Proyectos de ley › 88.ª Asamblea General
SSB 1150
Temas:Cities & counties
La misma legislación: SF 633
Dónde está ahora
- Hecho: Presentado18 de abril de 2019
- Hecho: Subcomité12 de febrero de 2019
- Hecho: Comité del Senado18 de abril de 2019
- Hecho: Lo aprueba el Senado26 de abril de 201949–0
- Se detuvo: Comité de la CámaraMurió al terminar la Asamblea General
- Sigue: Lo aprueba la Cámara
- Sigue: A gobernador(a)
- Sigue: Firmado como ley
Murió al terminar la sesión La sesión de 2020 terminó el 14 de junio de 2020, la última sesión ordinaria de la Asamblea General. Los proyectos que no pasaron por ambas cámaras murieron. ¿Qué es el embudo (funnel)?
Qué contiene
La explicación oficial está en inglés; todavía no hay resumen en palabras sencillas.
This bill relates to the assessment of certain subdivided real property.1 authorizes a county board of supervisors to adopt an ordinance providing that property acquired and subdivided for development of housing shall continue to be assessed for taxation in the manner that it was prior to the acquisition for housing until the lot is sold for construction or occupancy of housing or five years from the date of subdivision, whichever is shorter.1 also authorizes time extensions of certain ordinances that affect the assessment of property subdivided for development of housing and authorizes the time extensions of certain ordinances by counties and by cities in the portion of the applicable area located in the incorporated area of the city.
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The bill strikes the authorization for cities and counties to adopt, amend, or extend such ordinances and provides that property acquired and subdivided for development of housing shall continue to be assessed for taxation and taxed in the manner it was prior to its acquisition for housing until the lot is sold for construction or occupancy of housing. _____ multifamily property, whichever is applicable.72 provides that a platted lot for which a subdivision plat was recorded is assessed for property tax purposes as acreage or unimproved property for five years or until the lot is actually improved with permanent construction, whichever occurs first. However, for subdivision plats recorded on or after January 1, 2004, but before January 1, 2011, the time limit is eight years.72 relating to the five-year limitation and the eight-year limitation and provides that when a subdivision plat is recorded, the individual lots within the subdivision plat shall not be assessed in excess of the total assessment of the land as acreage or unimproved property until the lot is sold for construction or occupancy of housing. The bill shall not be construed to require the refund or modification of property taxes that are attributable to assessment years beginning before January 1, 2020, or the adjustment of property assessments for assessment years beginning before January 1, 2020.1 in effect on the effective date of the bill are invalid for purposes of assessment years beginning on or after January 1, 2020. The bill applies to assessment years beginning on or after January 1, 2020.
Senate subcommittee
Named February 12, 2019. On February 21, 2019 it recommended amendment and passage.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Nota fiscal
Resumen con IA This bill removes the five-year time limit on a special tax valuation for subdivided property, allowing it to be taxed at a lower value indefinitely until sold. The change is projected to result in an annual local property tax reduction of $2.0 million. Of that amount, $0.3 million will be reimbursed to the state's school aid fund. (en inglés)2
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Description
Senate File 633 removes a five-year time limit on a special valuation provision for subdivided real property. The change is effective beginning assessment year 2020.
Background
Subdivided property is acreage or unimproved land that has been divided into individual lots. Current law allows subdivided property to continue to be taxed as acreage or unimproved land after the subdivision has been recorded. This allows the property to continue to be taxed at a lower value than would be the case if the subdivided lots were taxed at market value, as is the case with most other taxable property.
Under current law, the special valuation is allowed for up to five years, or until the lot is sold for construction, whichever occurs first. The Bill requires subdivided property to be taxed at the lower acreage or unimproved property tax value until sold without a time limit. Current law (Iowa Code section 405.1) also allows cities and counties to extend the five-year special valuation period through the adoption of an ordinance. With removal of the five-year time limit, this provision is unnecessary and is repealed in the Bill. Valuing property at a level that is below market value reduces property tax paid by owners of unsold, subdivided property. Through action of the State school aid formula, the reduced value also increases the General Fund standing appropriation for school aid by $5.40 per $1,000 of reduced taxed property value.
Assumptions
The total value of subdivided property that reaches the five-year time limit and that is not the subject of a city or county ordinance extending the time limit is not known. However, while the value in any one location may not be large, the statewide total could be significant. Based on an informal survey of local assessors, commercial property with a total value of $30.0 million is assumed to be impacted by the Bill. With a commercial rollback equal to 90.0000% and a statewide average commercial urban property tax rate of $38.44 per $1,000 of taxed value, the total annual property tax on the properties would be $1.0 million if assessed at market value.
For residential property, 1,000 lots statewide with a per-lot value of $45,000, a residential rollback of 56.9180%, and an average urban residential property tax rate of $37.50 per $1,000 of taxed value means the annual total property tax on the 1,000 lots would be $1.0 million if assessed at market value.
Fiscal Impact
The amount of property value impacted by the elimination of the time limit on the special valuation for subdivided property cannot be estimated without an extensive survey of city and county assessors and a review of local ordinances relating to the subject. Absent an extensive process, the fiscal impact of the Bill is projected to be an annual local property tax reduction of $2.0 million. Of that amount, $0.3 million will be reimbursed through the State standing unlimited appropriation for school aid.
Sources
- Department of Revenue discussion with local assessors
- Legislative Services Agency analysis
- Subdivided Property Taxation · 24 de abril de 2019
Lo que cambia del Código de Iowa (Iowa Code)
Cabildeo
2 a favor · 4 en contra · 15 indecisos · Quiénes →
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Study bill
88th General Assembly
Picked up later
Earlier and later bills are matched by wording or an identical title.
Similar bills
- HSB 307 Relating to the assessment of certain development property, and including effective date a…91st General Assembly · Subcommittee recommends passageVery similar
Matched by wording or an identical title.