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
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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
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