This text of Iowa § 405.1 (Housing development — tax status — limitation) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1.
a.The board of supervisors of a county may adopt an ordinance providing that
property acquired and subdivided for development of housing on or after January 1, 2011,
shall continue to be assessed for taxation in the manner that it was prior to the acquisition
for housing. Each lot shall continue to be taxed in the manner it was prior to its acquisition
for housing until the lot is sold for construction or occupancy of housing or five years from
the date of subdivision, whichever is shorter. Upon the sale or the expiration of the five-year
period, the property shall be assessed for taxation as residential or commercial multifamily
property, whichever is applicable.
b.Ordinances adopted under this section, to the extent such ordinances affect the
assessment of property subdivided for de
Free access — add to your briefcase to read the full text and ask questions with AI
1. a. The board of supervisors of a county may adopt an ordinance providing that
property acquired and subdivided for development of housing on or after January 1, 2011,
shall continue to be assessed for taxation in the manner that it was prior to the acquisition
for housing. Each lot shall continue to be taxed in the manner it was prior to its acquisition
for housing until the lot is sold for construction or occupancy of housing or five years from
the date of subdivision, whichever is shorter. Upon the sale or the expiration of the five-year
period, the property shall be assessed for taxation as residential or commercial multifamily
property, whichever is applicable.
b. Ordinances adopted under this section, to the extent such ordinances affect the
assessment of property subdivided for development of housing on or after January 1, 2004,
but before January 1, 2011, shall remain in effect or otherwise be made effective and such
ordinances adopted under section 405.1, subsection 1, Code 2011, shall be extended to apply
the ordinances to the period of time ending ten years from the date of subdivision, and
ordinances adopted under section 405.1, subsection 2, Code 2011, shall be extended to apply
the ordinances to the period of time ending eight years from the date of subdivision.
2. On or after July 27, 2011, the board of supervisors of a county may amend an
ordinance adopted or otherwise made effective under subsection 1 to extend the period of
time established under subsection 1 to apply the ordinance to a period of time not to exceed
five years beyond the end of the period of time established under subsection 1. An extension
of an ordinance under this subsection may apply to all or a portion of the property that was
subject to the original ordinance.
3. A city council may adopt an ordinance affecting that portion of the applicable property
located within the incorporated area of the city, effectuating an extension of a county
ordinance otherwise eligible to be extended under subsection 2 and not previously extended
by the board of supervisors. An ordinance by a city council providing for an extension under
this subsection shall be subject to the limitations of subsection 2.