Bill Text: IA HF2466 | 2013-2014 | 85th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: A bill for an act relating to the assessment of certain housing rented or leased to low-income individuals and families and including applicability provisions. Effective 7-1-14.
Spectrum: Committee Bill
Status: (Passed) 2014-05-30 - Signed by Governor. H.J. 897. [HF2466 Detail]
Download: Iowa-2013-HF2466-Amended.html
Bill Title: A bill for an act relating to the assessment of certain housing rented or leased to low-income individuals and families and including applicability provisions. Effective 7-1-14.
Spectrum: Committee Bill
Status: (Passed) 2014-05-30 - Signed by Governor. H.J. 897. [HF2466 Detail]
Download: Iowa-2013-HF2466-Amended.html
House
File
2466
-
Reprinted
HOUSE
FILE
2466
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
HSB
687)
(As
Amended
and
Passed
by
the
House
April
15,
2014
)
A
BILL
FOR
An
Act
relating
to
the
assessment
of
certain
housing
rented
or
1
leased
to
low-income
individuals
and
families
and
including
2
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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2466
Section
1.
Section
426C.4,
subsection
1,
paragraph
b,
1
subparagraph
(1),
Code
2014,
is
amended
to
read
as
follows:
2
(1)
Property
that
is
rented
or
leased
to
low-income
3
individuals
and
families
as
authorized
by
section
42
of
the
4
Internal
Revenue
Code,
as
amended
,
and
that
is
subject
to
5
assessment
procedures
relating
to
section
42
property
under
6
section
441.21,
subsection
2
,
for
the
applicable
assessment
7
year
.
8
Sec.
2.
Section
441.21,
subsection
2,
Code
2014,
is
amended
9
to
read
as
follows:
10
2.
In
the
event
market
value
of
the
property
being
assessed
11
cannot
be
readily
established
in
the
foregoing
manner,
then
12
the
assessor
may
determine
the
value
of
the
property
using
13
the
other
uniform
and
recognized
appraisal
methods
including
14
its
productive
and
earning
capacity,
if
any,
industrial
15
conditions,
its
cost,
physical
and
functional
depreciation
16
and
obsolescence
and
replacement
cost,
and
all
other
factors
17
which
would
assist
in
determining
the
fair
and
reasonable
18
market
value
of
the
property
but
the
actual
value
shall
not
19
be
determined
by
use
of
only
one
such
factor.
The
following
20
shall
not
be
taken
into
consideration:
Special
value
or
use
21
value
of
the
property
to
its
present
owner,
and
the
goodwill
or
22
value
of
a
business
which
uses
the
property
as
distinguished
23
from
the
value
of
the
property
as
property.
However,
in
24
assessing
property
that
is
rented
or
leased
to
low-income
25
individuals
and
families
as
authorized
by
section
42
of
the
26
Internal
Revenue
Code,
as
amended,
and
which
section
limits
27
the
amount
that
the
individual
or
family
pays
for
the
rental
28
or
lease
of
units
in
the
property,
the
assessor
shall
,
unless
29
the
owner
elects
to
withdraw
the
property
from
the
assessment
30
procedures
for
section
42
property,
use
the
productive
and
31
earning
capacity
from
the
actual
rents
received
as
a
method
of
32
appraisal
and
shall
take
into
account
the
extent
to
which
that
33
use
and
limitation
reduces
the
market
value
of
the
property.
34
The
assessor
shall
not
consider
any
tax
credit
equity
or
other
35
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subsidized
financing
as
income
provided
to
the
property
in
1
determining
the
assessed
value.
The
property
owner
shall
2
notify
the
assessor
when
property
is
withdrawn
from
section
42
3
eligibility
under
the
Internal
Revenue
Code
or
if
the
owner
4
elects
to
withdraw
the
property
from
the
assessment
procedures
5
for
section
42
property
under
this
subsection
.
The
property
6
shall
not
be
subject
to
section
42
assessment
procedures
7
for
the
assessment
year
for
which
section
42
eligibility
is
8
withdrawn
or
an
election
is
made
.
This
notification
must
9
be
provided
to
the
assessor
no
later
than
March
1
of
the
10
assessment
year
or
the
owner
will
be
subject
to
a
penalty
of
11
five
hundred
dollars
for
that
assessment
year.
The
penalty
12
shall
be
collected
at
the
same
time
and
in
the
same
manner
13
as
regular
property
taxes.
An
election
to
withdraw
from
the
14
assessment
procedures
for
section
42
property
is
irrevocable.
15
Property
that
is
withdrawn
from
the
assessment
procedures
16
for
section
42
property
shall
be
classified
and
assessed
as
17
multiresidential
property
unless
the
property
otherwise
fails
18
to
meet
the
requirements
of
section
441.21,
subsection
13.
19
Upon
adoption
of
uniform
rules
by
the
department
of
revenue
20
or
succeeding
authority
covering
assessments
and
valuations
21
of
such
properties,
the
valuation
on
such
properties
shall
be
22
determined
in
accordance
with
such
rules
and
in
accordance
with
23
forms
and
guidelines
contained
in
the
real
property
appraisal
24
manual
prepared
by
the
department
as
updated
from
time
to
time
25
for
assessment
purposes
to
assure
uniformity,
but
such
rules,
26
forms,
and
guidelines
shall
not
be
inconsistent
with
or
change
27
the
foregoing
means
of
determining
the
actual,
market,
taxable
28
and
assessed
values.
29
Sec.
3.
Section
441.21,
subsection
13,
paragraph
d,
as
30
enacted
by
2013
Iowa
Acts,
chapter
123,
section
28,
is
amended
31
to
read
as
follows:
32
d.
In
no
case,
however,
shall
property
Property
that
is
33
rented
or
leased
to
low-income
individuals
and
families
as
34
authorized
by
section
42
of
the
Internal
Revenue
Code,
and
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that
is
subject
to
assessment
procedures
relating
to
section
1
42
property
under
section
441.21,
has
not
been
withdrawn
from
2
section
42
assessment
procedures
under
subsection
2
of
this
3
section
,
or
a
hotel,
motel,
inn,
or
other
building
where
rooms
4
or
dwelling
units
are
usually
rented
for
less
than
one
month
5
shall
not
be
classified
as
multiresidential
property
under
this
6
subsection
.
7
Sec.
4.
APPLICABILITY.
This
Act
applies
to
assessment
years
8
beginning
on
or
after
January
1,
2015.
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