HF 353 (LSB 1205HV (2) 90)

HOUSE FILE 353

BY  COMMITTEE ON WAYS AND MEANS

(SUCCESSOR TO HSB 66)

(As Amended and Passed by the House 2023-04-11)

A BILL FOR

An Act relating to levee and drainage districts by establishing certain definitions and establishing an exemption for certain property classified as agricultural based on levee and drainage district assessments.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 427.1, Code 2023, is amended by adding the following new subsection:
   NEW SUBSECTION.  42.  Certain property classified as agricultural located in a levee and drainage district.  For assessment years beginning on or after January 1, 2024, a portion of the actual value of property classified as agricultural, as determined on the basis of productivity and net earning capacity as determined under section 441.21, subsection 1, paragraph “e”, located in a levee and drainage district under chapter 468, if the district is adjacent to both the Mississippi river and the Iowa river and consists of at least thirty-five thousand acres. The exemption on such property classified as agricultural shall be allowed if the property’s per-acre levee and drainage district taxes assessed under chapter 468 exceed the applicable county’s per-acre five-year average levee and drainage district tax amount. The amount of the exemption shall be an amount equal to the number of net acres comprising the property multiplied by the amount by which the property’s per-acre levee and drainage district taxes exceed the county’s per-acre five-year average levee and drainage district tax amount divided by seven percent. However, in no case shall the amount of the exemption under this subsection exceed fifty percent of the actual land value of the property.
    Sec. 2.  Section 468.3, Code 2023, is amended by adding the following new subsection:
   NEW SUBSECTION.  6A.  As used in this chapter, the term “culvert” includes a drain, tile, or tile line.