Senate Study Bill 3257





                                       SENATE FILE       
                                       BY  (PROPOSED COMMITTEE ON
                                            WAYS AND MEANS BILL BY
                                            CO=CHAIRPERSON ZIEMAN)


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

                                      A BILL FOR

  1 An Act creating a recreational class of property for purposes of
  2    property assessment and taxation.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 5862XK 81
  5 sc/gg/14

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.  13.  Beginning with valuations established
  1  4 on or after January 1, 2007, property described in this
  1  5 subsection shall be valued as a separate class of property
  1  6 called recreational property and shall be assessed at twenty=
  1  7 five percent of its actual value.  Recreational property is
  1  8 subject to reassessment by the assessor and is subject to the
  1  9 same equalization percentage amount determined by the director
  1 10 of revenue pursuant to section 441.49 as is ordered for
  1 11 commercial property.
  1 12    For purposes of this subsection, "recreational property"
  1 13 means a golf course, downhill skiing area, amusement park, or
  1 14 water theme park, if such property is operated as a commercial
  1 15 enterprise and otherwise subject to taxation.
  1 16                           EXPLANATION
  1 17    This bill creates a new class of property, recreational
  1 18 property, for purposes of property assessment and taxation,
  1 19 beginning with valuations established on or after January 1,
  1 20 2007.  The bill describes recreational property as a golf
  1 21 course, downhill skiing area, amusement park, or water theme
  1 22 park, all of which are operated as a commercial enterprise and
  1 23 are otherwise subject to taxation.  The bill provides that
  1 24 recreational property shall be assessed for taxation at 25
  1 25 percent of its actual value.
  1 26 LSB 5862XK 81
  1 27 sc:nh/gg/14