Text: SF38            Text: SF40
Complete Bill History


Senate File 39

SENATE FILE BY BRUNKHORST Passed Senate, Date Passed House, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to property tax assessments of subdivided 2 property and providing an applicability date. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1729SS 80 5 sc/cl/14 PAG LIN 1 1 Section 1. Section 441.72, Code 2003, is amended to read 1 2 as follows: 1 3 441.72 ASSESSMENT OF PLATTED LOTS. 1 4 When a subdivision plat is recorded pursuant to chapter 1 5 354, the individual lots within the subdivision plat shall not 1 6 be assessed in excess of the total assessment of the land as 1 7 acreage or unimproved property for three years after the 1 8 recording of the plat or until the lot is actually improved 1 9 with permanent construction, whichever occurs first. When an 1 10 individual lot has been improved with permanent construction, 1 11 the lot shall be assessed for taxation purposes as provided in 1 12 chapter 428 and this chapter. This section does not apply to 1 13 special assessment levies. 1 14 Sec. 2. APPLICABILITY. This Act applies to assessment 1 15 years beginning on or after January 1, 2004. 1 16 EXPLANATION 1 17 Currently, a platted lot for which a subdivision plat has 1 18 been recorded will be assessed for property tax purposes as 1 19 acreage or unimproved property for three years or until the 1 20 lot is actually improved with permanent construction, 1 21 whichever occurs first. This bill removes that time limit and 1 22 provides that a platted lot will be assessed as acreage or 1 23 unimproved property until the lot is actually improved with 1 24 permanent construction. 1 25 The bill applies to assessment years beginning on or after 1 26 January 1, 2004. 1 27 LSB 1729SS 80 1 28 sc/cl/14
Text: SF38            Text: SF40 Complete Bill History