Relating to the assessment and valuation of property rented or leased to certain low-income individuals and families and including effective date and retroactive applicability provisions

Sponsored by the House Ways and Means Committee

Official bill page Lobbyist declarations One-pager to print

Where it is now

Done: IntroducedApril 13, 2023
Skipped: SubcommitteeSkipped
Done: House committeeApril 19, 2023
Done: Passes the HouseApril 19, 202395–0
Stopped: Senate committeeDied when the General Assembly ended
Next: Passes the Senate
Next: To the Governor
Next: Signed into law

Died when the session ended The General Assembly adjourned on April 19, 2024. Bills that didn’t pass both chambers died. What’s a funnel?

What’s in it

21(2), in assessing property that is rented or leased to low-income individuals and families as authorized by section of the Internal Revenue Code, unless the owner elects to withdraw the property from the assessment procedures for section property, the assessor shall use the productive and earning capacity from the actual rents received as a method of appraisal and shall take into account the extent to which that use and limitation reduces the market value of the property.21(14) excludes such property if it has not been withdrawn from section assessment procedures.

Read the full explanation

This bill allows for section property to be classified as residential property even if it has not been withdrawn from section assessment procedures if the property is primarily used or intended for human habitation containing two or fewer dwelling units. The bill takes effect upon enactment and applies retroactively to assessment years beginning on or after January 1, 2023.

From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text

Senate subcommittee

Named April 20, 2023. It hasn’t reported yet.

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

Fiscal note

Cost: up to $175,000 Compare with other bills

Changing the property classification for one- and two-dwelling unit Section 42 housing is projected to reduce property taxes owed by Section 42 property owners by $175,000 per year beginning in FY 2025.

Property Tax, Section 42 Property · April 19, 2023

Nonpartisan cost estimates from the Legislative Services Agency’s Fiscal Services Division. The newest is first. Reading a fiscal note

Iowa Code it changes

Amends§441.21

Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works

Lobbying

3 for · 0 against · 14 undecided · Who →