiscal
year.
>
19
42.
Page
77,
line
27,
by
striking
<
eighty
>
and
inserting
20
<
eighty-eight
>
21
43.
Page
77,
by
striking
lines
30
through
35
and
inserting
22
<
the
levy
rate
limitation,
for
the
fiscal
year
beginning
July
23
1,
2027,
and
the
fiscal
year
beginning
July
1,
2028,
the
sum
of
24
property
tax
dollars
levied
for
the
municipal
transit
system
25
under
this
paragraph
shall
not
exceed
an
amount
equal
to
one
26
hundred
one
and
three-fourths
percent
of
the
sum
of
property
27
tax
dollars
levied
for
the
municipal
transit
system
under
28
this
paragraph
for
the
immediately
preceding
fiscal
year.
In
29
addition
to
the
levy
rate
limitation,
for
each
fiscal
year
30
beginning
on
or
after
July
1,
2029,
the
sum
of
property
tax
31
dollars
levied
for
the
municipal
transit
system
under
this
32
paragraph
shall
not
exceed
an
amount
equal
to
one
hundred
33
five
percent
of
the
sum
of
property
tax
dollars
levied
for
34
the
municipal
transit
system
under
this
paragraph
for
the
35
-17-
SF
2472.3906
(2)
91
md/jh
17/
38
#42.
immediately
preceding
fiscal
year.
>
1
44.
Page
78,
line
4,
by
striking
<
eighty
>
and
inserting
2
<
eighty-eight
>
3
45.
Page
83,
line
7,
after
<
CENTERS
>
by
inserting
<
AND
WEB
4
SEARCH
PORTAL
BUSINESSES
>
5
46.
Page
83,
line
24,
after
<
center
>
by
inserting
<
or
a
6
qualified
web
search
portal
business
>
7
47.
Page
83,
line
25,
after
<
center
>
by
inserting
<
or
a
8
qualified
web
search
portal
business
>
9
48.
Page
84,
line
1,
after
<
Act.
>
by
inserting
<
For
purposes
10
of
this
paragraph,
“qualified
web
search
portal
business”
means
11
a
web
search
portal
business,
as
defined
in
section
423.3,
12
subsection
92
or
93,
for
which
site
preparation
activities,
as
13
defined
in
section
423.3,
subsection
95,
began
on
or
after
the
14
effective
date
of
this
division
of
this
Act.
>
15
49.
By
striking
page
84,
line
7,
through
page
93,
line
35,
16
and
inserting:
17
<
DIVISION
___
18
FIRSTHOME
IOWA
ACCOUNTS
19
Sec.
___.
Section
12G.2,
Code
2026,
is
amended
by
adding
the
20
following
new
subsection:
21
NEW
SUBSECTION
.
6.
Create
strategies
for
coordination
of
22
the
program
with
the
FirstHome
Iowa
program
trust
established
23
in
chapter
12L.
24
Sec.
___.
NEW
SECTION
.
12L.1
FirstHome
Iowa
program
——
25
purpose
and
definitions.
26
1.
The
general
assembly
finds
that
the
general
welfare
and
27
well-being
of
the
state
are
directly
related
to
homeownership
28
of
the
citizens
of
the
state,
and
that
a
vital
and
valid
29
public
purpose
is
served
by
the
creation
and
implementation
30
of
programs
which
encourage
and
make
possible
the
attainment
31
of
homeownership
by
the
greatest
number
of
citizens
of
the
32
state.
The
general
welfare
of
the
citizens
of
the
state
will
33
be
enhanced
by
establishing
a
FirstHome
Iowa
program
which
34
allows
citizens
of
the
state
to
invest
money
in
a
public
trust
35
-18-
SF
2472.3906
(2)
91
md/jh
18/
38
#44.
#45.
#46.
#47.
#48.
#49.
for
future
application
to
the
payment
of
qualified
homebuyer
1
expenses.
The
creation
of
the
means
of
encouragement
for
2
citizens
to
invest
in
such
a
program
represents
the
carrying
3
out
of
a
vital
and
valid
public
purpose.
In
order
to
make
4
available
to
the
citizens
of
the
state
an
opportunity
to
fund
5
future
first-time
homeownership,
it
is
necessary
that
a
public
6
trust
be
established
in
which
moneys
may
be
invested
for
future
7
use.
8
2.
As
used
in
this
chapter,
unless
the
context
otherwise
9
requires:
10
a.
“Administrative
fund”
means
the
administrative
fund
11
established
under
section
12L.4.
12
b.
“Beneficiary”
means
the
individual
designated
by
a
13
participation
agreement
to
benefit
from
advance
payments
of
14
qualified
homebuyer
expenses
on
behalf
of
the
beneficiary.
15
c.
“First-time
homebuyer”
means
an
individual
who
is
a
16
resident
of
Iowa
and
who
does
not
own,
either
individually
or
17
jointly,
a
single-family
or
multifamily
residence,
and
who
18
has
not
previously
owned
or
purchased,
either
individually
or
19
jointly,
a
single-family
or
multifamily
residence
prior
to
the
20
date
of
the
qualified
purchase
for
which
the
eligible
home
21
costs
are
paid
or
reimbursed
from
an
account.
22
d.
“FirstHome
Iowa
program
trust”
or
“trust”
means
the
trust
23
created
under
section
12L.2.
24
e.
“FirstHome
Iowa
program
trust
account”
or
“account”
25
means
an
account
within
the
trust
that
was
established
for
26
the
purpose
of
paying
or
reimbursing
a
beneficiary’s
eligible
27
qualified
homebuyer
expenses
in
connection
with
a
qualified
28
purchase.
29
f.
“Individual”
means
a
natural
person.
30
g.
“Participant”
means
an
individual,
individual’s
legal
31
representative,
trust,
or
estate
that
has
entered
into
a
32
participation
agreement
under
this
chapter,
either
individually
33
or
jointly
with
the
individual’s
spouse,
for
the
advance
34
payment
of
qualified
homebuyer
expenses
on
behalf
of
a
35
-19-
SF
2472.3906
(2)
91
md/jh
19/
38
beneficiary.
1
h.
“Participation
agreement”
means
an
agreement
between
a
2
participant
and
the
trust
entered
into
under
this
chapter.
3
i.
“Program
fund”
means
the
program
fund
established
under
4
section
12L.4.
5
j.
“Qualified
homebuyer
expenses”
means
any
of
the
6
following:
7
(1)
A
down
payment
or
closing
costs
for
the
qualified
8
purchase
of
a
single-family
residence
in
Iowa
that
is
to
be
the
9
homestead,
as
defined
in
section
425.11,
of
the
beneficiary
if
10
such
beneficiary
is
a
first-time
homebuyer
with
respect
to
such
11
purchase.
12
(2)
A
cost,
fee,
tax,
or
payment
incurred
by,
or
charged
13
or
assigned
to,
a
beneficiary
as
part
of
the
purchase
under
14
subparagraph
(1)
and
listed
on
the
statement
of
receipts
and
15
disbursements
for
the
sale,
including
any
statement
prescribed
16
by
12
C.F.R.
§1026.38,
as
amended.
17
(3)
Any
United
States
veterans
administration
funding
18
fee
incurred
by,
or
charged
or
assigned
to,
a
beneficiary
in
19
connection
with
a
veterans
administration
home
loan
guaranty
20
program.
21
k.
“Qualified
purchase”
means
the
purchase
of
a
22
single-family
residence
in
Iowa
by
the
account’s
beneficiary
23
for
which
the
account’s
beneficiary
will
use
as
a
homestead,
as
24
defined
in
section
425.11,
one
year
or
more
after
the
date
the
25
participant
first
opened
the
account.
26
l.
“Resident”
means
the
same
as
defined
in
section
422.4.
27
m.
“Single-family
residence”
means
a
single-family
residence
28
owned
and
occupied
by
a
beneficiary
as
the
beneficiary’s
29
homestead
within
the
meaning
of
section
425.1,
including
but
30
not
limited
to
a
manufactured
home,
mobile
home,
condominium
31
unit,
or
cooperative.
32
Sec.
___.
NEW
SECTION
.
12L.2
Creation
of
FirstHome
Iowa
33
program
trust.
34
A
FirstHome
Iowa
program
trust
is
created.
The
treasurer
of
35
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state
is
the
trustee
of
the
trust,
and
has
all
powers
necessary
1
to
carry
out
and
effectuate
the
purposes,
objectives,
and
2
provisions
of
this
chapter
pertaining
to
the
trust,
including
3
the
power
to
do
all
of
the
following:
4
1.
Make
and
enter
into
contracts
necessary
for
the
5
administration
of
the
trust
created
under
this
chapter.
6
2.
Enter
into
agreements
with
any
financial
institution,
7
the
state,
or
any
federal
or
other
state
agency,
or
other
8
entity
as
required
to
implement
this
chapter.
9
3.
Carry
out
the
duties
and
obligations
of
the
trust
10
pursuant
to
this
chapter.
11
4.
Accept
any
grants,
gifts,
legislative
appropriations,
12
and
other
moneys
from
the
state,
any
unit
of
federal,
state,
or
13
local
government,
or
any
other
person,
firm,
partnership,
or
14
corporation
which
the
treasurer
of
state
shall
deposit
into
the
15
administrative
fund
or
the
program
fund.
16
5.
Carry
out
studies
and
projections
so
the
treasurer
of
17
state
may
advise
participants
regarding
present
and
estimated
18
future
qualified
homebuyer
expenses
and
levels
of
financial
19
participation
in
the
trust
required
in
order
to
enable
20
participants
to
achieve
their
qualifying
purchase
objectives.
21
6.
Participate
in
any
federal,
state,
or
local
governmental
22
program
for
the
benefit
of
the
trust.
23
7.
Procure
insurance
against
any
loss
in
connection
with
the
24
property,
assets,
or
activities
of
the
trust.
25
8.
Enter
into
participation
agreements
with
participants.
26
9.
Make
payments
to
or
on
behalf
of
beneficiaries
for
27
qualified
homebuyer
expenses
pursuant
to
participation
28
agreements.
29
10.
Make
refunds
to
participants
upon
the
termination
30
of
participation
agreements,
and
partial
nonqualified
31
distributions
to
participants,
pursuant
to
the
provisions,
32
limitations,
and
restrictions
set
forth
in
this
chapter.
33
11.
Invest
moneys
from
the
program
fund
in
any
investments
34
which
are
determined
by
the
treasurer
of
state
to
be
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appropriate.
1
12.
Engage
investment
advisors,
if
necessary,
to
assist
in
2
the
investment
of
trust
assets.
3
13.
Contract
for
goods
and
services
and
engage
personnel
4
as
necessary,
including
consultants,
actuaries,
managers,
5
legal
counsel,
and
auditors
for
the
purpose
of
rendering
6
professional,
managerial,
and
technical
assistance
and
advice
7
to
the
treasurer
of
state
regarding
trust
administration
and
8
operation.
9
14.
Establish,
impose,
and
collect
administrative
fees
10
and
charges
in
connection
with
transactions
of
the
trust
for
11
deposit
in
the
administrative
fund
and
provide
for
reasonable
12
service
charges.
13
15.
Administer
the
funds
of
the
trust.
14
16.
Adopt
rules
pursuant
to
chapter
17A
for
the
15
administration
of
the
trust.
16
Sec.
___.
NEW
SECTION
.
12L.3
Participation
agreements
for
17
trust.
18
The
trust
may
enter
into
participation
agreements
with
19
participants
on
behalf
of
beneficiaries
pursuant
to
the
20
following
terms
and
agreements:
21
1.
Each
participation
agreement
may
require
a
participant
22
to
agree
to
invest
a
specific
amount
of
money
in
the
trust
23
for
a
specific
period
of
time
for
the
benefit
of
a
specific
24
beneficiary.
A
participant
shall
not
be
required
to
make
an
25
annual
contribution
on
behalf
of
a
beneficiary.
The
maximum
26
contribution
that
may
be
deducted
for
Iowa
income
tax
purposes
27
shall
be
the
amount
contributed
by
the
participant
during
the
28
applicable
tax
year,
not
to
exceed
five
thousand
five
hundred
29
dollars
per
beneficiary
per
year
adjusted
annually
to
reflect
30
increases
in
the
consumer
price
index.
31
2.
The
execution
of
a
participation
agreement
by
the
32
trust
shall
not
guarantee
in
any
way
that
qualified
homebuyer
33
expenses
will
be
equal
to
projections
and
estimates
provided
by
34
the
trust
or
that
the
beneficiary
named
in
any
participation
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agreement
will
qualify
for
a
mortgage,
home
loan,
or
other
1
forms
of
credit
for
a
qualified
purchase.
2
3.
a.
A
beneficiary
under
a
participation
agreement
may
be
3
changed
as
permitted
under
rules
adopted
by
the
treasurer
of
4
state
upon
written
request
of
the
participant
as
long
as
the
5
substitute
beneficiary
is
eligible
for
participation.
6
b.
Participation
agreements
may
otherwise
be
freely
amended
7
throughout
their
terms
in
order
to
enable
participants
to
8
increase
or
decrease
the
level
of
participation,
change
the
9
designation
of
beneficiaries,
and
carry
out
similar
matters
as
10
authorized
by
rule.
11
4.
Each
participation
agreement
shall
provide
that
the
12
participation
agreement
may
be
canceled
upon
the
terms
and
13
conditions,
and
upon
payment
of
applicable
fees
and
costs
set
14
forth
and
contained
in
the
rules
adopted
by
the
treasurer
of
15
state.
16
5.
A
participant
may
designate
a
successor
in
accordance
17
with
rules
adopted
by
the
treasurer
of
state.
The
designated
18
successor
shall
succeed
to
the
ownership
of
the
account
in
19
the
event
of
the
death
of
the
participant.
In
the
event
a
20
participant
dies
and
has
not
designated
a
successor
to
the
21
account,
the
following
criteria
shall
apply:
22
a.
The
beneficiary
of
the
account,
if
eighteen
years
of
23
age
or
older,
shall
become
the
owner
of
the
account
as
well
as
24
remain
the
beneficiary
upon
filing
the
appropriate
forms
in
25
accordance
with
rules
adopted
by
the
treasurer
of
state.
26
b.
If
the
beneficiary
of
the
account
is
under
the
age
of
27
eighteen,
account
ownership
shall
be
transferred
to
the
first
28
surviving
parent
or
other
legal
guardian
of
the
beneficiary
to
29
file
the
appropriate
forms
in
accordance
with
rules
adopted
by
30
the
treasurer
of
state.
31
Sec.
___.
NEW
SECTION
.
12L.4
FirstHome
Iowa
program
and
32
administrative
funds
——
investment
and
payments.
33
1.
a.
The
treasurer
of
state
shall
segregate
moneys
34
received
by
the
trust
into
two
funds:
the
FirstHome
Iowa
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program
fund
and
the
administrative
fund
to
be
used
for
1
administration
of
the
program.
2
b.
All
moneys
paid
by
participants
in
connection
with
3
participation
agreements
shall
be
deposited
as
received
into
4
separate
accounts
within
the
program
fund.
5
c.
Contributions
to
the
trust
made
by
participants
may
only
6
be
made
in
the
form
of
cash.
7
d.
A
participant
or
beneficiary
may,
directly
or
indirectly,
8
direct
the
investment
of
any
contributions
to
the
trust
or
any
9
earnings
thereon
no
more
than
four
times
in
a
calendar
year.
10
2.
Moneys
accrued
by
participants
in
the
program
fund
of
the
11
trust
may
be
used
for
payments
to
or
on
behalf
of
a
beneficiary
12
for
qualified
homebuyer
expenses.
13
Sec.
___.
NEW
SECTION
.
12L.5
Cancellation
of
agreements.
14
A
participant
may
cancel
a
participation
agreement
at
will.
15
Upon
cancellation
of
a
participation
agreement,
a
participant
16
shall
be
entitled
to
the
return
of
the
participant’s
account
17
balance.
18
Sec.
___.
NEW
SECTION
.
12L.6
Ownership
of
payments
and
19
investment
income
——
transfer
of
ownership
rights.
20
1.
a.
A
participant
retains
ownership
of
all
payments
21
made
under
a
participation
agreement
up
to
the
date
of
22
utilization
for
payment
of
qualified
homebuyer
expenses
for
the
23
beneficiary.
24
b.
All
income
derived
from
the
investment
of
the
payments
25
made
by
the
participant
shall
be
considered
to
be
held
in
trust
26
for
the
benefit
of
the
beneficiary.
27
2.
In
the
event
the
FirstHome
Iowa
program
is
terminated
28
prior
to
payment
of
qualified
homebuyer
expenses
for
the
29
beneficiary,
the
participant
is
entitled
to
a
refund
of
the
30
participant’s
account
balance.
31
3.
Any
amounts
which
may
be
paid
to
any
person
or
persons
32
pursuant
to
the
FirstHome
Iowa
program
trust
but
which
are
not
33
listed
in
this
section
are
owned
by
the
trust.
34
4.
A
participant
may
transfer
ownership
rights
to
another
35
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participant
or
may
transfer
funds
to
another
account
under
the
1
trust.
The
transfer
shall
be
made
and
the
property
distributed
2
in
accordance
with
rules
adopted
by
the
treasurer
of
state
or
3
with
the
terms
of
the
participation
agreement.
4
5.
A
participant
shall
not
be
entitled
to
utilize
any
5
interest
in
the
trust
as
security
for
a
loan.
6
Sec.
___.
NEW
SECTION
.
12L.7
Annual
audited
financial
7
report
to
governor
and
general
assembly.
8
1.
a.
The
treasurer
of
state
shall
submit
an
annual
9
audited
financial
report,
prepared
in
accordance
with
generally
10
accepted
accounting
principles,
on
the
operations
of
the
trust
11
by
November
1
to
the
governor
and
the
general
assembly.
12
b.
The
annual
audit
shall
be
made
either
by
the
auditor
13
of
state
or
by
an
independent
certified
public
accountant
14
designated
by
the
auditor
of
state
and
shall
include
direct
and
15
indirect
costs
attributable
to
the
use
of
outside
consultants,
16
independent
contractors,
and
any
other
persons
who
are
not
17
state
employees.
18
2.
The
annual
audit
shall
be
supplemented
by
all
of
the
19
following
information
prepared
by
the
treasurer
of
state:
20
a.
Any
related
studies
or
evaluations
prepared
in
the
21
preceding
year.
22
b.
A
summary
of
the
benefits
provided
by
the
trust
including
23
the
number
of
participants
and
beneficiaries
in
the
trust.
24
c.
Any
other
information
which
is
relevant
in
order
to
make
25
a
full,
fair,
and
effective
disclosure
of
the
operations
of
the
26
trust.
27
Sec.
___.
NEW
SECTION
.
12L.8
Tax
considerations.
28
State
income
tax
treatment
of
the
FirstHome
Iowa
program
29
trust
shall
be
as
provided
in
section
422.7,
subsections
46
and
30
47.
31
Sec.
___.
NEW
SECTION
.
12L.9
Property
rights
to
assets
in
32
trust.
33
1.
The
assets
of
the
trust
shall
at
all
times
be
preserved,
34
invested,
and
expended
solely
and
only
for
the
purposes
of
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the
trust
and
shall
be
held
in
trust
for
the
participants
and
1
beneficiaries.
2
2.
No
property
rights
in
the
trust
shall
exist
in
favor
of
3
the
state.
4
3.
The
assets
of
the
trust
shall
not
be
transferred
or
used
5
by
the
state
for
any
purposes
other
than
the
purposes
of
the
6
trust.
7
Sec.
___.
NEW
SECTION
.
12L.10
Construction.
8
This
chapter
shall
be
construed
liberally
in
order
to
9
effectuate
its
purpose.
10
Sec.
___.
Section
232D.503,
subsection
6,
Code
2026,
is
11
amended
by
adding
the
following
new
paragraph:
12
NEW
PARAGRAPH
.
g.
A
FirstHome
Iowa
program
trust
account
13
established
for
the
minor
pursuant
to
chapter
12L.
14
Sec.
___.
Section
422.7,
Code
2026,
is
amended
by
adding
the
15
following
new
subsections:
16
NEW
SUBSECTION
.
46.
a.
Subtract
the
contribution
that
may
17
be
deducted
for
Iowa
income
tax
purposes
as
a
participant
in
18
the
FirstHome
Iowa
program
trust
pursuant
to
section
12L.3,
19
subsection
1.
For
purposes
of
this
paragraph,
a
participant
20
who
makes
a
contribution
on
or
before
the
date
prescribed
in
21
section
422.21
for
making
and
filing
an
individual
income
tax
22
return,
excluding
extensions,
or
the
date
for
making
and
filing
23
an
individual
income
tax
return
determined
by
the
director
24
pursuant
to
an
order
issued
under
section
421.17,
subsection
25
30,
may
elect
to
be
deemed
to
have
made
the
contribution
on
the
26
last
day
of
the
preceding
calendar
year.
The
director,
after
27
consultation
with
the
treasurer
of
state,
shall
prescribe
by
28
rule
the
manner
and
method
by
which
a
participant
may
make
an
29
election
authorized
by
the
preceding
sentence.
30
b.
Add
the
amount
resulting
from
the
cancellation
of
31
a
participation
agreement
refunded
to
the
taxpayer
as
a
32
participant
in
the
FirstHome
Iowa
program
trust
to
the
extent
33
previously
deducted
as
a
contribution
to
the
trust.
34
c.
Add,
to
the
extent
previously
deducted
as
a
contribution
35
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to
the
trust,
the
amount
resulting
from
a
withdrawal
or
1
transfer
made
by
the
taxpayer
from
the
FirstHome
Iowa
program
2
trust
for
purposes
other
than
the
payment
of
qualified
3
homebuyer
expenses.
4
NEW
SUBSECTION
.
47.
Subtract,
to
the
extent
included,
5
income
from
interest
and
earnings
received
from
the
FirstHome
6
Iowa
program
trust
created
in
chapter
12L.
7
Sec.
___.
Section
541B.4,
Code
2026,
is
amended
by
adding
8
the
following
new
subsections:
9
NEW
SUBSECTION
.
5.
Withdrawal
for
deposit
into
FirstHome
10
Iowa
program
trust
account.
First-time
homebuyer
account
11
balances
under
this
chapter
may
be
withdrawn
without
penalty
or
12
taxation
in
this
state
if
such
withdrawal
is
deposited
in
an
13
account
within
the
FirstHome
Iowa
program
trust
under
chapter
14
12L
within
thirty
days
of
the
withdrawal.
The
treasurer
of
15
state
may
by
rule
provide
for
the
direct
transfer
of
moneys
16
within
an
account
under
this
chapter
to
a
FirstHome
Iowa
17
program
trust
account
and
such
transfer
shall
not
be
subject
to
18
penalty
or
taxation
in
this
state.
19
NEW
SUBSECTION
.
6.
No
new
accounts.
New
accounts
shall
not
20
be
established
under
this
chapter
on
or
after
July
1,
2026.
21
Sec.
___.
Section
627.6,
Code
2026,
is
amended
by
adding
the
22
following
new
subsection:
23
NEW
SUBSECTION
.
18.
The
debtor’s
interest,
whether
as
24
participant
or
beneficiary,
in
contributions
and
assets,
25
including
the
accumulated
earnings
and
market
increases
in
26
value,
held
in
an
account
in
the
FirstHome
Iowa
program
trust
27
organized
under
chapter
12L.
28
Sec.
___.
Section
633.108,
subsection
2,
Code
2026,
is
29
amended
by
adding
the
following
new
paragraph:
30
NEW
PARAGRAPH
.
e.
A
FirstHome
Iowa
program
trust
account
31
established
for
the
minor
pursuant
to
chapter
12L.
32
Sec.
___.
Section
633.555,
subsection
1,
Code
2026,
is
33
amended
by
adding
the
following
new
paragraph:
34
NEW
PARAGRAPH
.
f.
An
account
owner
or
participant
under
35
-27-
SF
2472.3906
(2)
91
md/jh
27/
38
a
FirstHome
Iowa
program
trust
account
established
for
the
1
protected
person
pursuant
to
chapter
12L.
2
Sec.
___.
Section
633.678,
subsection
1,
Code
2026,
is
3
amended
by
adding
the
following
new
paragraph:
4
NEW
PARAGRAPH
.
f.
An
account
owner
or
participant
under
5
a
FirstHome
Iowa
program
trust
account
established
for
the
6
protected
person
pursuant
to
chapter
12L.
7
Sec.
___.
Section
633.681,
subsection
1,
Code
2026,
is
8
amended
by
adding
the
following
new
paragraph:
9
NEW
PARAGRAPH
.
e.
An
account
owner
or
participant
under
10
a
FirstHome
Iowa
program
trust
account
established
for
the
11
protected
person
pursuant
to
chapter
12L.
12
Sec.
___.
APPLICABILITY.
The
following
applies
to
13
contributions
made
under
chapter
12L
on
or
after
July
1,
2026,
14
for
tax
years
ending
on
or
after
that
date:
15
The
section
of
this
division
of
this
Act
enacting
section
16
422.7,
subsections
46
and
47.
>
17
50.
Page
96,
after
line
32
by
inserting:
18
<
DIVISION
___
19
PROPERTY
TAX
EXEMPTIONS
——
IMPOUNDMENT
STRUCTURES
AND
20
SPECULATIVE
SHELL
BUILDINGS
21
Sec.
___.
Section
331.401,
subsection
1,
paragraph
i,
Code
22
2026,
is
amended
by
striking
the
paragraph.
23
Sec.
___.
Section
427.1,
subsections
20
and
27,
Code
2026,
24
are
amended
by
striking
the
subsections.
25
Sec.
___.
EFFECTIVE
DATE.
This
division
of
this
Act
takes
26
effect
January
1,
2031.
27
Sec.
___.
APPLICABILITY.
This
division
of
this
Act
applies
28
to
assessment
years
beginning
on
or
after
January
1,
2031.
29
DIVISION
___
30
SCHOOL
DISTRICT
UNSPENT
BALANCES
——
ON-TIME
FUNDING
AND
31
MODIFIED
SUPPLEMENTAL
AMOUNTS
32
Sec.
___.
Section
257.7,
Code
2026,
is
amended
by
adding
the
33
following
new
subsection:
34
NEW
SUBSECTION
.
3.
Unspent
balances.
For
school
budget
35
-28-
SF
2472.3906
(2)
91
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28/
38
#50.
years
beginning
on
or
after
July
1,
2026,
a
school
district’s
1
actual
unspent
balance
from
the
preceding
year
used
to
2
calculate
the
authorized
budget
under
subsection
1
shall
3
not
exceed
an
amount
equal
to
thirty-five
percent
of
the
4
school
district’s
authorized
expenditures
for
the
budget
year
5
immediately
preceding
the
base
year
unless
a
greater
amount
6
is
authorized
by
the
school
budget
review
committee
based
on
7
one
or
more
grounds
authorized
for
the
approval
of
a
modified
8
supplemental
amount
under
section
257.31.
9
Sec.
___.
Section
257.13,
Code
2026,
is
amended
to
read
as
10
follows:
11
257.13
On-time
funding
budget
adjustment.
12
1.
a.
For
the
school
budget
year
beginning
July
1,
2001,
13
and
succeeding
budget
years
beginning
before
July
1,
2026
,
if
a
14
district’s
actual
enrollment
for
the
budget
year,
determined
15
under
section
257.6
,
is
greater
than
its
budget
enrollment
for
16
the
budget
year,
the
district
shall
be
eligible
to
receive
an
17
on-time
funding
budget
adjustment.
The
adjustment
shall
be
in
18
an
amount
equal
to
the
difference
between
the
actual
enrollment
19
for
the
budget
year
and
the
budget
enrollment
for
the
budget
20
year,
multiplied
by
the
district
cost
per
pupil.
21
2.
b.
The
board
of
directors
of
a
school
district
that
22
wishes
to
receive
an
on-time
funding
budget
adjustment
under
23
this
subsection
shall
adopt
a
resolution
to
receive
the
24
adjustment
and
notify
the
school
budget
review
committee
25
annually,
but
not
earlier
than
November
1,
as
determined
by
the
26
department
of
education.
The
school
budget
review
committee
27
shall
establish
a
modified
supplemental
amount
pursuant
to
28
subsection
1
paragraph
“a”
.
29
2.
a.
For
the
school
budget
years
beginning
on
or
after
30
July
1,
2026,
if
a
district’s
actual
enrollment
for
the
budget
31
year,
determined
under
section
257.6,
is
greater
than
its
32
budget
enrollment
for
the
budget
year,
the
district
may
request
33
an
on-time
budget
adjustment.
The
adjustment
shall
not
exceed
34
an
amount
equal
to
the
difference
between
the
actual
enrollment
35
-29-
SF
2472.3906
(2)
91
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29/
38
for
the
budget
year
and
the
budget
enrollment
for
the
budget
1
year,
multiplied
by
the
district
cost
per
pupil.
2
b.
To
request
an
on-time
budget
adjustment
under
this
3
subsection,
the
board
of
directors
of
a
school
district
shall
4
adopt
a
resolution
to
receive
the
adjustment
and
notify
the
5
school
budget
review
committee
on
or
before
a
date
established
6
by
the
committee.
The
school
budget
review
committee
may
7
establish
a
modified
supplemental
amount
pursuant
to
paragraph
8
“a”
.
9
3.
If
the
board
of
directors
of
a
school
district
determines
10
that
a
need
exists
for
additional
funds
exceeding
the
on-time
11
funding
budget
adjustment
pursuant
to
this
section
,
a
request
12
for
a
modified
supplemental
amount
based
upon
increased
13
enrollment
may
be
submitted
to
the
school
budget
review
14
committee
as
provided
in
section
257.31
.
15
Sec.
___.
NEW
SECTION
.
279.63A
Unspent
balance
——
policy.
16
1.
The
board
of
directors
of
each
school
district
shall
17
establish
a
policy
that
defines
a
targeted
range
and
maximum
18
amount
of
unspent
balance
of
authorized
expenditures,
19
determined
by
a
percent
of
authorized
expenditures
under
20
section
257.7
or
other
methodology
specified
in
the
policy.
21
The
policy
shall
also
state
the
date
the
policy
was
adopted
22
and
the
date
the
policy
was
most
recently
reviewed
or
revised
23
under
subsection
2.
The
targeted
range
and
maximum
amount
24
established
in
the
policy
shall
be
made
with
the
intent
to
25
equalize
educational
opportunity,
provide
a
good
education
26
for
all
the
children
of
the
school
district,
provide
property
27
tax
relief,
decrease
the
percentage
of
school
costs
paid
from
28
property
taxes,
and
to
provide
reasonable
control
of
school
29
costs.
30
2.
Targeted
ranges
and
maximum
amounts
defined
in
the
policy
31
under
subsection
1
shall
be
reviewed
annually
by
the
board
of
32
directors
and
such
review
shall
be
entered
in
the
minutes
of
33
the
board
and
approved
revisions
shall
be
made
to
the
policy.
34
Sec.
___.
EFFECTIVE
DATE.
This
division
of
this
Act,
being
35
-30-
SF
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(2)
91
md/jh
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38
deemed
of
immediate
importance,
takes
effect
upon
enactment.
1
DIVISION
___
2
PROPERTY
PARCEL
INFORMATION
3
Sec.
___.
Section
331.510,
Code
2026,
is
amended
by
adding
4
the
following
new
subsection:
5
NEW
SUBSECTION
.
5.
a.
An
annual
report
not
later
6
than
January
1
to
the
department
of
management
containing
7
parcel-level
property
data,
including
parcel
identification
8
information,
location,
size,
valuation,
classification,
types
9
of
structures
and
improvements,
exemptions,
credits,
historical
10
amounts
of
property
taxes
due
and
payable,
and
whether
the
11
parcel
is
subject
to
a
division
of
revenue.
12
b.
In
addition
to
the
information
required
under
paragraph
13
“a”
,
the
department
of
management
may
require
additional
14
parcel-level
data
deemed
necessary
by
the
director
of
the
15
department
of
management.
The
department
shall
prescribe
the
16
form
and
manner
of
submitting
the
annual
report
under
this
17
subsection.
18
DIVISION
___
19
URBAN
RENEWAL
20
Sec.
___.
NEW
SECTION
.
403.18A
Division
of
revenue
21
ordinances
duration
——
limitations.
22
1.
An
ordinance
providing
for
a
division
of
revenue
under
23
section
403.19
adopted
before
the
effective
date
of
this
24
division
of
this
Act
and
that
is
not
limited
in
duration
under
25
section
403.17,
subsection
10,
or
section
403.22,
subsection
5,
26
shall
be
subject
to
the
duration
limitation
in
subsection
2.
27
2.
a.
A
division
of
revenue
ordinance
described
in
28
subsection
1
may
continue
in
effect
under
this
chapter
until
29
such
time
that
the
urban
renewal
area
is
dissolved
by
the
30
municipality,
the
ordinance
is
repealed
by
the
municipality,
or
31
the
ordinance
terminates
under
the
conditions
of
paragraph
“c”
,
32
whichever
occurs
first.
33
b.
A
municipality
shall
not
incur
additional
indebtedness
34
including
loans,
advances,
and
bonds,
payable
from
the
special
35
-31-
SF
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(2)
91
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31/
38
fund
created
in
section
403.19
using
revenue
resulting
from
1
the
ordinance
described
under
subsection
1
on
or
after
the
2
effective
date
of
this
division
of
this
Act.
For
the
purposes
3
of
this
paragraph
“b”
,
the
refinancing
of
indebtedness
incurred
4
prior
to
the
effective
date
of
this
division
of
this
Act
5
shall
not
constitute
an
additional
indebtedness,
unless
such
6
refinancing
results
in
an
increase
in
the
amount
of
debt
7
service
that
qualifies
for
payment
from
the
special
fund
or
8
extends
the
term
for
payment
or
retirement
of
the
indebtedness.
9
c.
An
ordinance
described
in
subsection
1
providing
for
a
10
division
of
revenue
shall
terminate
and
be
of
no
further
force
11
and
effect
at
the
conclusion
of
the
fiscal
year
during
which
12
the
retirement
or
payment
of
all
indebtedness
payable
from
such
13
division
of
revenue
in
existence
on
the
effective
date
of
this
14
division
of
this
Act
occurs
or
after
twenty
years
following
15
the
effective
date
of
this
division
of
this
Act,
whichever
16
occurs
first.
Upon
request
filed
by
the
municipality,
the
17
department
of
management
may
extend
the
termination
date
under
18
this
paragraph
if
such
an
extension
is
necessary
to
retire
and
19
pay
all
indebtedness
incurred
prior
to
the
effective
date
of
20
this
division
of
this
Act.
21
d.
An
ordinance
described
in
subsection
1
or
any
applicable
22
urban
renewal
area
shall
not
be
amended
on
or
after
the
23
effective
date
of
this
division
of
this
Act
to
include
24
territory
that
is
not
subject
to
the
ordinance
on
the
effective
25
date
of
this
division
of
this
Act.
26
3.
The
duration
limits
under
this
section
and
the
27
limitations
on
the
duration
of
ordinances
providing
for
a
28
division
of
revenue
under
section
403.19,
subsection
3A,
shall
29
not
apply
to
divisions
of
taxes
established
by
community
30
colleges
under
chapter
260E
or
rural
improvement
zones
under
31
chapter
357H.
32
4.
The
department
of
management
may
adopt
rules
pursuant
to
33
chapter
17A
necessary
to
implement
and
administer
this
section.
34
Sec.
___.
Section
403.19,
subsection
2,
paragraph
a,
Code
35
-32-
SF
2472.3906
(2)
91
md/jh
32/
38
2026,
is
amended
to
read
as
follows:
1
a.
That
portion
of
the
taxes
each
year
in
excess
of
such
2
amount
shall
be
allocated
to
and
when
collected
be
paid
into
a
3
special
fund
of
the
municipality
to
pay
the
principal
of
and
4
interest
on
loans,
moneys
advanced
to,
or
indebtedness,
whether
5
funded,
refunded,
assumed,
or
otherwise,
including
bonds
6
issued
under
the
authority
of
section
403.9,
subsection
1
,
7
incurred
by
the
municipality
to
finance
or
refinance,
in
whole
8
or
in
part,
an
urban
renewal
project
within
the
area,
and
to
9
provide
assistance
for
low
and
moderate
income
family
housing
10
as
provided
in
section
403.22
.
However,
except
as
provided
11
in
paragraph
“b”
,
taxes
for
the
regular
and
voter-approved
12
physical
plant
and
equipment
levy
of
a
school
district
imposed
13
pursuant
to
section
298.2
;
and
taxes
for
the
instructional
14
support
program
of
a
school
district
imposed
pursuant
to
15
section
257.19
,
;
taxes
for
the
payment
of
bonds
and
interest
16
of
each
taxing
district
,
;
taxes
levied
against
wind
energy
17
conversion
property,
as
defined
in
section
427B.26,
for
which
18
construction
begins
on
or
after
the
effective
date
of
this
19
division
of
this
Act;
foundation
property
taxes
of
a
school
20
district
imposed
under
section
257.3
levied
against
property
21
upon
which
new
construction
or
renovations
begin
on
or
after
22
the
effective
date
of
this
division
of
this
Act,
unless
such
23
construction
or
renovations
were
approved
and
subject
to
an
24
agreement
adopted
before
January
1,
2027;
taxes
for
emergency
25
medical
services
imposed
pursuant
to
chapter
357F,
357G,
or
26
422D;
and
taxes
imposed
under
section
346.27,
subsection
22
,
27
related
to
joint
county-city
buildings
shall
be
collected
28
against
all
taxable
property
within
the
taxing
district
without
29
limitation
by
the
provisions
of
this
subsection
.
30
Sec.
___.
Section
403.19,
Code
2026,
is
amended
by
adding
31
the
following
new
subsection:
32
NEW
SUBSECTION
.
3A.
An
ordinance
providing
for
a
division
33
of
revenue
under
this
section
that
is
adopted
on
or
after
the
34
effective
date
of
this
division
of
this
Act
and
that
is
not
35
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SF
2472.3906
(2)
91
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33/
38
limited
in
duration
under
section
403.17,
subsection
10,
or
1
section
403.22,
subsection
5,
shall
be
limited
to
twenty
years
2
from
the
calendar
year
following
the
calendar
year
in
which
the
3
municipality
first
certifies
to
the
county
auditor
the
amount
4
of
any
loans,
advances,
indebtedness,
or
bonds
that
qualify
5
for
payment
from
the
division
of
revenue
provided
for
in
this
6
section.
The
ordinance
shall
terminate
and
be
of
no
further
7
force
and
effect
following
the
twenty-year
period
provided
in
8
this
subsection.
9
Sec.
___.
Section
403.19,
Code
2026,
is
amended
by
adding
10
the
following
new
subsections:
11
NEW
SUBSECTION
.
9A.
a.
In
addition
to
the
limitations
12
and
requirements
for
relocations
under
subsection
9,
moneys
13
from
any
source
deposited
into
the
special
fund
created
in
14
this
section
shall
not
be
expended
for
or
otherwise
used
15
in
connection
with
an
urban
renewal
project
approved
on
16
or
after
the
effective
date
of
this
division
of
this
Act
17
that
includes
the
relocation
of
a
commercial
or
industrial
18
enterprise
receiving
assistance
or
incentives
from
a
different
19
municipality’s
special
fund
under
this
section
and
not
20
presently
located
within
the
municipality,
if
the
total
amount
21
of
assistance
or
incentives
for
such
enterprise
exceeds
the
22
total
amount
of
assistance
or
incentives
received
or
agreed
to
23
be
received
from
the
other
municipality.
24
b.
For
the
purposes
of
this
subsection,
“relocation”
25
means
the
closure
or
substantial
reduction
of
an
enterprise’s
26
existing
operations
in
one
area
of
the
state
and
the
initiation
27
of
substantially
the
same
operation
in
the
same
metropolitan
28
statistical
area.
This
subsection
does
not
prohibit
an
29
enterprise
from
expanding
its
operations
in
another
area
of
the
30
state
provided
that
existing
operations
of
a
similar
nature
are
31
not
closed
or
substantially
reduced.
32
NEW
SUBSECTION
.
12.
For
any
fiscal
year
beginning
on
33
or
after
July
1,
2027,
following
written
request
filed
with
34
the
county
auditor
and
the
board
of
directors
of
the
school
35
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district,
a
school
district
may
approve
by
resolution
of
the
1
board
of
directors
the
payment
from
the
school
district’s
2
general
fund
to
the
municipality
for
deposit
in
the
special
3
fund
under
this
section
all
or
a
portion
of
the
school
4
district’s
foundation
property
taxes
under
section
257.3
levied
5
against
property
upon
which
new
construction
or
renovations
6
begin
on
or
after
the
effective
date
of
this
division
of
this
7
Act,
unless
such
construction
or
renovations
were
approved
and
8
subject
to
an
agreement
adopted
before
January
1,
2027,
for
one
9
or
more
applicable
fiscal
years.
If
approved,
the
board
of
10
directors
shall
file
such
resolution
with
the
county
auditor.
11
Payments
approved
under
this
subsection
are
voluntary
and
a
12
school
district
is
not
required
to
pay
over
the
revenue
to
the
13
municipality
unless
approved
by
resolution.
Amounts
paid
by
14
a
school
district
under
this
subsection
shall
continue
to
be
15
considered
foundation
property
taxes
levied
under
section
257.3
16
and
such
payment
shall
not
result
in
the
adjustment
of
state
17
foundation
aid
or
other
amounts
under
chapter
257.
18
Sec.
___.
Section
403.19,
subsection
10,
Code
2026,
is
19
amended
by
adding
the
following
new
paragraph:
20
NEW
PARAGRAPH
.
c.
For
fiscal
years
beginning
on
or
after
21
July
1,
2027,
moneys
from
any
source
deposited
into
the
special
22
fund
created
in
this
section
shall
not
be
expended
for
salaries
23
or
benefits
of
a
permanent
staff
member
of
a
municipality
or
24
local
or
regional
economic
development
entity.
25
Sec.
___.
URBAN
RENEWAL
REPORT
——
TASK
FORCE.
26
1.
By
January
1,
2027,
the
department
of
revenue
shall
27
prepare
and
submit
a
report,
including
any
recommended
changes,
28
to
the
general
assembly
regarding
statewide
use
of
chapter
403
29
and
divisions
of
revenue.
30
2.
The
department
of
revenue
shall
convene
a
task
force
of
31
local
and
state
officials,
state
legislators,
and
technical
32
experts
to
assist
in
the
review
undertaken
pursuant
to
33
subsection
1.
34
Sec.
___.
EFFECTIVE
DATE.
This
division
of
this
Act,
being
35
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deemed
of
immediate
importance,
takes
effect
upon
enactment.
1
Sec.
___.
APPLICABILITY.
The
following
applies
to
property
2
taxes
due
and
payable
in
fiscal
years
beginning
on
or
after
3
July
1,
2027:
4
The
section
of
this
division
of
this
Act
amending
section
5
403.19,
subsection
2,
paragraph
“a”.
6
DIVISION
___
7
PROPERTY
TAX
DEFERRAL
——
TASK
FORCE
8
Sec.
___.
PROPERTY
TAX
DEFERRAL
TASK
FORCE
——
REPORT.
9
1.
By
January
10,
2027,
the
department
of
revenue
shall
10
prepare
and
submit
a
report
approved
by
the
task
force
created
11
under
subsection
2,
including
recommended
legislative
actions,
12
to
the
general
assembly
regarding
the
establishment
of
a
13
program
under
which
low-income
elderly
homestead
owners
may
14
apply
to
defer
property
taxes
owed
until
the
occurrence
of
a
15
qualifying
event,
including
but
not
limited
to
death
of
the
16
owner,
sale
of
the
property,
or
transfer
of
the
property
to
17
someone
other
than
a
surviving
spouse.
18
2.
The
department
shall
convene
a
task
force
consisting
of
19
at
least
all
of
the
following
persons:
20
a.
The
director
of
revenue,
or
the
director’s
designee.
21
b.
The
director
of
the
department
of
management,
or
the
22
director’s
designee.
23
c.
A
representative
of
the
Iowa
league
of
cities.
24
d.
A
representative
of
the
Iowa
state
association
of
25
counties.
26
e.
Three
homestead
owners
from
this
state,
selected
by
the
27
director
of
revenue.
28
f.
Four
ex
officio,
nonvoting
legislative
members
29
consisting
of
the
following:
30
(1)
Two
state
senators,
one
appointed
by
the
president
of
31
the
senate
after
consultation
with
the
majority
leader
of
the
32
senate
and
one
appointed
by
the
minority
leader
of
the
senate
33
from
their
respective
parties.
34
(2)
Two
state
representatives,
one
appointed
by
the
speaker
35
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and
one
appointed
by
the
minority
leader
of
the
house
of
1
representatives
from
their
respective
parties.
2
3.
Task
force
meetings
shall
be
open
to
the
public.
3
4.
The
task
force
shall
compile
and
analyze
at
least
all
of
4
the
following
prior
to
preparation
of
the
department’s
report
5
under
subsection
1:
6
a.
An
inventory
of
potentially
eligible
property
in
the
7
state.
8
b.
Feasible
program
structures.
9
c.
Possible
methods
for
calculation
and
payment
of
deferred
10
amounts.
11
d.
Implementation
timelines
and
procedures.
12
DIVISION
___
13
PAYMENTS
IN
LIEU
OF
PROPERTY
TAXES
——
TASK
FORCE
14
Sec.
___.
PAYMENTS
IN
LIEU
OF
PROPERTY
TAXES
TASK
FORCE
——
15
REPORT.
16
1.
By
January
10,
2027,
the
department
of
revenue
shall
17
prepare
and
submit
a
report
approved
by
the
task
force
created
18
under
subsection
2,
including
recommended
legislative
actions,
19
to
the
general
assembly
regarding
the
establishment
of
a
20
program
under
which
counties
may
implement
a
program
for
the
21
collection
of
payments
in
lieu
of
property
taxes
from
owners
of
22
property
that
is
exempt,
in
whole
or
in
part,
from
ad
valorem
23
property
taxes,
but
excluding
government-owned
property.
24
2.
The
department
shall
convene
a
task
force
consisting
of
25
at
least
all
of
the
following
persons:
26
a.
The
director
of
revenue,
or
the
director’s
designee.
27
b.
The
director
of
the
department
of
management,
or
the
28
director’s
designee.
29
c.
All
members
of
the
Polk
county
board
of
supervisors.
30
d.
One
mayor
from
a
city
located,
in
whole
or
in
part,
31
within
Polk
county,
selected
by
the
director
of
revenue.
32
e.
Three
representatives
from
tax-exempt
entities
located
33
in
Polk
county
of
varying
sizes,
selected
by
the
director
of
34
revenue.
35
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f.
One
private
property
owner,
selected
by
the
director
of
1
revenue.
2
g.
Four
ex
officio,
nonvoting
legislative
members
3
consisting
of
the
following:
4
(1)
Two
state
senators,
one
appointed
by
the
president
of
5
the
senate
after
consultation
with
the
majority
leader
of
the
6
senate
and
one
appointed
by
the
minority
leader
of
the
senate
7
from
their
respective
parties.
8
(2)
Two
state
representatives,
one
appointed
by
the
speaker
9
and
one
appointed
by
the
minority
leader
of
the
house
of
10
representatives
from
their
respective
parties.
11
3.
Task
force
meetings
shall
be
open
to
the
public.
12
4.
The
task
force
shall
compile
and
analyze
at
least
all
of
13
the
following
prior
to
preparation
of
the
department’s
report
14
under
subsection
1:
15
a.
An
inventory
of
tax-exempt
property.
16
b.
Interest
and
feasibility
of
county
participation
in
such
17
a
program.
18
c.
Feasible
program
structures.
19
d.
Possible
methods
for
calculation
of
program
payment
20
amounts,
not
to
exceed
the
proportionate
amount
of
a
county’s
21
budget
for
law
enforcement,
fire
protection,
and
public
works
22
services.
23
e.
Implementation
timelines
and
procedures.
>
24
51.
Title
page,
line
3,
after
<
revenue,
>
by
inserting
25
<
establishing
a
program
for
first-time
homebuyers,
>
26
52.
By
renumbering,
redesignating,
and
correcting
internal
27
references
as
necessary.
28
______________________________
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DAWSON
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#51.
#52.