A bill for an act relating to the assessment of certain development property, and including effective date and retroactive applicability provisions.
Impact
The implications of HSB307 are significant, as they alter the property's taxation landscape under state law. By maintaining a lower tax classification for development properties over a longer period, the bill supports developers by potentially reducing immediate financial burdens. Property assessors are instructed not to change the classification of these properties until they are developed. This modification intends to stimulate the construction of housing and infrastructure, thus aiming to alleviate housing shortages and promote economic development.
Summary
House Study Bill 307 focuses on the assessment of certain properties designated for development within Iowa. The bill modifies existing code by changing how the assessment of property taxes is handled for lots that have been acquired for development purposes. Specifically, it states that property acquired on or after January 1, 2020, shall remain classified and assessed for taxation as it was prior to acquisition or development activities until certain conditions are met, such as the improvement of the lot with a new structure or the sale of the property. This aims to provide relief to developers and encourage the establishment of new housing and commercial projects.
Contention
Despite its supportive intent toward development, the bill may face opposition due to concerns about the implications for local governance and revenue for municipalities. Critics might argue that prolonged tax breaks on new developments could result in diminished local government revenues, which are essential for funding community services and infrastructure. Additionally, there may be debates about whether such measures create a balance between stimulating growth and ensuring fair contributions from developers to the communities in which they operate.
Replaced by
A bill for an act relating to the assessment of certain development property, and including effective date and retroactive applicability provisions.(Formerly SSB 1180.)
Related
A bill for an act relating to the assessment of certain development property, and including effective date and retroactive applicability provisions.(See SF 598.)
A bill for an act relating to the assessment of property containing certain aboveground storage tanks and including effective date and retroactive applicability provisions.(Formerly HSB 67.)
A bill for an act relating to the calculation of assessment limitations for residential property and including effective date and retroactive applicability provisions.
A bill for an act relating to the assessment and taxation of certain sanitary sewage and storm water drainage property and including effective date and retroactive applicability provisions. (Formerly HSB 64.) Effective date: 05/01/2024. Applicability date: 01/01/2024.
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.(See HF 717.)
A bill for an act relating to property taxation for commercial child care centers and facilities and including effective date, applicability, and retroactive applicability provisions.(See HF 668.)
A bill for an act relating to the calculation of assessment limitations for residential property and including effective date and retroactive applicability provisions.(See SF 181.)
A bill for an act relating to property taxation for commercial child care centers and facilities and including effective date, applicability, and retroactive applicability provisions.(Formerly HSB 224.)
A bill for an act exempting certain structures from inclusion in property assessments, and including effective date and retroactive applicability provisions.
A bill for an act placing assessment limitations for property tax purposes on commercial child care facilities, and including effective date, applicability, and retroactive applicability provisions.(Formerly HSB 726.)
A bill for an act relating to nonsubstantive Code corrections, and including effective date and retroactive applicability provisions. (Formerly HSB 159.) Contingent effective date. Applicability date: 01/01/2022, 01/01/2023.