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House
File
418
-
Introduced
HOUSE
FILE
418
BY
GOLDING
A
BILL
FOR
An
Act
relating
to
property
taxes
by
modifying
the
methodology
1
for
determining
actual
value
of
residential
property,
2
certain
levy
rates,
and
assessment
limitations
of
certain
3
classes
of
property,
and
including
retroactive
applicability
4
provisions.
5
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
6
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418
DIVISION
I
1
RESIDENTIAL
PROPERTY
ACTUAL
VALUATION
LIMITATION
2
Section
1.
Section
441.21,
subsection
1,
paragraph
a,
Code
3
2025,
is
amended
to
read
as
follows:
4
a.
(1)
All
property
subject
to
taxation
shall
be
valued
5
at
its
actual
value
which
shall
be
entered
opposite
each
item,
6
and,
except
as
otherwise
provided
in
this
section
,
shall
be
7
assessed
at
one
hundred
percent
of
its
actual
value,
and
the
8
value
so
assessed
shall
be
taken
and
considered
as
the
assessed
9
value
and
taxable
value
of
the
property
upon
which
the
levy
10
shall
be
made.
11
(2)
For
assessment
years
beginning
on
or
after
January
12
1,
2026,
and
notwithstanding
any
provision
of
law
to
the
13
contrary,
the
actual
value
of
each
individual
residential
14
property,
including
after
adjustments
to
actual
values
15
made
as
the
result
of
equalization,
shall
not
exceed
one
16
hundred
percent
of
the
actual
value
of
the
property
for
the
17
immediately
preceding
assessment
year
unless
the
property
was
18
not
assessed
in
the
immediately
preceding
assessment
year,
19
the
property’s
boundaries
change,
there
is
a
change
to
the
20
property’s
classification,
or
new
construction,
additions,
21
or
improvements
have
been
made
to
the
property
other
than
22
normal
and
necessary
maintenance
or
repairs,
not
amounting
to
23
structural
replacements
or
modification.
24
Sec.
2.
Section
441.21,
subsection
1,
paragraph
b,
25
subparagraph
(1),
Code
2025,
is
amended
to
read
as
follows:
26
(1)
The
Subject
to
the
limitation
under
paragraph
“a”
,
27
subparagraph
(2),
the
actual
value
of
all
property
subject
28
to
assessment
and
taxation
shall
be
the
fair
and
reasonable
29
market
value
of
such
property
except
as
otherwise
provided
30
in
this
section
.
“Market
value”
is
defined
as
the
fair
and
31
reasonable
exchange
in
the
year
in
which
the
property
is
listed
32
and
valued
between
a
willing
buyer
and
a
willing
seller,
33
neither
being
under
any
compulsion
to
buy
or
sell
and
each
34
being
familiar
with
all
the
facts
relating
to
the
particular
35
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property.
Sale
prices
of
the
property
or
comparable
property
1
in
normal
transactions
reflecting
market
value,
and
the
2
probable
availability
or
unavailability
of
persons
interested
3
in
purchasing
the
property,
shall
be
taken
into
consideration
4
in
arriving
at
its
market
value.
In
arriving
at
market
value,
5
sale
prices
of
property
in
abnormal
transactions
not
reflecting
6
market
value
shall
not
be
taken
into
account,
or
shall
be
7
adjusted
to
eliminate
the
effect
of
factors
which
distort
8
market
value,
including
but
not
limited
to
sales
to
immediate
9
family
of
the
seller,
foreclosure
or
other
forced
sales,
10
contract
sales,
discounted
purchase
transactions
or
purchase
of
11
adjoining
land
or
other
land
to
be
operated
as
a
unit.
12
Sec.
3.
Section
441.21,
subsection
1,
paragraph
g,
Code
13
2025,
is
amended
to
read
as
follows:
14
g.
Notwithstanding
any
other
provision
of
this
section
,
15
the
actual
value
of
any
property
shall
not
exceed
its
fair
and
16
reasonable
market
value,
subject
to
paragraph
“a”
,
subparagraph
17
(2),
except
agricultural
property
which
shall
be
valued
18
exclusively
as
provided
in
paragraph
“e”
and
paragraph
“a”
,
19
subparagraph
(2),
of
this
subsection
.
20
Sec.
4.
Section
441.21,
subsection
2,
Code
2025,
is
amended
21
to
read
as
follows:
22
2.
In
the
event
market
value
of
the
property
being
assessed
23
cannot
be
readily
established
in
the
foregoing
manner,
then
24
the
assessor
may
,
subject
to
the
limitation
under
subsection
25
1,
paragraph
“a”
,
subparagraph
(2),
determine
the
value
of
26
the
property
using
the
other
uniform
and
recognized
appraisal
27
methods
including
its
productive
and
earning
capacity,
if
28
any,
industrial
conditions,
its
cost,
physical
and
functional
29
depreciation
and
obsolescence
and
replacement
cost,
and
all
30
other
factors
which
would
assist
in
determining
the
fair
and
31
reasonable
market
value
of
the
property
but
the
actual
value
32
shall
not
be
determined
by
use
of
only
one
such
factor.
The
33
following
shall
not
be
taken
into
consideration:
Special
value
34
or
use
value
of
the
property
to
its
present
owner,
and
the
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goodwill
or
value
of
a
business
which
uses
the
property
as
1
distinguished
from
the
value
of
the
property
as
property.
In
2
addition,
for
assessment
years
beginning
on
or
after
January
3
1,
2018,
and
unless
otherwise
required
for
property
valued
4
by
the
department
of
revenue
pursuant
to
chapters
428
,
437
,
5
and
438
,
the
assessor
shall
not
take
into
consideration
and
6
shall
not
request
from
any
person
sales
or
receipts
data,
7
expense
data,
balance
sheets,
bank
account
information,
or
8
other
data
related
to
the
financial
condition
of
a
business
9
operating
in
whole
or
in
part
on
the
property
if
the
property
10
is
both
classified
as
commercial
or
industrial
property
and
11
owned
and
used
by
the
owner
of
the
business.
However,
in
12
assessing
property
that
is
rented
or
leased
to
low-income
13
individuals
and
families
as
authorized
by
section
42
of
the
14
Internal
Revenue
Code,
as
amended,
and
which
section
limits
15
the
amount
that
the
individual
or
family
pays
for
the
rental
16
or
lease
of
units
in
the
property,
the
assessor
shall,
unless
17
the
owner
elects
to
withdraw
the
property
from
the
assessment
18
procedures
for
section
42
property,
use
the
productive
and
19
earning
capacity
from
the
actual
rents
received
as
a
method
20
of
appraisal
and
shall
take
into
account
the
extent
to
which
21
that
use
and
limitation
reduces
the
market
value
of
the
22
property.
The
assessor
shall
not
consider
any
tax
credit
23
equity
or
other
subsidized
financing
as
income
provided
to
24
the
property
in
determining
the
assessed
value.
The
property
25
owner
shall
notify
the
assessor
when
property
is
withdrawn
26
from
section
42
eligibility
under
the
Internal
Revenue
Code
27
or
if
the
owner
elects
to
withdraw
the
property
from
the
28
assessment
procedures
for
section
42
property
under
this
29
subsection
.
The
property
shall
not
be
subject
to
section
42
30
assessment
procedures
for
the
assessment
year
for
which
section
31
42
eligibility
is
withdrawn
or
an
election
is
made.
This
32
notification
must
be
provided
to
the
assessor
no
later
than
33
March
1
of
the
assessment
year
or
the
owner
will
be
subject
to
a
34
penalty
of
five
hundred
dollars
for
that
assessment
year.
The
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penalty
shall
be
collected
at
the
same
time
and
in
the
same
1
manner
as
regular
property
taxes.
An
election
to
withdraw
2
from
the
assessment
procedures
for
section
42
property
is
3
irrevocable.
Property
that
is
withdrawn
from
the
assessment
4
procedures
for
section
42
property
shall
be
classified
and
5
assessed
as
residential
property
unless
the
property
otherwise
6
fails
to
meet
the
requirements
of
subsection
14
.
Upon
7
adoption
of
uniform
rules
by
the
department
of
revenue
or
8
succeeding
authority
covering
assessments
and
valuations
of
9
such
properties,
the
valuation
on
such
properties
shall
be
10
determined
in
accordance
with
such
rules
and
in
accordance
with
11
forms
and
guidelines
contained
in
the
real
property
appraisal
12
manual
prepared
by
the
department
as
updated
from
time
to
time
13
for
assessment
purposes
to
assure
uniformity,
but
such
rules,
14
forms,
and
guidelines
shall
not
be
inconsistent
with
or
change
15
the
foregoing
means
of
determining
the
actual,
market,
taxable,
16
and
assessed
values.
17
DIVISION
II
18
MODIFICATION
OF
ASSESSMENT
LIMITATIONS
19
Sec.
5.
Section
441.21,
subsection
4,
Code
2025,
is
amended
20
to
read
as
follows:
21
4.
For
valuations
established
as
of
January
1,
1979
2025
,
22
the
percentage
of
actual
value
at
which
agricultural
and
23
residential
property
shall
be
assessed
shall
be
the
quotient
of
24
the
dividend
and
divisor
as
defined
in
this
section
determined
25
under
this
subsection
.
26
a.
(1)
The
percentage
of
actual
value
at
which
agricultural
27
property
shall
be
assessed
shall
be
the
quotient
of
the
28
dividend
and
divisor
as
defined
in
this
paragraph.
The
29
dividend
for
each
class
of
property
shall
be
the
dividend
30
as
determined
for
each
class
of
agricultural
property
for
31
valuations
established
as
of
January
1,
1978
2024
,
adjusted
by
32
the
product
obtained
by
multiplying
the
percentage
determined
33
for
that
year
by
the
amount
of
any
additions
or
deletions
to
34
actual
value,
excluding
those
resulting
from
the
revaluation
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of
existing
properties,
as
reported
by
the
assessors
on
the
1
abstracts
of
assessment
for
1978
2024
,
plus
six
three
percent
2
of
the
amount
so
determined.
3
(2)
However,
if
the
difference
between
the
dividend
so
4
determined
for
either
class
of
property
and
the
dividend
for
5
that
class
of
property
for
valuations
established
as
of
January
6
1,
1978,
adjusted
by
the
product
obtained
by
multiplying
7
the
percentage
determined
for
that
year
by
the
amount
of
8
any
additions
or
deletions
to
actual
value,
excluding
those
9
resulting
from
the
revaluation
of
existing
properties,
as
10
reported
by
the
assessors
on
the
abstracts
of
assessment
for
11
1978,
is
less
than
six
percent,
the
1979
dividend
for
the
other
12
class
of
property
shall
be
the
dividend
as
determined
for
that
13
class
of
property
for
valuations
established
as
of
January
14
1,
1978,
adjusted
by
the
product
obtained
by
multiplying
15
the
percentage
determined
for
that
year
by
the
amount
of
16
any
additions
or
deletions
to
actual
value,
excluding
those
17
resulting
from
the
revaluation
of
existing
properties,
as
18
reported
by
the
assessors
on
the
abstracts
of
assessment
for
19
1978,
plus
a
percentage
of
the
amount
so
determined
which
is
20
equal
to
the
percentage
by
which
the
dividend
as
determined
21
for
the
other
class
of
property
for
valuations
established
22
as
of
January
1,
1978,
adjusted
by
the
product
obtained
by
23
multiplying
the
percentage
determined
for
that
year
by
the
24
amount
of
any
additions
or
deletions
to
actual
value,
excluding
25
those
resulting
from
the
revaluation
of
existing
properties,
as
26
reported
by
the
assessors
on
the
abstracts
of
assessment
for
27
1978,
is
increased
in
arriving
at
the
1979
dividend
for
the
28
other
class
of
property.
29
(3)
For
valuations
established
for
assessment
years
30
beginning
on
or
after
January
1,
2022,
the
calculation
of
the
31
dividend
for
residential
property
under
this
subsection
shall
32
exclude
the
value
of
all
property
described
in
subsection
14
,
33
paragraph
“a”
,
subparagraphs
(2),
(3),
(4),
(5),
and
(6),
34
and
the
property
described
in
subsection
14
,
paragraph
“a”
,
35
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subparagraph
(7),
that
contains
three
or
more
separate
dwelling
1
units.
2
b.
(1)
The
divisor
for
each
class
of
property
shall
be
3
the
total
actual
value
of
all
such
agricultural
property
in
4
the
state
in
the
preceding
year,
as
reported
by
the
assessors
5
on
the
abstracts
of
assessment
submitted
for
1978
2024
,
plus
6
the
amount
of
value
added
to
said
total
actual
value
by
the
7
revaluation
of
existing
properties
in
1979
2025
as
equalized
8
by
the
director
of
revenue
pursuant
to
section
441.49
.
The
9
director
shall
utilize
information
reported
on
abstracts
of
10
assessment
submitted
pursuant
to
section
441.45
in
determining
11
such
percentage.
For
valuations
established
as
of
January
12
1,
2026,
and
each
assessment
year
thereafter,
the
percentage
13
of
actual
value
as
equalized
by
the
department
of
revenue
as
14
provided
in
section
441.49
at
which
agricultural
property
shall
15
be
assessed
shall
be
calculated
in
accordance
with
the
methods
16
provided
in
this
paragraph.
17
(2)
For
valuations
established
for
assessment
years
18
beginning
on
or
after
January
1,
2022,
the
calculation
of
the
19
divisor
for
residential
property
under
this
subsection
shall
20
exclude
the
value
of
all
property
described
in
subsection
14
,
21
paragraph
“a”
,
subparagraphs
(2),
(3),
(4),
(5),
and
(6),
22
and
the
property
described
in
subsection
14
,
paragraph
“a”
,
23
subparagraph
(7),
that
contains
three
or
more
separate
dwelling
24
units.
25
c.
(1)
For
valuations
established
as
of
January
1,
1980,
26
and
each
assessment
year
thereafter
beginning
before
January
27
1,
2013,
the
percentage
of
actual
value
as
equalized
by
the
28
director
of
revenue
as
provided
in
section
441.49
at
which
29
agricultural
and
residential
property
shall
be
assessed
shall
30
be
calculated
in
accordance
with
the
methods
provided
in
31
this
subsection
,
including
the
limitation
of
increases
in
32
agricultural
and
residential
assessed
values
to
the
percentage
33
increase
of
the
other
class
of
property
if
the
other
class
34
increases
less
than
the
allowable
limit
adjusted
to
include
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the
applicable
and
current
values
as
equalized
by
the
director
1
of
revenue,
except
that
any
references
to
six
percent
in
this
2
subsection
shall
be
four
percent.
3
(2)
For
valuations
established
as
of
January
1,
2013,
and
4
each
assessment
year
thereafter,
the
percentage
of
actual
5
value
as
equalized
by
the
department
of
revenue
as
provided
in
6
section
441.49
at
which
agricultural
and
residential
property
7
shall
be
assessed
shall
be
calculated
in
accordance
with
the
8
methods
provided
in
this
subsection
,
including
the
limitation
9
of
increases
in
agricultural
and
residential
assessed
values
to
10
the
percentage
increase
of
the
other
class
of
property
if
the
11
other
class
increases
less
than
the
allowable
limit
adjusted
12
to
include
the
applicable
and
current
values
as
equalized
by
13
the
department
of
revenue,
except
that
any
references
to
six
14
percent
in
this
subsection
shall
be
three
percent.
15
b.
(1)
For
valuations
established
for
the
assessment
year
16
beginning
January
1,
2025,
the
percentage
of
actual
value
as
17
equalized
by
the
department
of
revenue
as
provided
in
section
18
441.49
at
which
residential
property
shall
be
assessed
shall
19
be
fifty-five
percent.
20
(2)
For
valuations
established
for
the
assessment
year
21
beginning
January
1,
2026,
the
percentage
of
actual
value
as
22
equalized
by
the
department
of
revenue
as
provided
in
section
23
441.49
at
which
residential
property
shall
be
assessed
shall
24
be
sixty
percent.
25
(3)
For
valuations
established
for
the
assessment
year
26
beginning
January
1,
2027,
the
percentage
of
actual
value
as
27
equalized
by
the
department
of
revenue
as
provided
in
section
28
441.49
at
which
residential
property
shall
be
assessed
shall
29
be
sixty-five
percent.
30
(4)
For
valuations
established
for
the
assessment
year
31
beginning
January
1,
2028,
the
percentage
of
actual
value
as
32
equalized
by
the
department
of
revenue
as
provided
in
section
33
441.49
at
which
residential
property
shall
be
assessed
shall
34
be
seventy
percent.
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(5)
For
valuations
established
for
the
assessment
year
1
beginning
January
1,
2029,
the
percentage
of
actual
value
as
2
equalized
by
the
department
of
revenue
as
provided
in
section
3
441.49
at
which
residential
property
shall
be
assessed
shall
4
be
seventy-five
percent.
5
(6)
For
valuations
established
for
the
assessment
year
6
beginning
January
1,
2030,
the
percentage
of
actual
value
as
7
equalized
by
the
department
of
revenue
as
provided
in
section
8
441.49
at
which
residential
property
shall
be
assessed
shall
9
be
eighty
percent.
10
(7)
For
valuations
established
for
the
assessment
year
11
beginning
January
1,
2031,
the
percentage
of
actual
value
as
12
equalized
by
the
department
of
revenue
as
provided
in
section
13
441.49
at
which
residential
property
shall
be
assessed
shall
14
be
eighty-five
percent.
15
(8)
For
valuations
established
for
the
assessment
year
16
beginning
January
1,
2032,
the
percentage
of
actual
value
as
17
equalized
by
the
department
of
revenue
as
provided
in
section
18
441.49
at
which
residential
property
shall
be
assessed
shall
19
be
ninety
percent.
20
(9)
For
valuations
established
for
the
assessment
year
21
beginning
January
1,
2033,
the
percentage
of
actual
value
as
22
equalized
by
the
department
of
revenue
as
provided
in
section
23
441.49
at
which
residential
property
shall
be
assessed
shall
24
be
ninety-five
percent.
25
(10)
For
valuations
established
for
the
assessment
year
26
beginning
January
1,
2034,
and
each
assessment
year
thereafter,
27
the
percentage
of
actual
value
as
equalized
by
the
department
28
of
revenue
as
provided
in
section
441.49
at
which
residential
29
property
shall
be
assessed
shall
be
one
hundred
percent.
30
Sec.
6.
RETROACTIVE
APPLICABILITY.
This
division
of
this
31
Act
applies
retroactively
to
January
1,
2025,
for
assessment
32
years
beginning
on
or
after
that
date.
33
DIVISION
III
34
PROPERTY
TAX
LEVY
RATES
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Sec.
7.
NEW
SECTION
.
444.25
Maximum
property
tax
levy
rates
1
——
adjustments.
2
1.
For
purposes
of
this
section:
3
a.
“Base
year
total
taxable
value”
is
the
statewide
total
4
assessed
value
for
all
property
tax
classifications
used
to
5
calculate
taxes
for
the
fiscal
year
beginning
July
1,
2025.
6
b.
“Budget
year
total
taxable
value”
is
the
statewide
7
total
assessed
value
for
all
property
classifications
used
to
8
calculate
taxes
due
and
payable
in
the
fiscal
year
beginning
9
during
the
calendar
year
in
which
a
budget
is
certified,
10
excluding
value
attributable
to
new
construction.
11
c.
“Rate-limited
property
tax
levy”
includes
any
ad
valorem
12
property
tax
levy
limited
by
law
to
a
specific
maximum
property
13
tax
levy
rate
per
one
thousand
dollars
of
assessed
value
used
14
to
calculate
taxes.
15
2.
For
each
fiscal
year
beginning
on
or
after
July
1,
2026,
16
each
rate-limited
property
tax
levy
shall,
by
operation
of
17
this
section,
be
limited
to
a
levy
rate
that
is
equal
to
a
18
percentage
of
the
maximum
specified
levy
rate
or
the
actual
19
maximum
levy
approved
at
election,
whichever
is
less
and
if
20
applicable,
as
follows:
21
a.
For
the
property
taxes
due
and
payable
in
the
fiscal
22
year
beginning
July
1,
2026,
and
each
fiscal
year
thereafter
23
beginning
before
July
1,
2036,
a
percentage
equal
to
the
24
quotient,
expressed
as
a
percentage,
of
the
base
year
total
25
taxable
value
divided
by
the
budget
year
total
taxable
value.
26
b.
For
the
property
taxes
due
and
payable
in
fiscal
years
27
beginning
on
or
after
July
1,
2036,
a
percentage
equal
to
the
28
percentage
applicable
for
the
fiscal
year
beginning
July
1,
29
2035.
30
EXPLANATION
31
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
32
the
explanation’s
substance
by
the
members
of
the
general
assembly.
33
This
bill
relates
to
property
taxation
by
modifying
the
34
methodology
for
determining
actual
value
of
residential
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property,
assessment
limitations
of
certain
classes
of
1
property,
and
certain
levy
rate
limitations.
2
DIVISION
I
——
RESIDENTIAL
PROPERTY
ACTUAL
VALUE
LIMITATION.
3
Under
Code
section
441.21,
all
property
subject
to
taxation
4
shall
be
valued
at
its
actual
value
and,
except
as
otherwise
5
provided
by
law,
shall
be
assessed
at
100
percent
of
its
actual
6
value,
and
the
value
so
assessed
shall
be
taken
and
considered
7
as
the
assessed
value
and
taxable
value
of
the
property
upon
8
which
the
levy
shall
be
made.
Actual
value
is
generally
9
required
to
be
the
fair
and
reasonable
market
value.
“Market
10
value”
is
defined
as
the
fair
and
reasonable
exchange
in
the
11
year
in
which
the
property
is
listed
and
valued
between
a
12
willing
buyer
and
a
willing
seller,
neither
being
under
any
13
compulsion
to
buy
or
sell
and
each
being
familiar
with
all
14
the
facts
relating
to
the
particular
property,
but
excluding
15
certain
abnormal
sales.
16
The
bill
provides
that
for
assessment
years
beginning
17
on
or
after
January
1,
2026,
the
actual
value
of
each
18
individual
property,
including
after
adjustments
to
actual
19
values
made
as
the
result
of
equalization,
shall
not
exceed
20
100
percent
of
the
actual
value
of
the
property
for
the
21
immediately
preceding
assessment
year
unless
the
property
was
22
not
assessed
in
the
immediately
preceding
assessment
year,
23
the
property’s
boundaries
change,
there
is
a
change
to
the
24
property’s
classification,
or
new
construction,
additions,
25
or
improvements
have
been
made
to
the
property
other
than
26
normal
and
necessary
maintenance
or
repairs,
not
amounting
to
27
structural
replacements
or
modification.
28
The
bill
also
makes
conforming
changes
to
other
provisions
29
of
law
relating
to
the
valuation
of
property.
30
DIVISION
II
——
MODIFICATION
OF
ASSESSMENT
LIMITATIONS.
31
Code
section
441.21(4)
establishes
the
calculation
for
32
assessment
limitations
(rollback)
for
residential
property
and
33
agricultural
property.
The
bill
strikes
the
calculation
of
34
the
residential
property
assessment
limitation
for
assessment
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years
beginning
on
or
after
January
1,
2025,
and
strikes
1
the
provision
within
the
agricultural
property
assessment
2
limitation
calculation
that
limits
growth
of
residential
or
3
agricultural
property
to
the
growth
in
the
other
classification
4
(ag-residential
tie).
The
bill
establishes
a
schedule
of
5
assessment
limitations
for
residential
property
that
increases
6
each
assessment
year
from
the
assessment
year
beginning
January
7
1,
2025,
until
the
assessment
limitation
reaches
one
hundred
8
percent
for
assessment
years
beginning
on
or
after
January
9
1,
2034.
By
operation
of
the
scheduled
increases
to
the
10
residential
property
assessment
limitation,
the
assessment
11
limitation
applicable
to
that
portion
of
commercial,
and
12
industrial
property
that
is
equal
to
or
less
than
$150,000
is
13
also
increased.
14
This
division
of
the
bill
applies
retroactively
to
15
assessment
years
beginning
on
or
after
January
1,
2025.
16
DIVISION
III
——
PROPERTY
TAX
LEVY
RATES.
The
bill
17
establishes
a
reduction
for
rate-limited
property
tax
levies
18
that
corresponds
with
the
increase
of
assessment
limitations
19
under
the
bill.
The
bill
defines
“rate-limited
property
tax
20
levy”
to
be
any
ad
valorem
property
tax
levy
limited
by
law
to
21
a
specific
property
tax
levy
rate
per
$1,000
of
assessed
value
22
used
to
calculate
taxes.
23
For
each
fiscal
year
beginning
on
or
after
July
1,
2026,
24
each
rate-limited
property
tax
levy
shall,
by
operation
of
the
25
bill,
be
limited
to
a
levy
rate
that
is
equal
to
a
percentage
26
of
the
maximum
specified
levy
rate
or
the
actual
maximum
levy
27
approved
at
election,
whichever
is
less
and
if
applicable,
28
as
follows:
(1)
for
the
property
taxes
due
and
payable
in
29
the
fiscal
year
beginning
July
1,
2026,
and
each
fiscal
year
30
thereafter
beginning
before
July
1,
2036,
a
percentage
equal
31
to
the
quotient,
expressed
as
a
percentage,
of
the
base
year
32
total
taxable
value
divided
by
the
budget
year
total
taxable
33
value;
and
(2)
for
the
property
taxes
due
and
payable
in
fiscal
34
years
beginning
on
or
after
July
1,
2036,
a
percentage
equal
to
35
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the
percentage
applicable
for
the
fiscal
year
beginning
July
1
1,
2035.
2
The
bill
defines
“base
year
total
taxable
value”
as
3
the
statewide
total
assessed
value
for
all
property
tax
4
classifications
used
to
calculate
taxes
for
the
fiscal
5
year
beginning
July
1,
2025,
and
“budget
year
total
taxable
6
value”
as
the
statewide
total
assessed
value
for
all
property
7
classifications
used
to
calculate
taxes
due
and
payable
in
8
the
fiscal
year
beginning
during
the
calendar
year
in
which
9
a
budget
is
certified,
excluding
value
attributable
to
new
10
construction.
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