Bill Text: IA HF395 | 2021-2022 | 89th General Assembly | Introduced
Bill Title: A bill for an act relating to determinations of actual value of certain agricultural property based on productivity and net earning capacity.(See HF 643.)
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-02-23 - Committee report approving bill, renumbered as HF 643. [HF395 Detail]
Download: Iowa-2021-HF395-Introduced.html
House
File
395
-
Introduced
HOUSE
FILE
395
BY
KERR
A
BILL
FOR
An
Act
relating
to
determinations
of
actual
value
of
certain
1
agricultural
property
based
on
productivity
and
net
earning
2
capacity.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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395
Section
1.
Section
441.21,
subsection
1,
paragraph
e,
Code
1
2021,
is
amended
to
read
as
follows:
2
e.
(1)
The
actual
value
of
agricultural
property
shall
3
be
determined
on
the
basis
of
productivity
and
net
earning
4
capacity
of
the
property
determined
on
the
basis
of
its
use
5
for
agricultural
purposes
capitalized
at
a
rate
of
seven
6
percent
and
applied
uniformly
among
counties
and
among
classes
7
of
property.
Any
formula
or
method
employed
to
determine
8
productivity
and
net
earning
capacity
of
property
shall
be
9
adopted
in
full
by
rule.
10
(2)
For
assessment
years
beginning
on
or
after
January
11
1,
2022,
in
addition
to
adjustments
to
productivity
and
net
12
earning
capacity
based
on
the
per
acre
drainage
and
levee
13
district
taxes
in
the
county
assessed
under
chapter
468
in
the
14
rules
adopted
by
the
department
under
subparagraph
(1),
the
15
actual
value
of
each
acre
of
agricultural
property
subject
16
to
drainage
and
levee
district
taxes
for
the
assessment
year
17
shall
be
reduced
by
an
amount
equal
to
the
difference,
but
18
not
less
than
zero,
between
the
actual
per
acre
drainage
and
19
levee
district
taxes
imposed
on
the
property
for
the
assessment
20
year
minus
the
per
acre
drainage
and
levee
district
taxes
in
21
the
county
used
to
determine
productivity
and
net
earning
22
capacity
for
the
assessment
year
under
the
rules
adopted
by
the
23
department
under
subparagraph
(1).
24
EXPLANATION
25
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
26
the
explanation’s
substance
by
the
members
of
the
general
assembly.
27
Code
section
441.21
provides
that
the
actual
value
of
28
agricultural
property
shall
be
determined
on
the
basis
29
of
productivity
and
net
earning
capacity
of
the
property
30
determined
on
the
basis
of
its
use
for
agricultural
purposes
31
capitalized
at
a
rate
of
7
percent
and
applied
uniformly
among
32
counties
and
among
classes
of
property.
33
This
bill
provides
that
for
assessment
years
beginning
34
on
or
after
January
1,
2022,
in
addition
to
adjustments
to
35
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395
productivity
and
net
earning
capacity
based
on
the
per
acre
1
drainage
and
levee
district
taxes
in
the
county
assessed
under
2
Code
chapter
468,
the
actual
value
of
each
acre
of
agricultural
3
property
subject
to
drainage
and
levee
district
taxes
for
the
4
assessment
year
shall
be
reduced
by
an
amount
equal
to
the
5
difference,
but
not
less
than
zero,
between
the
actual
per
6
acre
drainage
and
levee
district
taxes
imposed
on
the
property
7
for
the
assessment
year
minus
the
per
acre
drainage
and
levee
8
district
taxes
in
the
county
used
to
determine
productivity
and
9
net
earning
capacity
for
the
assessment
year.
10
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