427B.26  SPECIAL VALUATION OF WIND ENERGY CONVERSION
      PROPERTY.
         1. a.  A city council or county board of supervisors may
      provide by ordinance for the special valuation of wind energy
      conversion property as provided in subsection 2.  The ordinance may
      be enacted not less than thirty days after a public hearing on the
      ordinance is held.  Notice of the hearing shall be published in
      accordance with section 331.305 in the case of a county, or section
      362.3 in the case of a city.  The ordinance shall only apply to
      property first assessed on or after the effective date of the
      ordinance.
         b.  If in the opinion of the city council or the county board
      of supervisors continuation of the special valuation provided under
      this section ceases to be of benefit to the city or county, the city
      council or the county board of supervisors may repeal the ordinance
      authorized by this subsection.  Property specially valued under this
      section prior to repeal of the ordinance shall continue to be valued
      under this section until the end of the nineteenth assessment year
      following the assessment year in which the property was first
      assessed.
         2.  In lieu of the valuation and assessment provisions in section
      441.21, subsection 8, paragraphs "b", "c", and "d", and
      sections 428.24 to 428.29, wind energy conversion property which is
      first assessed for property taxation on or after January 1, 1994, and
      on or after the effective date of the ordinance enacted pursuant to
      subsection 1, shall be valued by the local assessor for property tax
      purposes as follows:
         a.  For the first assessment year, at zero percent of the net
      acquisition cost.
         b.  For the second through sixth assessment years, at a
      percent of the net acquisition cost which rate increases by five
      percentage points each assessment year.
         c.  For the seventh and succeeding assessment years, at thirty
      percent of the net acquisition cost.
         3.  The taxpayer shall file with the local assessor by February 1
      of the assessment year in which the wind energy conversion property
      is first assessed for property tax purposes, a declaration of intent
      to have the property assessed at the value determined under this
      section in lieu of the valuation and assessment provisions in section
      441.21, subsection 8, paragraphs "b", "c", and "d", and
      sections 428.24 to 428.29.
         4.  For purposes of this section:
         a.  "Net acquisition cost" means the acquired cost of the
      property including all foundations and installation cost less any
      excess cost adjustment.
         b.  "Wind energy conversion property" means the entire
      wind plant including, but not limited to, a wind charger, windmill,
      wind turbine, tower and electrical equipment, pad mount transformers,
      power lines, and substation.  

         Section History: Recent Form

         93 Acts, ch 161, §2
         Referred to in § 437A.6, 476B.6