Senate File 2029     



                                    SENATE FILE       
                                    BY  OLIVE

                                         A BILL FOR

     1 An Act relating to property assessment and property taxation by
     2    creating a recreational class of property.
     3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
       TLSB 5121XS (6) 83
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PAG LIN



  1  1    Section 1.  Section 441.21, Code Supplement 2009, is amended
  1  2 by adding the following new subsection:
  1  3 NEW SUBSECTION.  13.  a.  (1)  For valuations established
  1  4 for the assessment year beginning January 1, 2011, property
  1  5 described in this subsection shall be valued as a separate
  1  6 class of property called recreational property and shall be
  1  7 assessed at ninety percent of its actual value.
  1  8    (2)  For valuations established for the assessment year
  1  9 beginning January 1, 2012, through valuations established for
  1 10 the assessment year beginning January 1, 2014, recreational
  1 11 property shall be valued as a separate class of property and
  1 12 shall be assessed at a percentage of actual value equal to the
  1 13 percentage of actual value that the recreational property was
  1 14 assessed in the previous assessment year minus ten percentage
  1 15 points.
  1 16    (3)  For valuations established for the assessment year
  1 17 beginning January 1, 2015, and each assessment year thereafter,
  1 18 recreational property shall be valued as a separate class of
  1 19 property and shall be assessed at fifty percent of its actual
  1 20 value.
  1 21    b.  Recreational property is subject to reassessment by the
  1 22 assessor and is subject to the same equalization percentage
  1 23 amount determined by the director of revenue pursuant to
  1 24 section 441.49 as is ordered for commercial property.
  1 25    c.  For purposes of this subsection, "recreational property"
  1 26 means a golf course, downhill skiing area, campground,
  1 27 amusement park, or water theme park, if such property is
  1 28 operated as a commercial enterprise and otherwise subject to
  1 29 taxation.
  1 30                           EXPLANATION
  1 31    This bill creates a new class of property, recreational
  1 32 property, for purposes of property assessment and taxation,
  1 33 beginning with valuations established on or after January 1,
  1 34 2011.  The bill describes recreational property as a golf
  1 35 course, downhill skiing area, campground, amusement park, or
  2  1 water theme park, all of which are operated as a commercial
  2  2 enterprise and are otherwise subject to taxation.
  2  3    The bill provides that recreational property shall be
  2  4 assessed for taxation at 90 percent of its actual value for
  2  5 the assessment year beginning January 1, 2011.  For valuations
  2  6 established for the assessment year beginning January 1,
  2  7 2012, through valuations established for the assessment
  2  8 year beginning January 1, 2014, recreational property shall
  2  9 be assessed at a percentage of actual value equal to the
  2 10 percentage of actual value that the recreational property was
  2 11 assessed in the previous assessment year minus 10 percentage
  2 12 points.
  2 13    For valuations established for the assessment year beginning
  2 14 January 1, 2015, and each assessment year thereafter,
  2 15 recreational property shall be assessed at 50 percent of its
  2 16 actual value.
       LSB 5121XS (6) 83
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