Bill Text: IA HF2419 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act modifying the calculation to determine the percentage of actual value at which agricultural and residential properties are taxed, and including applicability provisions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2024-02-08 - Introduced, referred to Ways and Means. H.J. 228. [HF2419 Detail]
Download: Iowa-2023-HF2419-Introduced.html
House
File
2419
-
Introduced
HOUSE
FILE
2419
BY
JACOBY
A
BILL
FOR
An
Act
modifying
the
calculation
to
determine
the
percentage
1
of
actual
value
at
which
agricultural
and
residential
2
properties
are
taxed,
and
including
applicability
3
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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H.F.
2419
Section
1.
Section
441.21,
subsection
4,
paragraph
a,
1
subparagraph
(2),
Code
2024,
is
amended
by
striking
the
2
subparagraph.
3
Sec.
2.
Section
441.21,
subsection
4,
paragraph
c,
4
subparagraph
(2),
Code
2024,
is
amended
to
read
as
follows:
5
(2)
For
valuations
established
as
of
January
1,
2013,
and
6
each
assessment
year
thereafter,
the
percentage
of
actual
7
value
as
equalized
by
the
department
of
revenue
as
provided
in
8
section
441.49
at
which
agricultural
and
residential
property
9
shall
be
assessed
shall
be
calculated
in
accordance
with
the
10
methods
provided
in
this
subsection
,
including
the
limitation
11
of
increases
in
agricultural
and
residential
assessed
values
to
12
the
percentage
increase
of
the
other
class
of
property
if
the
13
other
class
increases
less
than
the
allowable
limit
adjusted
14
to
include
the
applicable
and
current
values
as
equalized
by
15
the
department
of
revenue,
except
that
any
references
to
six
16
percent
in
this
subsection
shall
be
three
percent.
17
Sec.
3.
APPLICABILITY.
This
Act
applies
to
assessment
years
18
beginning
on
or
after
January
1,
2025.
19
EXPLANATION
20
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
21
the
explanation’s
substance
by
the
members
of
the
general
assembly.
22
Under
current
law,
calculations
of
the
percentage
of
actual
23
value
at
which
agricultural
and
residential
property
are
24
assessed
for
taxation
are
based
on
several
factors.
One
such
25
factor
is
the
percentage
of
growth
in
each
class
of
property.
26
Under
current
law,
the
amount
of
growth
that
may
be
used
to
27
calculate
the
taxable
percentage
of
each
class
of
property
is
28
limited
to
the
amount
of
growth
of
whichever
class
of
property
29
had
less
growth
in
the
previous
year
if
at
least
one
class
of
30
property
had
less
than
3
percent
growth.
31
This
bill
removes
the
limitation
that
residential
property
32
growth
and
agricultural
property
growth
may
only
be
calculated
33
based
on
whichever
class
of
property
had
lower
growth.
Both
34
classes
of
property
are
still
subject
to
the
limitation
that
35
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