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House File 206 - IntroducedA Bill ForAn Act 1relating to the assessment of property containing
2certain aboveground storage tanks and including effective
3date and retroactive applicability provisions.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 427A.1, Code 2023, is amended by adding
2the following new subsection:
3 NEW SUBSECTION. 6A. Notwithstanding the other provisions
4of this section, aboveground storage tanks of any size that are
5not attached within the meaning of subsection 3 shall not be
6assessed and taxed as real property.
7 Sec. 2. IMPLEMENTATION. Section 25B.7 shall not apply to
8this Act.
9 Sec. 3. EFFECTIVE DATE. This Act, being deemed of immediate
10importance, takes effect upon enactment.
11 Sec. 4. RETROACTIVE APPLICABILITY. This Act applies
12retroactively to assessment years beginning on or after January
131, 2023.
14EXPLANATION
15The inclusion of this explanation does not constitute agreement with
16the explanation’s substance by the members of the general assembly.
17Code section 427A.1 specifies that for the purposes of
18property taxation only, certain property shall be assessed
19and taxed, unless otherwise qualified for exemption, as real
20property, including buildings, structures, or improvements, any
21of which are constructed on or in the land, attached to the
22land, or placed upon a foundation whether or not attached to
23the foundation. However, property is not “attached” if it is
24a kind of property which would ordinarily be removed when the
25owner of the property moves to another location.
26This bill provides that aboveground storage tanks of any
27size that would ordinarily be removed when the owner of the
28property moves to another location shall not be assessed and
29taxed as real property.
30The bill makes inapplicable Code section 25B.7. Code
31section 25B.7 provides that for a property tax credit or
32exemption enacted on or after January 1, 1997, if a state
33appropriation made to fund the credit or exemption is not
34sufficient to fully fund the credit or exemption, the political
35subdivision shall be required to extend to the taxpayer only
-1-1that portion of the credit or exemption estimated by the
2department of revenue to be funded by the state appropriation.
3The bill takes effect upon enactment and applies
4retroactively to assessment years beginning on or after January
51, 2023.
-2-md/jh
2certain aboveground storage tanks and including effective
3date and retroactive applicability provisions.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 427A.1, Code 2023, is amended by adding
2the following new subsection:
3 NEW SUBSECTION. 6A. Notwithstanding the other provisions
4of this section, aboveground storage tanks of any size that are
5not attached within the meaning of subsection 3 shall not be
6assessed and taxed as real property.
7 Sec. 2. IMPLEMENTATION. Section 25B.7 shall not apply to
8this Act.
9 Sec. 3. EFFECTIVE DATE. This Act, being deemed of immediate
10importance, takes effect upon enactment.
11 Sec. 4. RETROACTIVE APPLICABILITY. This Act applies
12retroactively to assessment years beginning on or after January
131, 2023.
14EXPLANATION
15The inclusion of this explanation does not constitute agreement with
16the explanation’s substance by the members of the general assembly.
17Code section 427A.1 specifies that for the purposes of
18property taxation only, certain property shall be assessed
19and taxed, unless otherwise qualified for exemption, as real
20property, including buildings, structures, or improvements, any
21of which are constructed on or in the land, attached to the
22land, or placed upon a foundation whether or not attached to
23the foundation. However, property is not “attached” if it is
24a kind of property which would ordinarily be removed when the
25owner of the property moves to another location.
26This bill provides that aboveground storage tanks of any
27size that would ordinarily be removed when the owner of the
28property moves to another location shall not be assessed and
29taxed as real property.
30The bill makes inapplicable Code section 25B.7. Code
31section 25B.7 provides that for a property tax credit or
32exemption enacted on or after January 1, 1997, if a state
33appropriation made to fund the credit or exemption is not
34sufficient to fully fund the credit or exemption, the political
35subdivision shall be required to extend to the taxpayer only
-1-1that portion of the credit or exemption estimated by the
2department of revenue to be funded by the state appropriation.
3The bill takes effect upon enactment and applies
4retroactively to assessment years beginning on or after January
51, 2023.
-2-md/jh