SF 2258 (LSB 5861XS (5) 83)

SENATE FILE 2258

BY  KREIMAN

A BILL FOR

An Act establishing a property classification presumption for certain property for purposes of property assessment and taxation.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  NEW SECTION.  441.21A  Agricultural property —— presumption.
   1.  For property assessment and taxation purposes, if a taxpayer files all of the following with the assessor on or before April 15 of each assessment year, a presumption is created that the property described in the affidavit under paragraph “b” is agricultural property:
   a.  A copy of the taxpayer’s schedule F or federal internal revenue service form 4835 that was filed by the taxpayer for the previous income tax year.
   b.  An affidavit signed by the taxpayer that includes a legal description of all tracts of land and the improvements and structures located on them which are in good faith used primarily for agricultural purposes, except buildings which are primarily used or intended for human habitation.
   2.  This section applies to valuations established on or after January 1, 2011.
EXPLANATION
   This bill creates a presumption that certain property is agricultural property for property assessment and taxation purposes. Such a presumption is established if the taxpayer files with the assessor on or before April 15 of each assessment year a copy of the taxpayer’s schedule F (“Profit or Loss From Farming”) or federal internal revenue service form 4835 (“Farm Rental Income and Expenses”) that was filed by the taxpayer for the previous income tax year and an affidavit signed by the taxpayer that includes a legal description of all tracts of land and the improvements and structures located on them owned by the taxpayer and used primarily for agricultural purposes.
   The bill applies to valuations established on or after January 1, 2011.