Text: SF2028            Text: SF2030
Complete Bill History


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 md/sc 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 md/sc
Text: SF2028            Text: SF2030 Complete Bill History