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House
File
2188
-
Introduced
HOUSE
FILE
2188
BY
COMMITTEE
ON
JUDICIARY
(SUCCESSOR
TO
HSB
569)
A
BILL
FOR
An
Act
relating
to
real
estate
transfer
tax,
including
1
declarations
of
value.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
5748HV
(1)
91
lh/jh
H.F.
2188
Section
1.
Section
428A.1,
subsection
2,
Code
2026,
is
1
amended
to
read
as
follows:
2
2.
When
each
deed,
instrument,
or
writing
by
which
any
real
3
property
in
this
state
is
granted,
assigned,
transferred,
or
4
otherwise
conveyed
is
presented
for
recording
to
the
county
5
recorder,
a
declaration
of
value
signed
by
at
least
one
of
the
6
sellers
or
one
of
the
buyers
or
their
agents
shall
be
submitted
7
to
the
county
recorder.
However,
if
the
deed,
instrument,
or
8
writing
contains
multiple
parcels
some
of
which
are
located
in
9
more
than
one
county,
separate
declarations
of
value
shall
be
10
submitted
on
the
parcels
located
in
each
county
and
submitted
11
to
the
county
recorder
of
that
county
when
paying
the
tax
as
12
provided
in
section
428A.5
.
A
declaration
of
value
is
not
13
required
for
those
instruments
described
in
section
428A.2,
14
subsections
2
through
5,
and
7
through
13,
and
16
through
21
15
22
,
or
described
in
section
428A.2,
subsection
6
,
except
in
the
16
case
of
a
federal
agency
or
instrumentality,
or
if
a
transfer
17
is
the
result
of
acquisition
of
lands,
whether
by
contract
or
18
condemnation,
for
public
purposes
through
an
exercise
of
the
19
power
of
eminent
domain.
20
EXPLANATION
21
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
22
the
explanation’s
substance
by
the
members
of
the
general
assembly.
23
This
bill
relates
to
real
estate
transfer
tax,
including
24
declarations
of
value.
25
A
real
estate
transfer
tax
is
imposed
on
deeds,
instruments,
26
or
writings
when
land,
tenements,
or
other
real
property
are
27
granted,
assigned,
transferred,
or
otherwise
conveyed,
except
28
in
certain
circumstances
specified
in
Code
section
428A.2.
29
When
a
deed,
instrument,
or
writing
conveys
real
property,
a
30
declaration
of
value
must
be
submitted
to
the
county
recorder.
31
Under
current
law,
a
declaration
of
value
is
not
required
32
for
certain
instruments
that
are
not
subject
to
a
real
estate
33
transfer
tax.
The
bill
expands
the
categories
of
instruments
34
exempt
from
the
declaration
of
value
requirement
to
include
the
35
-1-
LSB
5748HV
(1)
91
lh/jh
1/
2
H.F.
2188
following:
(1)
instruments
of
transfer
made
or
delivered
as
1
a
result
of
a
corporate
or
limited
liability
company
merger,
2
consolidation,
or
reorganization;
(2)
deeds
between
a
family
3
corporation,
partnership,
limited
liability
partnership,
or
4
limited
liability
company
and
its
stockholders,
partners,
or
5
members
for
the
purpose
of
transferring
real
property
in
an
6
incorporation
or
corporate
dissolution
or
the
organization
or
7
dissolution
of
a
partnership,
limited
partnership,
limited
8
liability
partnership,
or
limited
liability
company,
when
the
9
deeds
are
given
for
no
actual
consideration
other
than
shares
10
or
debt
securities
of
the
entity;
and
(3)
deeds
transferring
11
distributions
of
trust
assets
to
beneficiaries
when
conveyed
12
without
consideration.
13
-2-
LSB
5748HV
(1)
91
lh/jh
2/
2