Senate File 258 - Introduced



                                       SENATE FILE       
                                       BY  DOTZLER, DANIELSON, DVORSKY,
                                           BOLKCOM, WOOD, SCHOENJAHN,
                                           COURTNEY, BLACK, KIBBIE,
                                           QUIRMBACH, CONNOLLY, and
                                           HATCH


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

                                      A BILL FOR

  1 An Act relating to the property assessment limitation on property
  2    classified as residential and providing an applicability date.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 2913SS 81
  5 sc/gg/14

PAG LIN



  1  1    Section 1.  Section 441.21, subsection 4, Code 2005, is
  1  2 amended by adding the following new unnumbered paragraph:
  1  3    NEW UNNUMBERED PARAGRAPH.  For valuations established as of
  1  4 January 1, 2005, and each year thereafter, the percentage of
  1  5 actual value, as equalized by the director of revenue as
  1  6 provided in section 441.49, at which residential property
  1  7 shall be assessed shall not be less than forty=seven and nine
  1  8 hundred sixty=four thousandths percent.  If the percentage of
  1  9 actual value of residential property as calculated in
  1 10 accordance with this subsection is less than forty=seven and
  1 11 nine hundred sixty=four thousandths percent, the director of
  1 12 revenue shall increase the percentage to forty=seven and nine
  1 13 hundred sixty=four thousandths percent.  For purposes of
  1 14 determining valuations in the assessment year beginning
  1 15 January 1, 2006, and for each subsequent assessment year, the
  1 16 percentage for the prior year as determined under this
  1 17 subsection before adjustment under this paragraph, if
  1 18 necessary, shall be the percentage used in making the
  1 19 calculation of the dividend for that assessment year.
  1 20    Sec. 2.  RETROACTIVE APPLICABILITY.  This Act applies
  1 21 retroactively to January 1, 2005, for assessment years
  1 22 beginning on or after that date.
  1 23                           EXPLANATION
  1 24    This bill specifies that the percentage of actual value at
  1 25 which residential property may be assessed shall not be
  1 26 reduced below 47.964 percent beginning with assessments made
  1 27 January 1, 2005, for taxes payable in FY 2006=2007.
  1 28    The bill applies retroactively to January 1, 2005, for
  1 29 assessment years beginning on or after that date.
  1 30 LSB 2913SS 81
  1 31 sc:rj/gg/14