House Study Bill 67 - Introduced HOUSE FILE _____ BY (PROPOSED COMMITTEE ON WAYS AND MEANS BILL BY CHAIRPERSON KAUFMANN) A BILL FOR An Act relating to the assessment of property containing 1 certain aboveground tanks and including applicability 2 provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1206YC (2) 90 md/jh

H.F. _____ Section 1. Section 427A.1, Code 2023, is amended by adding 1 the following new subsection: 2 NEW SUBSECTION . 6A. Notwithstanding the other provisions 3 of this section, aboveground flammable or combustible liquid 4 storage tanks of any size that are not attached within the 5 meaning of subsection 3 shall not be assessed and taxed as real 6 property. 7 Sec. 2. APPLICABILITY. This Act applies to assessment years 8 beginning on or after January 1, 2024. 9 EXPLANATION 10 The inclusion of this explanation does not constitute agreement with 11 the explanation’s substance by the members of the general assembly. 12 Code section 427A.1 specifies that for the purposes of 13 property taxation only, certain property shall be assessed 14 and taxed, unless otherwise qualified for exemption, as real 15 property, including buildings, structures, or improvements, any 16 of which are constructed on or in the land, attached to the 17 land, or placed upon a foundation whether or not attached to 18 the foundation. However, property is not “attached” if it is 19 a kind of property which would ordinarily be removed when the 20 owner of the property moves to another location. 21 This bill provides that aboveground flammable or combustible 22 liquid storage tanks of any size that would ordinarily be 23 removed when the owner of the property moves to another 24 location shall not be assessed and taxed as real property. 25 The bill applies to assessment years beginning on or after 26 January 1, 2024. 27 -1- LSB 1206YC (2) 90 md/jh 1/ 1