House File 2501 - Introduced HOUSE FILE BY STRUYK, HUSER, and McCARTHY Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to classification of apartment buildings for 2 purposes of property taxation and including effective date and 3 retroactive applicability date provisions. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 6068YH 81 6 sc/sh/8 PAG LIN 1 1 Section 1. Section 441.21, Code Supplement 2005, is 1 2 amended by adding the following new subsection: 1 3 NEW SUBSECTION. 11A. Beginning with valuations 1 4 established on or after January 1, 2006, as used in this 1 5 section, "residential property" includes property that is an 1 6 apartment building. 1 7 For purposes of this subsection, "apartment building" means 1 8 the land and building used primarily for human habitation and 1 9 containing three or more separate living quarters, as well as 1 10 structures and improvements used primarily as a part of or in 1 11 conjunction with such land and building. "Apartment building" 1 12 does not include a hotel, motel, inn, or other building where 1 13 rooms are usually rented for less than one month, a nursing 1 14 home, or a rest home. 1 15 Sec. 2. EFFECTIVE AND RETROACTIVE APPLICABILITY DATES. 1 16 This Act, being deemed of immediate importance, takes effect 1 17 upon enactment and applies retroactively to January 1, 2006, 1 18 for assessment years beginning on or after that date. 1 19 EXPLANATION 1 20 This bill provides that apartment buildings shall be 1 21 assessed as residential property. The bill defines "apartment 1 22 building". 1 23 The bill takes effect upon enactment and applies 1 24 retroactively to January 1, 2006, for assessment years 1 25 beginning on or after that date. 1 26 LSB 6068YH 81 1 27 sc:nh/sh/8