Read the full stored bill text
House
File
1013
-
Introduced
HOUSE
FILE
1013
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
HF
565)
A
BILL
FOR
An
Act
establishing
a
partial
exemption
on
property
taxes
for
1
certain
residential
properties
sold
in
disaster
areas.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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1013
Section
1.
Section
427.1,
Code
2025,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
43.
Residential
property
acquired
from
3
United
States
department
of
housing
and
urban
development.
4
a.
A
residential
property
sold
by
the
United
States
5
department
of
housing
and
urban
development
to
an
owner
who
6
is
occupying
the
residential
property
as
a
homestead
shall
7
be
partially
exempt
from
taxation
if
the
sale
was
to
provide
8
housing
to
individuals
following
a
major
disaster
or
disaster
9
emergency
and
the
residential
property
was
located
in
the
major
10
disaster
area
declared
by
the
president
of
the
United
States
11
or
the
disaster
emergency
area
for
which
the
governor
has
12
proclaimed
a
state
of
disaster
emergency.
The
exemption
is
for
13
a
period
of
four
assessment
years.
The
amount
of
the
partial
14
exemption
is
equal
to
a
percent
of
the
actual
value,
determined
15
as
follows:
16
(1)
For
the
first
full
assessment
year
occurring
after
the
17
sale,
eighty
percent.
18
(2)
For
the
second
full
assessment
year
occurring
after
the
19
sale,
sixty
percent.
20
(3)
For
the
third
full
assessment
year
occurring
after
the
21
sale,
forty
percent.
22
(4)
For
the
fourth
full
assessment
year
occurring
after
the
23
sale,
twenty
percent.
24
b.
For
purposes
of
this
subsection:
25
(1)
“Homestead”
means
a
dwelling
house
in
which
the
owner,
26
acting
in
good
faith,
is
occupying
or
plans
to
occupy,
as
a
27
home
for
at
least
six
months
during
a
calendar
year.
28
(2)
“Owner”
means
the
same
as
defined
in
section
425.11.
29
EXPLANATION
30
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
31
the
explanation’s
substance
by
the
members
of
the
general
assembly.
32
A
residential
property
sold
by
the
United
States
department
33
of
housing
and
urban
development
(HUD)
to
an
owner
who
is
34
occupying
the
residential
property
as
a
homestead
shall
be
35
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H.F.
1013
partially
exempt
from
taxation
if
the
sale
was
to
provide
1
housing
to
individuals
following
a
major
disaster
or
disaster
2
emergency
and
the
residential
property
was
located
in
the
major
3
disaster
or
disaster
emergency
area.
The
exemption
is
for
a
4
four-year
period
beginning
with
the
first
full
assessment
year
5
after
the
sale.
This
bill
provides
an
80
percent
exemption
on
6
the
actual
value
in
the
first
assessment
year,
a
60
percent
in
7
the
second
year,
a
40
percent
in
the
third
year,
a
20
percent
in
8
the
fourth
year,
and
the
exemption
expires
in
the
fifth
year.
9
The
bill
defines
“owner”
and
“homestead”.
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