Bill Text: IA HF717 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act 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.(Formerly HSB 61.)
Spectrum: Committee Bill
Status: (Engrossed) 2023-04-20 - Subcommittee: Dawson, Jochum, and Koelker. S.J. 918. [HF717 Detail]
Download: Iowa-2023-HF717-Introduced.html
House
File
717
-
Introduced
HOUSE
FILE
717
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
HSB
61)
A
BILL
FOR
An
Act
relating
to
the
assessment
and
valuation
of
property
1
rented
or
leased
to
certain
low-income
individuals
and
2
families
and
including
effective
date
and
retroactive
3
applicability
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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1059HV
(2)
90
md/jh
H.F.
717
Section
1.
Section
441.21,
subsection
14,
paragraph
c,
Code
1
2023,
is
amended
to
read
as
follows:
2
c.
Property
that
is
rented
or
leased
to
low-income
3
individuals
and
families
as
authorized
by
section
42
of
the
4
Internal
Revenue
Code,
and
that
has
not
been
withdrawn
from
5
section
42
assessment
procedures
under
subsection
2
of
this
6
section
,
or
a
hotel,
motel,
inn,
or
other
building
where
7
rooms
or
dwelling
units
are
usually
rented
for
less
than
one
8
month
shall
not
be
classified
as
residential
property
under
9
this
subsection
,
unless
the
property
otherwise
meets
the
10
requirements
of
paragraph
“a”
,
subparagraph
(1)
.
11
Sec.
2.
Section
441.21,
subsection
14,
Code
2023,
is
amended
12
by
adding
the
following
new
paragraph:
13
NEW
PARAGRAPH
.
0d.
Property
that
is
a
hotel,
motel,
inn,
or
14
other
building
where
rooms
or
dwelling
units
are
usually
rented
15
for
less
than
one
month
shall
not
be
classified
as
residential
16
property
under
this
subsection.
17
Sec.
3.
EFFECTIVE
DATE.
This
Act,
being
deemed
of
immediate
18
importance,
takes
effect
upon
enactment.
19
Sec.
4.
RETROACTIVE
APPLICABILITY.
This
Act
applies
20
retroactively
to
assessment
years
beginning
on
or
after
January
21
1,
2023.
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
Under
Code
section
441.21(2),
in
assessing
property
that
26
is
rented
or
leased
to
low-income
individuals
and
families
as
27
authorized
by
section
42
of
the
Internal
Revenue
Code,
unless
28
the
owner
elects
to
withdraw
the
property
from
the
assessment
29
procedures
for
section
42
property,
the
assessor
shall
use
the
30
productive
and
earning
capacity
from
the
actual
rents
received
31
as
a
method
of
appraisal
and
shall
take
into
account
the
extent
32
to
which
that
use
and
limitation
reduces
the
market
value
33
of
the
property.
The
definition
of
“residential
property”
34
under
Code
section
441.21(14)
excludes
such
property
if
it
35
-1-
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1059HV
(2)
90
md/jh
1/
2
H.F.
717
has
not
been
withdrawn
from
section
42
assessment
procedures.
1
This
bill
allows
for
section
42
property
to
be
classified
as
2
residential
property
even
if
it
has
not
been
withdrawn
from
3
section
42
assessment
procedures
if
the
property
is
primarily
4
used
or
intended
for
human
habitation
containing
two
or
fewer
5
dwelling
units.
6
The
bill
takes
effect
upon
enactment
and
applies
7
retroactively
to
assessment
years
beginning
on
or
after
January
8
1,
2023.
9
-2-
LSB
1059HV
(2)
90
md/jh
2/
2
