Senate File 39

                                       SENATE FILE       
                                       BY  BRUNKHORST


    Passed Senate,  Date               Passed House, Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to property tax assessments of subdivided
  2    property and providing an applicability date.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 1729SS 80
  5 sc/cl/14

PAG LIN

  1  1    Section 1.  Section 441.72, Code 2003, is amended to read
  1  2 as follows:
  1  3    441.72  ASSESSMENT OF PLATTED LOTS.
  1  4    When a subdivision plat is recorded pursuant to chapter
  1  5 354, the individual lots within the subdivision plat shall not
  1  6 be assessed in excess of the total assessment of the land as
  1  7 acreage or unimproved property for three years after the
  1  8 recording of the plat or until the lot is actually improved
  1  9 with permanent construction, whichever occurs first.  When an
  1 10 individual lot has been improved with permanent construction,
  1 11 the lot shall be assessed for taxation purposes as provided in
  1 12 chapter 428 and this chapter.  This section does not apply to
  1 13 special assessment levies.
  1 14    Sec. 2.  APPLICABILITY.  This Act applies to assessment
  1 15 years beginning on or after January 1, 2004.
  1 16                           EXPLANATION
  1 17    Currently, a platted lot for which a subdivision plat has
  1 18 been recorded will be assessed for property tax purposes as
  1 19 acreage or unimproved property for three years or until the
  1 20 lot is actually improved with permanent construction,
  1 21 whichever occurs first.  This bill removes that time limit and
  1 22 provides that a platted lot will be assessed as acreage or
  1 23 unimproved property until the lot is actually improved with
  1 24 permanent construction.
  1 25    The bill applies to assessment years beginning on or after
  1 26 January 1, 2004.
  1 27 LSB 1729SS 80
  1 28 sc/cl/14
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