House File 2143 HOUSE FILE BY SHOULTZ Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to percentage of actual value at which 2 residential property shall be assessed. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 6002HH 80 5 mg/sh/8 PAG LIN 1 1 Section 1. Section 441.21, subsection 4, Code Supplement 1 2 2003, is amended by adding the following new unnumbered 1 3 paragraph: 1 4 NEW UNNUMBERED PARAGRAPH. For valuations established as of 1 5 January 1, 2004, and each year thereafter, the percentage of 1 6 actual value, as equalized by the director of revenue as 1 7 provided in section 441.49, at which residential property 1 8 shall be assessed shall not be less than fifty percent. If 1 9 the percentage of actual value of residential property as 1 10 calculated in accordance with this subsection is less than 1 11 fifty percent, the director of revenue shall increase the 1 12 percentage to fifty percent. For purposes of determining 1 13 valuations in the assessment year beginning January 1, 2005, 1 14 and for each subsequent assessment year, the actual percentage 1 15 for the prior year as determined under this subsection before 1 16 adjustment under this paragraph, if necessary, shall be the 1 17 percentage used in making the calculation of the dividend for 1 18 that assessment year. 1 19 EXPLANATION 1 20 This bill specifies that the percentage of actual value at 1 21 which residential property may be assessed shall not be 1 22 reduced below 50 percent beginning with assessments made 1 23 January 1, 2004, for taxes payable in FY 2005=2006. 1 24 LSB 6002HH 80 1 25 mg/sh/8.1 1 26 1 27 1 28 1 29 1 30 1 31 1 32 1 33 1 34 1 35