H.F. 2366 Section 1. Section 441.21, Code Supplement 2009, is amended 1 by adding the following new subsection: 2 NEW SUBSECTION . 11A. a. Beginning with valuations 3 established on or after January 1, 2011, as used in this 4 section, “residential property” shall include any unit of a 5 multipurpose building that is occupied by the taxpayer as 6 a homestead, as defined in section 425.11, and includes a 7 percentage of the land used as part of the building that is 8 equal to the percentage of the multipurpose building’s total 9 square footage occupied by the unit. For purposes of this 10 subsection, “multipurpose building” means a building containing 11 four separate units that is used in part for commercial or 12 industrial purposes. 13 b. The other units in the multipurpose building, including 14 a percentage of the land that is equal to the percentage of the 15 multipurpose building’s total square footage occupied by those 16 units, not classified and assessed pursuant to paragraph “a” 17 shall be classified and assessed together as a separate parcel. 18 EXPLANATION 19 This bill provides that, for purposes of property tax 20 assessment, residential property includes a unit of a 21 multipurpose building that is occupied by the taxpayer as a 22 homestead and a percentage of the land that is equal to the 23 percentage of the multipurpose building’s total square footage 24 occupied by the unit. The bill defines “multipurpose building” 25 to be a building containing four separate units that is used in 26 part for commercial or industrial purposes. 27 The bill also provides that the other units of the 28 multipurpose building, including a proportionate share of the 29 land, shall be classified and assessed together as a separate 30 parcel. 31 The bill applies to property valuations established on or 32 after January 1, 2011. 33 -1- LSB 5985YH (2) 83 md/sc 1/ 1