Bill Text: IA SF548 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act modifying provisions governing the taxation of forest reservations and fruit-tree reservations.(Formerly SSB 1129.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2024-01-09 - Subcommittee: Klimesh, Dawson, and Dotzler. S.J. 60. [SF548 Detail]
Download: Iowa-2023-SF548-Introduced.html
Senate
File
548
-
Introduced
SENATE
FILE
548
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
SSB
1129)
A
BILL
FOR
An
Act
modifying
provisions
governing
the
taxation
of
forest
1
reservations
and
fruit-tree
reservations.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
2020SV
(1)
90
md/jh
S.F.
548
Section
1.
Section
427C.1,
Code
2023,
is
amended
to
read
as
1
follows:
2
427C.1
Tax
exemption.
3
1.
Any
person
who
establishes
a
forest
or
fruit-tree
4
reservation
as
provided
in
this
chapter
shall
be
entitled
to
5
the
tax
exemption
provided
by
law
in
this
chapter
.
6
2.
a.
For
the
assessment
year
beginning
January
1,
2024,
7
the
amount
of
the
exemption
for
each
qualifying
reservation
8
shall
be
that
portion
of
the
actual
value
of
the
reservation
9
that
exceeds
an
amount
equal
to
the
product
of
the
number
of
10
acres
of
the
reservation
multiplied
by
twenty-five
percent
11
of
the
county
valuation
per
acre
of
agricultural
property
12
determined
pursuant
to
section
441.21,
subsection
1,
paragraph
13
“e”
,
for
the
same
assessment
year.
14
b.
For
the
assessment
year
beginning
January
1,
2025,
and
15
each
succeeding
assessment
year,
the
amount
of
the
exemption
16
for
each
qualifying
reservation
shall
be
that
portion
of
the
17
actual
value
of
the
reservation
that
exceeds
an
amount
equal
18
to
the
product
of
the
number
of
acres
of
the
reservation
19
multiplied
by
fifty
percent
of
the
county
valuation
per
acre
of
20
agricultural
property
determined
pursuant
to
section
441.21,
21
subsection
1,
paragraph
“e”
,
for
the
same
assessment
year.
22
EXPLANATION
23
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
24
the
explanation’s
substance
by
the
members
of
the
general
assembly.
25
Current
Code
chapter
427C
authorizes
a
property
tax
26
exemption
for
certain
forest
reservations
and
fruit-tree
27
reservations.
The
bill
provides
that
for
the
assessment
year
28
beginning
January
1,
2024,
the
amount
of
the
exemption
for
each
29
qualifying
reservation
shall
be
that
portion
of
the
actual
30
value
of
the
reservation
that
exceeds
an
amount
equal
to
the
31
product
of
the
number
of
acres
of
the
reservation
multiplied
32
by
25
percent
of
the
county
valuation
per
acre
of
agricultural
33
property
determined
pursuant
to
Code
section
441.21(1)(e)
for
34
the
same
assessment
year.
For
the
assessment
year
beginning
35
-1-
LSB
2020SV
(1)
90
md/jh
1/
2
S.F.
548
January
1,
2025,
and
each
succeeding
assessment
year,
the
1
amount
of
the
exemption
for
each
qualifying
reservation
shall
2
be
that
portion
of
the
actual
value
of
the
reservation
that
3
exceeds
an
amount
equal
to
the
product
of
the
number
of
acres
4
of
the
reservation
multiplied
by
50
percent
of
the
county
5
valuation
per
acre
of
agricultural
property
determined
pursuant
6
to
Code
section
441.21(1)(e)
for
the
same
assessment
year.
7
-2-
LSB
2020SV
(1)
90
md/jh
2/
2
