Senate
File
179
-
Introduced
SENATE
FILE
179
BY
HOGG
A
BILL
FOR
An
Act
providing
for
an
annual
adjustment
to
the
amount
of
1
value
used
to
calculate
the
homestead
credit
and
including
2
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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1822XS
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179
Section
1.
Section
425.1,
subsection
2,
Code
2013,
is
1
amended
to
read
as
follows:
2
2.
a.
The
homestead
credit
fund
shall
be
apportioned
each
3
year
so
as
to
give
a
credit
against
the
tax
on
each
eligible
4
homestead
in
the
state
in
an
amount
equal
to
the
actual
levy
5
on
the
first
four
thousand
eight
hundred
fifty
dollars
,
as
6
adjusted
pursuant
to
paragraph
“b”
,
of
actual
value
for
each
7
homestead.
8
b.
The
amount
of
actual
value
specified
in
paragraph
“a”
9
shall
be
adjusted
annually
as
provided
in
this
paragraph.
For
10
each
fiscal
year
beginning
on
or
after
July
1,
2013,
the
amount
11
of
actual
value
used
to
calculate
the
homestead
credit
shall
12
be
the
amount
of
actual
value
used
to
calculate
the
homestead
13
credit
in
the
immediately
preceding
fiscal
year
multiplied
by
14
the
annual
homestead
credit
factor.
15
c.
For
the
purposes
of
this
subsection,
“annual
homestead
16
credit
factor”
means
the
percent
increase,
but
not
less
than
17
zero,
in
the
statewide
actual
value
of
residential
property
for
18
the
assessment
year
applicable
to
the
fiscal
year
for
which
19
the
homestead
credit
is
being
calculated
resulting
from
the
20
revaluation
of
existing
properties
over
the
statewide
actual
21
value
of
residential
property
in
the
preceding
assessment
year,
22
plus
one
hundred
percent.
23
Sec.
2.
APPLICABILITY.
This
Act
applies
to
property
taxes
24
due
and
payable
in
fiscal
years
beginning
on
or
after
July
1,
25
2013.
26
EXPLANATION
27
Current
Code
section
425.1
provides
that
the
homestead
28
credit
fund
shall
be
apportioned
each
year
so
as
to
give
a
29
credit
against
the
tax
on
each
eligible
homestead
in
the
state
30
in
an
amount
equal
to
the
actual
levy
on
the
first
$4,850
of
31
actual
value
for
each
homestead.
32
This
bill
provides
for
an
annual
adjustment
to
the
amount
33
of
actual
value
used
to
calculate
the
homestead
credit
under
34
Code
chapter
425.
For
each
fiscal
year
beginning
on
or
after
35
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179
July
1,
2013,
the
bill
requires
that
the
amount
of
actual
value
1
used
to
calculate
the
homestead
credit
shall
be
the
amount
of
2
actual
value
used
to
calculate
the
homestead
credit
in
the
3
immediately
preceding
fiscal
year
multiplied
by
the
annual
4
homestead
credit
factor.
The
bill
defines
“annual
homestead
5
credit
factor”
to
mean
the
percent
increase,
but
not
less
than
6
zero,
in
the
statewide
actual
value
of
residential
property
for
7
the
assessment
year
applicable
to
the
fiscal
year
for
which
8
the
homestead
credit
is
being
calculated
resulting
from
the
9
revaluation
of
existing
properties
over
the
statewide
actual
10
value
of
residential
property
in
the
preceding
assessment
year,
11
plus
100
percent.
12
The
bill
applies
to
property
taxes
due
and
payable
in
fiscal
13
years
beginning
on
or
after
July
1,
2013.
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2