Bill Text: IA HSB695 | 2019-2020 | 88th General Assembly | Introduced
Bill Title: A bill for an act relating to property tax classifications, credits, assessment limitations, exemptions, and administration, making appropriations, and including effective date, applicability, and retroactive applicability provisions.(See HF 2636.)
Spectrum: Committee Bill
Status: (N/A - Dead) 2020-03-12 - Committee report, recommending passage. H.J. 595. [HSB695 Detail]
Download: Iowa-2019-HSB695-Introduced.html
House
Study
Bill
695
-
Introduced
SENATE/HOUSE
FILE
_____
BY
(PROPOSED
DEPARTMENT
OF
REVENUE
BILL)
A
BILL
FOR
An
Act
relating
to
property
tax
classifications,
credits,
1
assessment
limitations,
exemptions,
and
administration,
2
making
appropriations,
and
including
effective
date,
3
applicability,
and
retroactive
applicability
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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5408XD
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_____
H.F.
_____
DIVISION
I
1
BUSINESS
PROPERTY
TAX
CREDIT
AND
REPLACEMENT
CLAIMS
2
Section
1.
Section
2.48,
subsection
3,
paragraph
f,
3
subparagraph
(5),
Code
2020,
is
amended
by
striking
the
4
subparagraph.
5
Sec.
2.
Section
331.512,
subsection
5,
Code
2020,
is
amended
6
by
striking
the
subsection.
7
Sec.
3.
Section
331.559,
subsection
15,
Code
2020,
is
8
amended
by
striking
the
subsection.
9
Sec.
4.
Section
357H.9,
subsection
1,
paragraph
d,
10
subparagraph
(2),
Code
2020,
is
amended
to
read
as
follows:
11
(2)
The
difference
between
the
actual
value
of
the
property
12
as
determined
by
the
assessor
each
year
and
the
percentage
13
of
adjustment
certified
for
that
year
by
the
director
of
14
revenue
on
or
before
November
1
assessed
value
of
the
property
15
following
application
of
the
assessment
limitations
pursuant
to
16
section
441.21,
subsection
9
,
multiplied
by
the
actual
value
of
17
the
property
as
determined
by
the
assessor,
shall
be
subtracted
18
from
the
actual
value
of
the
property
as
determined
pursuant
to
19
section
403.19,
subsection
1
.
20
Sec.
5.
Section
357H.9,
subsection
1,
paragraph
f,
21
subparagraph
(1),
Code
2020,
is
amended
to
read
as
follows:
22
(1)
“Base
year
taxable
value”
means
the
actual
value
of
23
the
property
as
determined
in
section
403.19,
subsection
1
,
24
multiplied
by
the
percentage
of
adjustment
certified
for
the
25
assessment
year
specified
in
section
403.19,
subsection
1
,
26
by
the
director
of
revenue
on
or
before
November
1
following
27
application
of
the
assessment
limitations
pursuant
to
section
28
441.21,
subsection
9
.
29
Sec.
6.
Section
403.20,
Code
2020,
is
amended
to
read
as
30
follows:
31
403.20
Percentage
of
adjustment
considered
in
value
32
assessment.
33
In
determining
the
assessed
value
of
property
within
an
34
urban
renewal
area
which
is
subject
to
a
division
of
tax
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revenues
pursuant
to
section
403.19
,
the
difference
between
the
1
actual
value
of
the
property
as
determined
by
the
assessor
each
2
year
and
the
percentage
of
adjustment
certified
for
that
year
3
by
the
director
of
revenue
on
or
before
November
1
pursuant
4
to
section
441.21,
subsection
9
,
multiplied
by
the
actual
5
value
of
the
property
as
determined
by
the
assessor
following
6
application
of
the
assessment
limitations
under
section
441.21,
7
subsection
9
,
shall
be
subtracted
from
the
actual
value
of
the
8
property
as
determined
pursuant
to
section
403.19,
subsection
9
1
.
If
the
assessed
value
of
the
property
as
determined
10
pursuant
to
section
403.19,
subsection
1
,
is
reduced
to
zero,
11
the
additional
valuation
reduction
shall
be
subtracted
from
the
12
actual
value
of
the
property
as
determined
by
the
assessor.
13
Sec.
7.
Section
426C.2,
Code
2020,
is
amended
to
read
as
14
follows:
15
426C.2
Business
property
tax
credit
fund
——
appropriation.
16
1.
A
business
property
tax
credit
fund
is
created
in
the
17
state
treasury
under
the
authority
of
the
department.
For
the
18
fiscal
year
beginning
July
1,
2014,
there
is
appropriated
from
19
the
general
fund
of
the
state
to
the
department
to
be
credited
20
to
the
fund,
the
sum
of
fifty
million
dollars
to
be
used
for
21
business
property
tax
credits
authorized
in
this
chapter
.
For
22
the
fiscal
year
beginning
July
1,
2015,
there
is
appropriated
23
from
the
general
fund
of
the
state
to
the
department
to
be
24
credited
to
the
fund,
the
sum
of
one
hundred
million
dollars
25
to
be
used
for
business
property
tax
credits
authorized
in
26
this
chapter
.
For
the
fiscal
year
beginning
July
1,
2016,
and
27
each
fiscal
year
thereafter
beginning
before
July
1,
2021
,
28
there
is
appropriated
from
the
general
fund
of
the
state
to
the
29
department
to
be
credited
to
the
fund,
the
sum
of
one
hundred
30
twenty-five
million
dollars
to
be
used
for
business
property
31
tax
credits
authorized
in
this
chapter
.
32
2.
Notwithstanding
section
12C.7,
subsection
2
,
interest
or
33
earnings
on
moneys
deposited
in
the
fund
shall
be
credited
to
34
the
fund.
Moneys
in
the
fund
are
not
subject
to
the
provisions
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of
section
8.33
and
shall
not
be
transferred,
used,
obligated,
1
appropriated,
or
otherwise
encumbered
except
as
provided
in
2
this
chapter
.
However,
moneys
remaining
in
the
fund
at
the
end
3
of
the
fiscal
year
beginning
July
1,
2020,
shall
be
transferred
4
by
the
department
for
deposit
in
the
general
fund
of
the
state.
5
Sec.
8.
NEW
SECTION
.
426C.10
Future
repeal.
6
This
chapter
is
repealed
July
1,
2022.
7
Sec.
9.
Section
441.21,
subsection
5,
Code
2020,
is
amended
8
to
read
as
follows:
9
5.
a.
For
valuations
established
as
of
January
1,
1979,
10
property
valued
by
the
department
of
revenue
pursuant
to
11
chapters
428
,
433
,
437
,
and
438
shall
be
considered
as
one
12
class
of
property
and
shall
be
assessed
as
a
percentage
of
13
its
actual
value.
The
percentage
shall
be
determined
by
the
14
director
of
revenue
in
accordance
with
the
provisions
of
this
15
section
.
For
valuations
established
as
of
January
1,
1979,
the
16
percentage
shall
be
the
quotient
of
the
dividend
and
divisor
17
as
defined
in
this
section
.
The
dividend
shall
be
the
total
18
actual
valuation
established
for
1978
by
the
department
of
19
revenue,
plus
ten
percent
of
the
amount
so
determined.
The
20
divisor
for
property
valued
by
the
department
of
revenue
21
pursuant
to
chapters
428
,
433
,
437
,
and
438
shall
be
the
22
valuation
established
for
1978,
plus
the
amount
of
value
added
23
to
the
total
actual
value
by
the
revaluation
of
the
property
24
by
the
department
of
revenue
as
of
January
1,
1979.
For
25
valuations
established
as
of
January
1,
1980,
property
valued
26
by
the
department
of
revenue
pursuant
to
chapters
428
,
433
,
27
437
,
and
438
shall
be
assessed
at
a
percentage
of
its
actual
28
value.
The
percentage
shall
be
determined
by
the
director
of
29
revenue
in
accordance
with
the
provisions
of
this
section
.
For
30
valuations
established
as
of
January
1,
1980,
the
percentage
31
shall
be
the
quotient
of
the
dividend
and
divisor
as
defined
in
32
this
section
.
The
dividend
shall
be
the
total
actual
valuation
33
established
for
1979
by
the
department
of
revenue,
plus
eight
34
percent
of
the
amount
so
determined.
The
divisor
for
property
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valued
by
the
department
of
revenue
pursuant
to
chapters
428
,
1
433
,
437
,
and
438
shall
be
the
valuation
established
for
1979,
2
plus
the
amount
of
value
added
to
the
total
actual
value
by
the
3
revaluation
of
the
property
by
the
department
of
revenue
as
of
4
January
1,
1980.
For
valuations
established
as
of
January
1,
5
1981,
and
each
year
thereafter,
the
percentage
of
actual
value
6
at
which
property
valued
by
the
department
of
revenue
pursuant
7
to
chapters
428
,
433
,
437
,
and
438
shall
be
assessed
shall
be
8
calculated
in
accordance
with
the
methods
provided
herein,
9
except
that
any
references
to
ten
percent
in
this
subsection
10
shall
be
eight
percent.
For
valuations
established
on
or
after
11
January
1,
2013,
property
valued
by
the
department
of
revenue
12
pursuant
to
chapter
434
shall
be
assessed
at
a
percentage
13
portion
of
its
actual
value
equal
to
the
percentage
of
actual
14
value
determined
in
the
same
manner
at
which
property
assessed
15
as
commercial
property
is
assessed
under
paragraph
“b”
for
the
16
same
assessment
year.
17
b.
For
valuations
established
on
or
after
January
1,
2013,
18
commercial
property,
excluding
properties
referred
to
in
19
section
427A.1,
subsection
9
,
shall
be
assessed
at
a
percentage
20
portion
of
its
actual
value,
as
determined
in
this
paragraph
21
“b”
.
22
(1)
For
valuations
established
for
the
assessment
year
23
beginning
January
1,
2013,
the
percentage
of
actual
value
24
as
equalized
by
the
department
of
revenue
as
provided
in
25
section
441.49
at
which
commercial
property
shall
be
assessed
26
shall
be
ninety-five
percent.
For
valuations
established
27
for
the
assessment
year
beginning
January
1,
2014,
and
each
28
assessment
year
thereafter
beginning
before
January
1,
2020
,
29
the
percentage
of
actual
value
as
equalized
by
the
department
30
of
revenue
as
provided
in
section
441.49
at
which
commercial
31
property
shall
be
assessed
shall
be
ninety
percent.
32
(2)
For
valuations
established
for
the
assessment
year
33
beginning
January
1,
2020,
and
each
assessment
year
thereafter,
34
the
portion
of
actual
value
at
which
each
parcel
of
commercial
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property
shall
be
assessed
shall
be
the
sum
of
the
following:
1
(a)
An
amount
equal
to
the
product
of
the
assessment
2
limitation
percentage
applicable
to
residential
property
under
3
subsection
4,
for
that
assessment
year
multiplied
by
the
actual
4
value
of
the
property
that
exceeds
zero
dollars
but
does
not
5
exceed
one
hundred
fifty
thousand
dollars.
6
(b)
An
amount
equal
to
ninety
percent
of
the
actual
value
of
7
the
property
for
that
assessment
year
that
exceeds
one
hundred
8
fifty
thousand
dollars.
9
c.
For
valuations
established
on
or
after
January
1,
2013,
10
industrial
property,
excluding
properties
referred
to
in
11
section
427A.1,
subsection
9
,
shall
be
assessed
at
a
percentage
12
portion
of
its
actual
value,
as
determined
in
this
paragraph
13
“c”
.
14
(1)
For
valuations
established
for
the
assessment
year
15
beginning
January
1,
2013,
the
percentage
of
actual
value
16
as
equalized
by
the
department
of
revenue
as
provided
in
17
section
441.49
at
which
industrial
property
shall
be
assessed
18
shall
be
ninety-five
percent.
For
valuations
established
19
for
the
assessment
year
beginning
January
1,
2014,
and
each
20
assessment
year
thereafter
beginning
before
January
1,
2020
,
21
the
percentage
of
actual
value
as
equalized
by
the
department
22
of
revenue
as
provided
in
section
441.49
at
which
industrial
23
property
shall
be
assessed
shall
be
ninety
percent.
24
(2)
For
valuations
established
for
the
assessment
year
25
beginning
January
1,
2020,
and
each
assessment
year
thereafter,
26
the
portion
of
actual
value
at
which
each
parcel
of
industrial
27
property
shall
be
assessed
shall
be
the
sum
of
the
following:
28
(a)
An
amount
equal
to
the
product
of
the
assessment
29
limitation
percentage
applicable
to
residential
property
under
30
subsection
4,
for
that
assessment
year
multiplied
by
the
actual
31
value
of
the
property
that
exceeds
zero
dollars
but
does
not
32
exceed
one
hundred
fifty
thousand
dollars.
33
(b)
An
amount
equal
to
ninety
percent
of
the
actual
value
of
34
the
property
for
that
assessment
year
that
exceeds
one
hundred
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fifty
thousand
dollars.
1
d.
For
valuations
established
for
the
assessment
year
2
beginning
January
1,
2019,
and
each
assessment
year
thereafter,
3
the
percentages
or
portions
of
actual
value
at
which
property
4
is
assessed,
as
determined
under
this
subsection
,
shall
not
be
5
applied
to
the
value
of
wind
energy
conversion
property
valued
6
under
section
427B.26
the
construction
of
which
is
approved
by
7
the
Iowa
utilities
board
on
or
after
July
1,
2018.
8
Sec.
10.
Section
441.21,
subsections
9
and
10,
Code
2020,
9
are
amended
to
read
as
follows:
10
9.
Not
later
than
November
1,
1979,
and
November
1
of
11
each
subsequent
year,
the
director
shall
certify
to
the
12
county
auditor
of
each
county
the
percentages
of
actual
13
value
at
which
residential
property,
agricultural
property,
14
commercial
property,
industrial
property,
multiresidential
15
property,
property
valued
by
the
department
of
revenue
pursuant
16
to
chapter
434
,
and
property
valued
by
the
department
of
17
revenue
pursuant
to
chapters
428
,
433
,
437
,
and
438
in
each
18
assessing
jurisdiction
in
the
county
shall
be
assessed
for
19
taxation
,
including,
for
assessment
years
beginning
on
or
after
20
January
1,
2020,
the
percentages
used
to
apply
the
assessment
21
limitations
under
subsection
5,
paragraphs
“b
”
and
“c”
.
The
22
county
auditor
shall
proceed
to
determine
the
assessed
values
23
of
agricultural
property,
residential
property,
commercial
24
property,
industrial
property,
multiresidential
property,
25
property
valued
by
the
department
of
revenue
pursuant
to
26
chapter
434
,
and
property
valued
by
the
department
of
revenue
27
pursuant
to
chapters
428
,
433
,
437
,
and
438
by
applying
such
28
percentages
to
the
current
actual
value
of
such
property,
29
as
reported
to
the
county
auditor
by
the
assessor,
and
the
30
assessed
values
so
determined
shall
be
the
taxable
values
of
31
such
properties
upon
which
the
levy
shall
be
made.
32
10.
The
percentage
percentages
of
actual
value
computed
33
by
the
department
of
revenue
for
agricultural
property,
34
residential
property,
commercial
property,
industrial
property,
35
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multiresidential
property,
property
valued
by
the
department
1
of
revenue
pursuant
to
chapter
434
,
and
property
valued
by
the
2
department
of
revenue
pursuant
to
chapters
428
,
433
,
437
,
and
3
438
,
including,
for
assessment
years
beginning
on
or
after
4
January
1,
2020,
the
percentages
used
to
apply
the
assessment
5
limitations
under
subsection
5,
paragraphs
“b”
and
“c”
,
and
6
used
to
determine
assessed
values
of
those
classes
of
property
7
does
do
not
constitute
a
rule
as
defined
in
section
17A.2,
8
subsection
11
.
9
Sec.
11.
Section
441.21A,
subsection
1,
paragraph
a,
Code
10
2020,
is
amended
to
read
as
follows:
11
a.
For
each
fiscal
year
beginning
on
or
after
July
1,
2014,
12
there
is
appropriated
from
the
general
fund
of
the
state
to
13
the
department
of
revenue
an
amount
necessary
for
the
payment
14
of
all
commercial
and
industrial
property
tax
replacement
15
claims
under
this
section
for
the
fiscal
year.
However,
for
16
a
fiscal
year
beginning
on
or
after
July
1,
2017,
but
before
17
July
1,
2021,
the
total
amount
of
moneys
appropriated
from
the
18
general
fund
of
the
state
to
the
department
of
revenue
for
the
19
payment
of
commercial
and
industrial
property
tax
replacement
20
claims
in
that
fiscal
year
shall
not
exceed
the
total
amount
of
21
money
necessary
to
pay
all
commercial
and
industrial
property
22
tax
replacement
claims
for
the
fiscal
year
beginning
July
1,
23
2016.
Additionally,
for
each
fiscal
year
beginning
on
or
after
24
July
1,
2021,
the
total
amount
of
moneys
appropriated
from
the
25
general
fund
of
the
state
to
the
department
of
revenue
for
the
26
payment
of
commercial
and
industrial
property
tax
replacement
27
claims
in
that
fiscal
year
shall
not
exceed
the
sum
of
the
28
total
amount
of
money
necessary
to
pay
all
commercial
and
29
industrial
property
tax
replacement
claims
for
the
fiscal
year
30
beginning
July
1,
2016,
plus
one
hundred
twenty-five
million
31
dollars.
32
Sec.
12.
RETROACTIVE
APPLICABILITY.
This
division
of
this
33
Act
applies
retroactively
to
assessment
years
beginning
on
or
34
after
January
1,
2020.
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DIVISION
II
1
MULTIRESIDENTIAL
PROPERTY
2
Sec.
13.
Section
404.2,
subsection
2,
paragraph
f,
Code
3
2020,
is
amended
to
read
as
follows:
4
f.
A
statement
specifying
whether
the
revitalization
is
5
applicable
to
none,
some,
or
all
of
the
property
assessed
as
6
residential,
multiresidential,
agricultural,
commercial,
or
7
industrial
property
within
the
designated
area
or
a
combination
8
thereof
and
whether
the
revitalization
is
for
rehabilitation
9
and
additions
to
existing
buildings
or
new
construction
or
10
both.
If
revitalization
is
made
applicable
only
to
some
11
property
within
an
assessment
classification,
the
definition
of
12
that
subset
of
eligible
property
must
be
by
uniform
criteria
13
which
further
some
planning
objective
identified
in
the
plan.
14
The
city
shall
state
how
long
it
is
estimated
that
the
area
15
shall
remain
a
designated
revitalization
area
which
time
16
shall
be
longer
than
one
year
from
the
date
of
designation
17
and
shall
state
any
plan
by
the
city
to
issue
revenue
bonds
18
for
revitalization
projects
within
the
area.
For
a
county,
19
a
revitalization
area
shall
include
only
property
which
20
will
be
used
as
industrial
property,
commercial
property,
21
multiresidential
property,
or
residential
property.
However,
a
22
county
shall
not
provide
a
tax
exemption
under
this
chapter
to
23
commercial
property
,
multiresidential
property,
or
residential
24
property
which
is
located
within
the
limits
of
a
city.
25
Sec.
14.
Section
404.3,
subsection
4,
paragraph
a,
Code
26
2020,
is
amended
by
striking
the
paragraph
and
inserting
in
27
lieu
thereof
the
following:
28
a.
All
qualified
real
estate
assessed
as
residential
29
property
is
eligible
to
receive
a
one
hundred
percent
exemption
30
from
taxation
on
the
actual
value
added
by
the
improvements.
31
Sec.
15.
Section
441.21,
subsection
2,
Code
2020,
is
amended
32
to
read
as
follows:
33
2.
In
the
event
market
value
of
the
property
being
assessed
34
cannot
be
readily
established
in
the
foregoing
manner,
then
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the
assessor
may
determine
the
value
of
the
property
using
the
1
other
uniform
and
recognized
appraisal
methods
including
its
2
productive
and
earning
capacity,
if
any,
industrial
conditions,
3
its
cost,
physical
and
functional
depreciation
and
obsolescence
4
and
replacement
cost,
and
all
other
factors
which
would
assist
5
in
determining
the
fair
and
reasonable
market
value
of
the
6
property
but
the
actual
value
shall
not
be
determined
by
use
7
of
only
one
such
factor.
The
following
shall
not
be
taken
into
8
consideration:
Special
value
or
use
value
of
the
property
to
9
its
present
owner,
and
the
goodwill
or
value
of
a
business
10
which
uses
the
property
as
distinguished
from
the
value
of
11
the
property
as
property.
In
addition,
for
assessment
years
12
beginning
on
or
after
January
1,
2018,
and
unless
otherwise
13
required
for
property
valued
by
the
department
of
revenue
14
pursuant
to
chapters
428
,
433
,
437
,
and
438
,
the
assessor
15
shall
not
take
into
consideration
and
shall
not
request
from
16
any
person
sales
or
receipts
data,
expense
data,
balance
17
sheets,
bank
account
information,
or
other
data
related
to
18
the
financial
condition
of
a
business
operating
in
whole
or
19
in
part
on
the
property
if
the
property
is
both
classified
as
20
commercial
or
industrial
property
and
owned
and
used
by
the
21
owner
of
the
business.
However,
in
assessing
property
that
22
is
rented
or
leased
to
low-income
individuals
and
families
23
as
authorized
by
section
42
of
the
Internal
Revenue
Code,
24
as
amended,
and
which
section
limits
the
amount
that
the
25
individual
or
family
pays
for
the
rental
or
lease
of
units
26
in
the
property,
the
assessor
shall,
unless
the
owner
elects
27
to
withdraw
the
property
from
the
assessment
procedures
for
28
section
42
property,
use
the
productive
and
earning
capacity
29
from
the
actual
rents
received
as
a
method
of
appraisal
and
30
shall
take
into
account
the
extent
to
which
that
use
and
31
limitation
reduces
the
market
value
of
the
property.
The
32
assessor
shall
not
consider
any
tax
credit
equity
or
other
33
subsidized
financing
as
income
provided
to
the
property
in
34
determining
the
assessed
value.
The
property
owner
shall
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notify
the
assessor
when
property
is
withdrawn
from
section
42
1
eligibility
under
the
Internal
Revenue
Code
or
if
the
owner
2
elects
to
withdraw
the
property
from
the
assessment
procedures
3
for
section
42
property
under
this
subsection
.
The
property
4
shall
not
be
subject
to
section
42
assessment
procedures
5
for
the
assessment
year
for
which
section
42
eligibility
is
6
withdrawn
or
an
election
is
made.
This
notification
must
7
be
provided
to
the
assessor
no
later
than
March
1
of
the
8
assessment
year
or
the
owner
will
be
subject
to
a
penalty
of
9
five
hundred
dollars
for
that
assessment
year.
The
penalty
10
shall
be
collected
at
the
same
time
and
in
the
same
manner
11
as
regular
property
taxes.
An
election
to
withdraw
from
the
12
assessment
procedures
for
section
42
property
is
irrevocable.
13
Property
that
is
withdrawn
from
the
assessment
procedures
14
for
section
42
property
shall
be
classified
and
assessed
as
15
multiresidential
residential
property
unless
the
property
16
otherwise
fails
to
meet
the
requirements
of
subsection
13
14
.
17
Upon
adoption
of
uniform
rules
by
the
department
of
revenue
18
or
succeeding
authority
covering
assessments
and
valuations
19
of
such
properties,
the
valuation
on
such
properties
shall
be
20
determined
in
accordance
with
such
rules
and
in
accordance
with
21
forms
and
guidelines
contained
in
the
real
property
appraisal
22
manual
prepared
by
the
department
as
updated
from
time
to
time
23
for
assessment
purposes
to
assure
uniformity,
but
such
rules,
24
forms,
and
guidelines
shall
not
be
inconsistent
with
or
change
25
the
foregoing
means
of
determining
the
actual,
market,
taxable
26
and
assessed
values.
27
Sec.
16.
Section
441.21,
subsection
8,
paragraph
b,
Code
28
2020,
is
amended
to
read
as
follows:
29
b.
Notwithstanding
paragraph
“a”
,
any
construction
or
30
installation
of
a
solar
energy
system
on
property
classified
31
as
agricultural,
residential,
commercial,
multiresidential,
or
32
industrial
property
shall
not
increase
the
actual,
assessed,
33
and
taxable
values
of
the
property
for
five
full
assessment
34
years.
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Sec.
17.
Section
441.21,
subsections
9
and
10,
Code
2020,
1
are
amended
to
read
as
follows:
2
9.
Not
later
than
November
1,
1979,
and
November
1
of
each
3
subsequent
year,
the
director
shall
certify
to
the
county
4
auditor
of
each
county
the
percentages
of
actual
value
at
5
which
residential
property,
agricultural
property,
commercial
6
property,
industrial
property,
multiresidential
property,
7
property
valued
by
the
department
of
revenue
pursuant
to
8
chapter
434
,
and
property
valued
by
the
department
of
revenue
9
pursuant
to
chapters
428
,
433
,
437
,
and
438
in
each
assessing
10
jurisdiction
in
the
county
shall
be
assessed
for
taxation.
The
11
county
auditor
shall
proceed
to
determine
the
assessed
values
12
of
agricultural
property,
residential
property,
commercial
13
property,
industrial
property,
multiresidential
property,
14
property
valued
by
the
department
of
revenue
pursuant
to
15
chapter
434
,
and
property
valued
by
the
department
of
revenue
16
pursuant
to
chapters
428
,
433
,
437
,
and
438
by
applying
such
17
percentages
to
the
current
actual
value
of
such
property,
18
as
reported
to
the
county
auditor
by
the
assessor,
and
the
19
assessed
values
so
determined
shall
be
the
taxable
values
of
20
such
properties
upon
which
the
levy
shall
be
made.
21
10.
The
percentage
of
actual
value
computed
by
the
22
department
of
revenue
for
agricultural
property,
residential
23
property,
commercial
property,
industrial
property,
24
multiresidential
property,
property
valued
by
the
department
25
of
revenue
pursuant
to
chapter
434
,
and
property
valued
by
the
26
department
of
revenue
pursuant
to
chapters
428
,
433
,
437
,
and
27
438
and
used
to
determine
assessed
values
of
those
classes
28
of
property
does
not
constitute
a
rule
as
defined
in
section
29
17A.2,
subsection
11
.
30
Sec.
18.
Section
441.21,
subsection
13,
paragraphs
a,
b,
and
31
c,
Code
2020,
are
amended
to
read
as
follows:
32
a.
(1)
For
the
assessment
year
beginning
January
1,
2015,
33
mobile
home
parks,
manufactured
home
communities,
land-leased
34
communities,
assisted
living
facilities,
property
primarily
35
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used
or
intended
for
human
habitation
containing
three
or
more
1
separate
dwelling
units,
and
that
portion
of
a
building
that
is
2
used
or
intended
for
human
habitation
and
a
proportionate
share
3
of
the
land
upon
which
the
building
is
situated,
regardless
of
4
the
number
of
dwelling
units
located
in
the
building,
if
the
5
use
for
human
habitation
is
not
the
primary
use
of
the
building
6
and
such
building
is
not
otherwise
classified
as
residential
7
property,
shall
be
valued
as
a
separate
class
of
property
8
known
as
multiresidential
property
and,
excluding
properties
9
referred
to
in
section
427A.1,
subsection
9
,
shall
be
assessed
10
at
a
percentage
of
its
actual
value,
as
determined
in
this
11
subsection
.
12
(2)
Beginning
with
valuations
established
on
or
after
13
January
1,
2016,
but
before
January
1,
2021,
all
of
the
14
following
shall
be
valued
as
a
separate
class
of
property
15
known
as
multiresidential
property
and,
excluding
properties
16
referred
to
in
section
427A.1,
subsection
9
,
shall
be
assessed
17
at
a
percentage
of
its
actual
value,
as
determined
in
this
18
subsection
:
19
(a)
(1)
Mobile
home
parks.
20
(b)
(2)
Manufactured
home
communities.
21
(c)
(3)
Land-leased
communities.
22
(d)
(4)
Assisted
living
facilities.
23
(e)
(5)
A
parcel
primarily
used
or
intended
for
human
24
habitation
containing
three
or
more
separate
dwelling
units.
25
If
a
portion
of
such
a
parcel
is
used
or
intended
for
a
purpose
26
that,
if
the
primary
use,
would
be
classified
as
commercial
27
property
or
industrial
property,
each
such
portion,
including
28
a
proportionate
share
of
the
land
included
in
the
parcel,
if
29
applicable,
shall
be
assigned
the
appropriate
classification
30
pursuant
to
paragraph
“c”
.
31
(f)
(6)
For
a
parcel
that
is
primarily
used
or
intended
for
32
use
as
commercial
property
or
industrial
property,
that
portion
33
of
the
parcel
that
is
used
or
intended
for
human
habitation,
34
regardless
of
the
number
of
dwelling
units
contained
on
the
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parcel,
including
a
proportionate
share
of
the
land
included
1
in
the
parcel,
if
applicable.
The
portion
of
such
a
parcel
2
used
or
intended
for
use
as
commercial
property
or
industrial
3
property,
including
a
proportionate
share
of
the
land
included
4
in
the
parcel,
if
applicable,
shall
be
assigned
the
appropriate
5
classification
pursuant
to
paragraph
“c”
.
6
b.
For
valuations
established
for
the
assessment
year
7
beginning
January
1,
2015,
the
percentage
of
actual
value
as
8
equalized
by
the
department
of
revenue
as
provided
in
section
9
441.49
at
which
multiresidential
property
shall
be
assessed
10
shall
be
the
greater
of
eighty-six
and
twenty-five
hundredths
11
percent
or
the
percentage
of
actual
value
determined
by
the
12
department
of
revenue
at
which
property
assessed
as
residential
13
property
is
assessed
for
the
same
assessment
year
under
14
subsection
4
.
For
valuations
established
for
the
assessment
15
year
beginning
January
1,
2016,
the
percentage
of
actual
16
value
as
equalized
by
the
department
of
revenue
as
provided
17
in
section
441.49
at
which
multiresidential
property
shall
be
18
assessed
shall
be
the
greater
of
eighty-two
and
five-tenths
19
percent
or
the
percentage
of
actual
value
determined
by
the
20
department
of
revenue
at
which
property
assessed
as
residential
21
property
is
assessed
for
the
same
assessment
year
under
22
subsection
4
.
For
valuations
established
for
the
assessment
23
year
beginning
January
1,
2017,
the
percentage
of
actual
24
value
as
equalized
by
the
department
of
revenue
as
provided
25
in
section
441.49
at
which
multiresidential
property
shall
be
26
assessed
shall
be
the
greater
of
seventy-eight
and
seventy-five
27
hundredths
percent
or
the
percentage
of
actual
value
determined
28
by
the
department
of
revenue
at
which
property
assessed
as
29
residential
property
is
assessed
for
the
same
assessment
30
year
under
subsection
4
.
For
valuations
established
for
the
31
assessment
year
beginning
January
1,
2018,
the
percentage
of
32
actual
value
as
equalized
by
the
department
of
revenue
as
33
provided
in
section
441.49
at
which
multiresidential
property
34
shall
be
assessed
shall
be
the
greater
of
seventy-five
percent
35
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or
the
percentage
of
actual
value
determined
by
the
department
1
of
revenue
at
which
property
assessed
as
residential
property
2
is
assessed
for
the
same
assessment
year
under
subsection
4
.
3
For
valuations
established
for
the
assessment
year
beginning
4
January
1,
2019,
the
percentage
of
actual
value
as
equalized
5
by
the
department
of
revenue
as
provided
in
section
441.49
at
6
which
multiresidential
property
shall
be
assessed
shall
be
the
7
greater
of
seventy-one
and
twenty-five
hundredths
percent
or
8
the
percentage
of
actual
value
determined
by
the
department
9
of
revenue
at
which
property
assessed
as
residential
property
10
is
assessed
for
the
same
assessment
year
under
subsection
4
.
11
For
valuations
established
for
the
assessment
year
beginning
12
January
1,
2020,
the
percentage
of
actual
value
as
equalized
13
by
the
department
of
revenue
as
provided
in
section
441.49
14
at
which
multiresidential
property
shall
be
assessed
shall
15
be
the
greater
of
sixty-seven
and
five-tenths
percent
or
the
16
percentage
of
actual
value
determined
by
the
department
of
17
revenue
at
which
property
assessed
as
residential
property
18
is
assessed
for
the
same
assessment
year
under
subsection
4
.
19
For
valuations
established
for
the
assessment
year
beginning
20
January
1,
2021,
the
percentage
of
actual
value
as
equalized
21
by
the
department
of
revenue
as
provided
in
section
441.49
at
22
which
multiresidential
property
shall
be
assessed
shall
be
the
23
greater
of
sixty-three
and
seventy-five
hundredths
percent
or
24
the
percentage
of
actual
value
determined
by
the
department
25
of
revenue
at
which
property
assessed
as
residential
property
26
is
assessed
for
the
same
assessment
year
under
subsection
4
.
27
For
valuations
established
for
the
assessment
year
beginning
28
January
1,
2022,
and
each
assessment
year
thereafter,
the
29
percentage
of
actual
value
as
equalized
by
the
department
of
30
revenue
as
provided
in
section
441.49
at
which
multiresidential
31
property
shall
be
assessed
shall
be
equal
to
the
percentage
of
32
actual
value
determined
by
the
department
of
revenue
at
which
33
property
assessed
as
residential
property
is
assessed
under
34
subsection
4
for
the
same
assessment
year.
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c.
(1)
For
the
assessment
year
beginning
January
1,
1
2015,
for
parcels
that,
in
part,
satisfy
the
requirements
for
2
classification
as
multiresidential
property,
the
assessor
3
shall
assign
to
that
portion
of
the
parcel
the
classification
4
of
multiresidential
property
and
to
such
other
portions
of
5
the
parcel
the
property
classification
for
which
such
other
6
portions
qualify.
7
(2)
Beginning
with
valuations
established
on
or
after
8
January
1,
2016,
but
before
January
1,
2021,
for
parcels
for
9
which
a
portion
of
the
parcel
satisfies
the
requirements
10
for
classification
as
multiresidential
property
pursuant
11
to
paragraph
“a”
,
subparagraph
(2),
subparagraph
division
12
(e)
or
(f)
(5)
or
(6)
,
the
assessor
shall
assign
to
that
13
portion
of
the
parcel
the
classification
of
multiresidential
14
property
and
to
such
other
portions
of
the
parcel
the
property
15
classification
for
which
such
other
portions
qualify.
16
Sec.
19.
Section
441.21,
Code
2020,
is
amended
by
adding
the
17
following
new
subsection:
18
NEW
SUBSECTION
.
14.
a.
Beginning
with
valuations
19
established
on
or
after
January
1,
2021,
all
of
the
following
20
shall
be
classified
and
valued
as
residential
property:
21
(1)
Property
primarily
used
or
intended
for
human
22
habitation
containing
two
or
fewer
dwelling
units.
23
(2)
Mobile
home
parks.
24
(3)
Manufactured
home
communities.
25
(4)
Land-leased
communities.
26
(5)
Assisted
living
facilities.
27
(6)
A
parcel
primarily
used
or
intended
for
human
habitation
28
containing
three
or
more
separate
dwelling
units.
If
a
29
portion
of
such
a
parcel
is
used
or
intended
for
a
purpose
30
that,
if
the
primary
use,
would
be
classified
as
commercial
31
property
or
industrial
property,
each
such
portion,
including
32
a
proportionate
share
of
the
land
included
in
the
parcel,
if
33
applicable,
shall
be
assigned
the
appropriate
classification
34
pursuant
to
paragraph
“b”
.
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(7)
For
a
parcel
that
is
primarily
used
or
intended
for
use
1
as
commercial
property
or
industrial
property,
that
portion
2
of
the
parcel
that
is
used
or
intended
for
human
habitation,
3
regardless
of
the
number
of
dwelling
units
contained
on
the
4
parcel,
including
a
proportionate
share
of
the
land
included
5
in
the
parcel,
if
applicable.
The
portion
of
such
a
parcel
6
used
or
intended
for
use
as
commercial
property
or
industrial
7
property,
including
a
proportionate
share
of
the
land
included
8
in
the
parcel,
if
applicable,
shall
be
assigned
the
appropriate
9
classification
pursuant
to
paragraph
“b”
.
10
b.
Beginning
with
valuations
established
on
or
after
11
January
1,
2021,
for
parcels
for
which
a
portion
of
the
parcel
12
satisfies
the
requirements
for
classification
as
residential
13
property
pursuant
to
paragraph
“a”
,
subparagraph
(6)
or
(7),
14
the
assessor
shall
assign
to
that
portion
of
the
parcel
the
15
classification
of
residential
property
and
to
such
other
16
portions
of
the
parcel
the
property
classification
for
which
17
such
other
portions
qualify.
18
c.
Property
that
is
rented
or
leased
to
low-income
19
individuals
and
families
as
authorized
by
section
42
of
the
20
Internal
Revenue
Code,
and
that
has
not
been
withdrawn
from
21
section
42
assessment
procedures
under
subsection
2
of
this
22
section,
or
a
hotel,
motel,
inn,
or
other
building
where
rooms
23
or
dwelling
units
are
usually
rented
for
less
than
one
month
24
shall
not
be
classified
as
residential
property
under
this
25
subsection.
26
d.
As
used
in
this
subsection:
27
(1)
“Assisted
living
facility”
means
property
for
providing
28
assisted
living
as
defined
in
section
231C.2.
“Assisted
living
29
facility”
also
includes
a
health
care
facility,
as
defined
in
30
section
135C.1,
an
elder
group
home,
as
defined
in
section
31
231B.1,
a
child
foster
care
facility
under
chapter
237,
or
32
property
used
for
a
hospice
program
as
defined
in
section
33
135J.1.
34
(2)
“Dwelling
unit”
means
an
apartment,
group
of
rooms,
35
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or
single
room
which
is
occupied
as
separate
living
quarters
1
or,
if
vacant,
is
intended
for
occupancy
as
separate
living
2
quarters,
in
which
a
tenant
can
live
and
sleep
separately
from
3
any
other
persons
in
the
building.
4
(3)
“Land-leased
community”
means
the
same
as
defined
in
5
sections
335.30A
and
414.28A.
6
(4)
“Manufactured
home
community”
means
the
same
as
a
7
land-leased
community.
8
(5)
“Mobile
home
park”
means
the
same
as
defined
in
section
9
435.1.
10
Sec.
20.
Section
558.46,
subsection
5,
Code
2020,
is
amended
11
by
striking
the
subsection.
12
Sec.
21.
SAVINGS
PROVISION.
This
division
of
this
Act,
13
pursuant
to
section
4.13,
does
not
affect
the
operation
of,
14
or
prohibit
the
application
of,
prior
provisions
of
the
Code
15
sections
amended
by
this
division
of
this
Act,
or
rules
adopted
16
under
chapter
17A
to
administer
such
prior
provisions,
for
17
assessment
years
beginning
before
January
1,
2021,
and
for
18
duties,
powers,
protests,
appeals,
proceedings,
actions,
or
19
remedies
attributable
to
an
assessment
year
beginning
before
20
January
1,
2021.
21
Sec.
22.
EFFECTIVE
DATE.
This
division
of
this
Act
takes
22
effect
January
1,
2021.
23
Sec.
23.
APPLICABILITY.
This
division
of
this
Act
applies
24
to
assessment
years
beginning
on
or
after
January
1,
2021.
25
DIVISION
III
26
DISASTER
REVITALIZATION
TAX
EXEMPTIONS
27
Sec.
24.
Section
404B.2,
subsection
2,
paragraph
b,
Code
28
2020,
is
amended
to
read
as
follows:
29
b.
The
assessed
valuation
of
the
real
property
in
the
30
proposed
area
as
of
January
1,
2007
2019
,
listing
the
land
and
31
building
values
separately.
32
Sec.
25.
Section
404B.4,
subsection
1,
Code
2020,
is
amended
33
to
read
as
follows:
34
1.
All
real
property
within
a
disaster
revitalization
area
35
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is
eligible
to
receive
a
one
hundred
percent
exemption
from
1
taxation
on
the
increase
in
assessed
value
of
the
property,
2
as
compared
to
the
property’s
assessed
value
on
January
1,
3
2007
2019
,
if
the
increase
in
assessed
value
is
attributable
4
to
revitalization
of
the
property
occurring
between
May
25,
5
2008
March
1,
2019
,
and
December
31,
2013
2024
.
The
exemption
6
is
for
a
period
not
to
exceed
five
years,
starting
with
an
7
assessment
year
beginning
on
or
after
January
1,
2010
2020
.
8
Sec.
26.
Section
404B.7,
Code
2020,
is
amended
to
read
as
9
follows:
10
404B.7
Expiration
or
repeal
of
ordinance.
11
An
ordinance
enacted
under
this
chapter
shall
expire
or
be
12
repealed
no
later
than
December
31,
2016
2028
.
13
EXPLANATION
14
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
15
the
explanation’s
substance
by
the
members
of
the
general
assembly.
16
This
bill
relates
to
property
tax
credits,
assessment
17
limitations,
exemptions,
and
administration.
18
Code
chapter
426C
provides
a
business
property
tax
credit
19
for
commercial,
industrial,
and
railway
property
for
property
20
taxes
due
and
payable
in
fiscal
years
beginning
on
or
after
21
July
1,
2014.
The
business
property
tax
credit
is
funded
from
22
an
annual
standing
appropriation
of
$125
million.
23
Division
I
of
this
bill
eliminates
the
annual
appropriation
24
for
the
business
property
tax
credit
under
Code
section
25
426C.2
for
fiscal
years
beginning
on
or
after
July
1,
2021,
26
and
provides
that
moneys
remaining
in
the
business
property
27
tax
credit
fund
at
the
end
of
the
fiscal
year
beginning
July
28
1,
2020,
shall
be
transferred
by
the
department
of
revenue
29
for
deposit
in
the
general
fund
of
the
state.
The
bill
also
30
establishes
a
future
repeal
date
for
Code
chapter
426C
of
July
31
1,
2022.
32
Current
Code
section
441.21
imposes
an
assessment
limitation
33
(rollback)
on
commercial
property,
industrial
property,
34
and
property
valued
by
the
department
of
revenue
under
Code
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chapter
434
(railway
company
property)
of
90
percent
for
1
assessment
years
beginning
on
or
after
January
1,
2014.
The
2
bill
modifies
the
amount
and
methodology
for
calculating
the
3
assessment
limitation
for
parcels
within
those
classifications
4
of
property.
Instead
of
a
uniform
percentage
of
value,
for
5
valuations
established
for
the
assessment
year
beginning
6
January
1,
2020,
and
each
assessment
year
thereafter,
the
7
portion
of
actual
value
at
which
each
parcel
of
commercial
8
property
shall
be
assessed
shall
be
the
sum
of
the
following:
9
(1)
an
amount
equal
to
the
product
of
the
assessment
limitation
10
percentage
applicable
to
residential
property
multiplied
by
11
the
actual
value
of
the
property
that
exceeds
$0
but
does
not
12
exceed
$150,000;
and
(2)
an
amount
equal
to
90
percent
of
the
13
actual
value
of
the
property
for
that
assessment
year
that
14
exceeds
$150,000.
The
bill
establishes
a
similar
provision
15
for
industrial
property
and
provides
that
the
assessed
value
16
of
railway
company
property
shall
be
determined
in
the
same
17
manner
as
commercial
property.
The
changes
to
the
methodology
18
and
amount
of
assessment
limitations
for
commercial
property
19
and
industrial
property
also
applies
to
the
calculation
of
20
commercial
and
industrial
property
tax
replacement
payments
21
under
Code
section
441.21A,
as
amended
in
the
bill.
22
Code
section
441.21A
calculates
and
funds
the
commercial
23
and
industrial
property
tax
replacement
payments
to
political
24
subdivisions
in
the
state.
Under
current
law,
the
amount
of
25
the
replacement
claim
for
each
taxing
district
is
equal
to
the
26
difference
between
the
assessed
valuation
of
all
commercial
27
and
industrial
property
located
in
the
taxing
district
that
is
28
subject
to
assessment
and
taxation
and
the
total
actual
value
29
of
all
such
property
located
in
the
taxing
district
multiplied
30
by
the
tax
rate
specified
for
the
taxing
district,
and
then
31
divided
by
$1,000.
32
The
annual
appropriation
for
the
commercial
and
industrial
33
property
tax
replacement
payments
is
the
amount
necessary
34
to
fund
all
replacement
claims,
but
not
to
exceed
the
total
35
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amount
of
money
necessary
to
pay
all
commercial
and
industrial
1
property
tax
replacement
payments
for
the
fiscal
year
2
beginning
July
1,
2016.
The
bill
provides
that
for
each
fiscal
3
year
beginning
on
or
after
July
1,
2021,
the
total
annual
4
appropriation
is
the
amount
necessary
to
pay
all
commercial
5
and
industrial
property
tax
replacement
claims
in
that
fiscal
6
year,
but
not
to
exceed
the
sum
of
the
total
amount
of
money
7
necessary
to
pay
all
commercial
and
industrial
property
tax
8
replacement
claims
for
the
fiscal
year
beginning
July
1,
2016,
9
plus
$125
million.
10
Division
I
of
the
bill
applies
retroactively
to
assessment
11
years
beginning
on
or
after
January
1,
2020.
12
Code
section
441.21
provides
that
for
assessment
years
13
beginning
on
or
after
January
1,
2015,
property
can
be
14
classified
as
multiresidential
property.
Multiresidential
15
property
largely
includes
property
that
prior
to
the
assessment
16
year
beginning
January
1,
2015,
was
classified
as
commercial
17
property
and
includes
mobile
home
parks,
manufactured
18
home
communities,
land-leased
communities,
assisted
living
19
facilities,
and
property
primarily
used
or
intended
for
human
20
habitation
containing
three
or
more
separate
dwelling
units.
21
The
percentage
of
actual
value
at
which
multiresidential
22
property
is
subject
to
tax
has
been
reduced
each
assessment
23
year
beginning
with
the
2015
assessment
year.
The
percentage
24
of
actual
value
is
reduced
by
law
until
the
percentage
is
equal
25
to
or
below
the
percentage
that
is
applicable
to
residential
26
property,
at
which
time
the
two
classifications
are
subject
to
27
the
same
percentage.
28
Division
II
of
the
bill
eliminates
the
classification
of
29
multiresidential
property
for
assessment
years
beginning
on
or
30
after
January
1,
2021.
The
bill
also
provides
that
the
types
31
of
property
previously
classified
as
multiresidential
will,
32
for
assessment
years
beginning
on
or
after
January
1,
2021,
be
33
classified
as
residential
property.
34
Division
II
makes
corresponding
changes
to
various
35
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other
provisions
of
law
to
reflect
the
elimination
of
the
1
multiresidential
property
classification.
2
Division
II
of
the
bill
takes
effect
January
1,
2021,
and
3
applies
to
assessment
years
beginning
on
or
after
that
date.
4
Division
II
of
the
bill
does
not
affect
the
operation
5
of,
or
prohibit
the
application
of,
prior
provisions
of
the
6
Code
sections
amended
by
division
II
of
the
bill,
or
rules
7
adopted
to
administer
such
prior
provisions,
for
assessment
8
years
beginning
before
January
1,
2021,
and
for
duties,
9
powers,
protests,
appeals,
proceedings,
actions,
or
remedies
10
attributable
to
an
assessment
year
beginning
before
January
1,
11
2021.
12
Code
chapter
404B
authorizes
cities
and
counties
to
13
designate
a
disaster
revitalization
area
if
the
area
is
within
14
a
county
or
portion
of
a
county
declared
a
disaster
area.
15
All
real
property
within
a
disaster
revitalization
area
is
16
eligible
to
receive
a
100
percent
exemption
from
taxation
on
17
the
increase
in
assessed
value
of
the
property,
as
compared
18
to
the
property's
assessed
value
on
January
1,
2007,
if
the
19
increase
is
attributable
to
revitalization
of
the
property
20
occurring
between
May
25,
2008,
and
December
31,
2013.
The
21
exemption
is
available
for
a
period
not
to
exceed
five
years,
22
starting
with
the
assessment
year
beginning
on
January
1,
23
2010.
Under
Code
chapter
404B,
a
city
or
county
may
adopt
a
24
different
tax
exemption
percentage,
so
long
as
the
exemption
25
percentage
applies
to
every
disaster
revitalization
area
26
within
that
jurisdiction.
Ordinances
establishing
a
disaster
27
revitalization
area
and
tax
exemption
expire
or
must
repealed
28
no
later
than
December
31,
2016.
29
Division
III
of
the
bill
amends
the
periods
of
time
for
30
establishing
disaster
revitalization
areas
and
qualifying
31
for
a
property
tax
exemption.
Under
the
bill,
a
disaster
32
revitalization
area
may
be
established
to
provide
property
tax
33
exemptions
on
the
increase
in
assessed
value
of
the
property,
34
as
compared
to
the
property's
assessed
value
on
January
1,
35
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2019,
if
the
increase
is
attributable
to
revitalization
of
1
the
property
occurring
between
March
1,
2019,
and
December
2
31,
2024.
Ordinances
establishing
a
disaster
revitalization
3
area
and
tax
exemption
expire
or
must
repealed
no
later
than
4
December
31,
2028.
5
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