Senate File 245 - Introduced SENATE FILE BY 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 2649XS 82 5 sc/gg/14 PAG LIN 1 1 Section 1. Section 441.21, Code 2007, is amended by adding 1 2 the following new subsection: 1 3 NEW SUBSECTION. 13. Beginning with valuations established 1 4 on or after January 1, 2008, 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, 1 14 water theme park, or recreational vehicle park or campground, 1 15 if such property is operated as a commercial enterprise and 1 16 otherwise subject to taxation. 1 17 EXPLANATION 1 18 This bill creates a new class of property, recreational 1 19 property, for purposes of property assessment and taxation, 1 20 beginning with valuations established on or after January 1, 1 21 2008. The bill describes recreational property as a golf 1 22 course, downhill skiing area, amusement park, water theme 1 23 park, or recreational vehicle park or campground, all of which 1 24 are operated as a commercial enterprise and are otherwise 1 25 subject to taxation. The bill provides that recreational 1 26 property shall be assessed for taxation at 25 percent of its 1 27 actual value. 1 28 LSB 2649XS 82 1 29 sc:nh/gg/14