House File 319 - Introduced HOUSE FILE 319 BY WAGNER A BILL FOR An Act establishing a property tax exemption for certain 1 residential property. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 2365YH (5) 84 md/sc

H.F. 319 Section 1. Section 427.1, Code 2011, is amended by adding 1 the following new subsection: 2 NEW SUBSECTION . 38. Residential preservation. 3 a. A single-family residence used primarily for human 4 habitation that was constructed more than one hundred years 5 prior to the date upon which the application for the exemption 6 is filed. To be eligible for the exemption, not less than 7 fifty percent of the internal and external structure and 8 features of the residence shall be the result of the original 9 construction of the residence. The exemption shall not 10 apply to the land upon which the residence is located. The 11 exemption shall apply to the assessment year beginning after 12 the application for the exemption is filed. 13 b. Applications for exemption shall be filed with the 14 assessing authority not later than February 1 of the first 15 year for which the exemption is requested, on forms provided 16 by the department of revenue. The application shall describe 17 and locate the specific residence for which the exemption is 18 requested. 19 c. Once the exemption is granted, the exemption shall 20 continue to be granted for subsequent assessment years without 21 further filing of applications as long as the residence 22 continues to meet the requirements of this subsection. The 23 taxpayer shall notify the assessing authority when the 24 structure ceases to meet the requirements of this subsection. 25 Sec. 2. IMPLEMENTATION. Section 25B.7 shall not apply to 26 the provisions of this Act. 27 EXPLANATION 28 This bill establishes a property tax exemption for 29 single-family residences used primarily for human habitation 30 that were constructed more than 100 years prior to the date 31 upon which the application for the exemption is filed. To be 32 eligible for the exemption under the bill, not less than 50 33 percent of the internal and external structure and features of 34 the residence shall be the result of the original construction 35 -1- LSB 2365YH (5) 84 md/sc 1/ 2

H.F. 319 of the residence. The exemption does not apply to the land 1 upon which the residence is located. 2 The exemption applies to the assessment year beginning 3 after the date upon which the application for the exemption 4 is filed. Applications for the exemption shall be filed with 5 the assessing authority not later than February 1 of the first 6 year for which the exemption is requested, on forms provided 7 by the department of revenue. The application shall describe 8 and locate the specific residence for which the exemption is 9 requested. Once the exemption is granted, the exemption shall 10 continue to be granted for subsequent assessment years without 11 further filing of an application as long as the residence 12 continues to meet the requirements for the exemption. The 13 bill requires the taxpayer to notify the assessing authority 14 when the structure ceases to meet the requirements for the 15 exemption. 16 The bill provides that the provisions in Code section 25B.7, 17 relating to the obligation of the state to reimburse local 18 jurisdictions for property tax credits and exemptions, does not 19 apply to the exemption in the bill. 20 -2- LSB 2365YH (5) 84 md/sc 2/ 2