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