1.A reassessment expense fund is created in the office of the treasurer of state for
the purpose of providing loans to a city and county conference board for conducting
reassessments of property. There is appropriated to the reassessment expense fund from
the general fund of the state from any unappropriated funds in the general fund of the
state such funds as are necessary to carry out the provisions of this section, section 421.17,
subsection 19, and section 441.19, subsection 2, subject to the approval of the director of
revenue. Repayment of loans shall be credited to the fund.
2.The director of revenue shall maintain and administer the reassessment expense fund
created pursuant to subsection 1.
3.Within sixty days of the receipt of an order of the director to reassess all or part o
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1. A reassessment expense fund is created in the office of the treasurer of state for
the purpose of providing loans to a city and county conference board for conducting
reassessments of property. There is appropriated to the reassessment expense fund from
the general fund of the state from any unappropriated funds in the general fund of the
state such funds as are necessary to carry out the provisions of this section, section 421.17,
subsection 19, and section 441.19, subsection 2, subject to the approval of the director of
revenue. Repayment of loans shall be credited to the fund.
2. The director of revenue shall maintain and administer the reassessment expense fund
created pursuant to subsection 1.
3. Within sixty days of the receipt of an order of the director to reassess all or part of
the property in an assessing jurisdiction, the conference board and assessor of the assessing
jurisdiction shall submit to the director a detailed proposal for complying with the order.
The proposal shall contain specifications for the completion of the reassessment project, the
financialconditionoftheassessingjurisdiction, andanyotherinformationdeemednecessary
by the director.
4. Each proposal submitted pursuant to subsection 3 shall be reviewed by the director to
determine if the proposal will result in compliance with the reassessment order. The director
shall approve or disapprove each proposal and shall notify the appropriate conference
board and assessor of the decision. If the director determines the proposal will not result
in compliance with the reassessment order, the notice shall contain the reasons for the
director’s determination and an explanation as to how the proposal shall be corrected in
order to be approved by the director.
5. If the notice to the conference board and the assessor states that the director has
determined that the proposal will result in compliance with the reassessment order, the
conference board may, if it lacks the financial resources to comply in all respects with the
reassessment order, file with the director an application for a loan from the reassessment
expense fund. The loan to the conference board may be for all or part of the funds required
to comply with the reassessment order. The director shall approve, amend and approve, or
reject each application and notify the conference board and assessor of its decision. If the
application is amended or rejected, the notice shall contain the director’s reasons for the
amendment or rejection.
6. Upon the director’s approval of the advancement of funds from the reassessment
expense fund, the director shall certify to the appropriate conference board and assessor
a schedule for disbursing the loan to the assessing jurisdiction’s assessment expense fund
authorized by section 441.16. The schedule shall provide for the disbursement of funds over
the period of the reassessment project, except that ten percent of the funds shall not be
disbursed until the project is completed. The conference board shall at its next opportunity
levy pursuant to section 441.16 sufficient funds for purposes of repaying the loan made
from the reassessment expense fund. The amount levied shall be sufficient to repay the loan
in semiannual installments during the course of the reappraisal project as specified by a
repayment schedule established by the director. The repayment schedule shall provide for
repayment of the loan not later than one year following the completion of the reassessment.
Semiannual repayments of the proceeds of the loan shall be made on or before December 1
and May 1 of each year.
7. Any reassessment of property ordered by the director, whether or not undertaken with
funds provided in this section, shall be conducted by the assessor in accordance with the
Iowa real property appraisal manual issued under authority of section 421.17, subsection
17, the assessment laws of this state, and any reassessment order issued by the director
under authority of this chapter. The conference board may employ appraisers or other expert
help to assist the assessor in completing the reassessment, except that no conference board
receiving funds under this section shall enter into a contract for the reassessment of property
until the board’s proposal for completing the reassessment is approved. The director shall
supervisetheconductofallreassessmentsofpropertyandissuetotheassessororconference
board such instructions, directives, or orders as are necessary to ensure compliance with the
provisions of this section and the assessment laws of this state.
8. The assessor of each assessing jurisdiction receiving funds under this section shall
submit to the director, in the form and manner prescribed by the director, reports showing
the progress of the reassessment. If the director determines that a reassessment undertaken
with funds provided in this section is not being conducted in accordance with the proposal
submittedpursuanttosubsection3, thedirectorshallnotifytheappropriateconferenceboard
and assessor of the director’s determination. The notice shall contain an explanation as to
how the deficiencies in the reassessment may be corrected. If the deficiencies noted by the
director are not corrected within sixty days of the date the assessor and conference board
are notified of their existence, the director shall suspend payments from the reassessment
expense fund until the deficiencies have been corrected.
9. Funds obtained under this section shall be used only to conduct reassessments of
property as approved and conducted pursuant to this section.