§ 427B.26 — Special valuation of wind energy conversion property

Iowa § 427B.26

• Jurisdiction: Iowa
• Title X: FINANCIAL RESOURCES
• Ch. 427B: SPECIAL TAX PROVISIONS

Text

1. a. A city council or county board of supervisors may provide by ordinance for the
special valuation of wind energy conversion property as provided in subsection 2. The
ordinance may be enacted not less than thirty days after a public hearing on the ordinance is
held. Notice of the hearing shall be published in accordance with section 331.305 in the case
of a county, or section 362.3 in the case of a city. The ordinance shall only apply to property
first assessed on or after the effective date of the ordinance.
b. If in the opinion of the city council or the county board of supervisors continuation of
the special valuation provided under this section ceases to be of benefit to the city or county,
the city council or the county board of supervisors may repeal the ordinance authorized by
this subsection. Property specially valued under this section prior to repeal of the ordinance
shall continue to be valued under this section until the end of the nineteenth assessment year
following the assessment year in which the property was first assessed. Following repeal
of the ordinance and conclusion of the applicable nineteen-year period, the wind energy
conversion property shall be subject to assessment and taxation under chapter 437A, section
441.21, subsection 8, paragraphs “b”, “c”, and “d”, or sections 428.24 through 428.26, 428.28,
and 428.29, as applicable.
2. In lieu of the valuation and assessment provisions in chapter 437A, section 441.21,
subsection 8, paragraphs “b”, “c”, and “d”, and sections 428.24 through 428.26, 428.28, and
428.29, as applicable, wind energy conversion property which is first assessed for property
taxationonorafterJanuary1,1994,andonoraftertheeffectivedateoftheordinanceenacted
pursuant to subsection 1, shall be valued by the local assessor for property tax purposes as
follows:
a. For the first assessment year, at zero percent of the net acquisition cost.
b. For the second through sixth assessment years, at a percent of the net acquisition cost
which rate increases by five percentage points each assessment year.
c. Fortheseventhandsucceedingassessmentyears,atthirtypercentofthenetacquisition
cost.
9 SPECIAL TAX PROVISIONS, §427B.26
3. a. The taxpayer shall file with the local assessor by February 1 of the assessment year
in which the wind energy conversion property is first assessed for property tax purposes, a
declaration of intent to have the property assessed at the value determined under this section
in lieu of the valuation and assessment provisions in chapter 437A, section 441.21, subsection
8, paragraphs “b”, “c”, and “d”, and sections 428.24 through 428.26, 428.28, and 428.29, as
applicable.
b. Maintaining, refurbishing, or repowering wind energy conversion property shall not
cause the wind energy conversion property to receive a new assessment schedule under
subsection 2.
4. For purposes of this section:
a. “Collector substation” means an electrical substation designed to collect energy from
multiple electricity-generating sources.
b. “Netacquisitioncost” means the acquired cost of the property including all foundations
and installation cost less any excess cost adjustment. However, except in the case of
a clerical error, an adjustment shall not be made after the third year the wind energy
conversion property is assessed.
c. “Repowering” means the removal and replacement of components of wind energy
conversion property.
d. “Wind energy conversion property” means the entire wind plant including but not
limited to a wind charger, windmill, wind turbine, tower and electrical equipment, pad
mount transformers, power lines, and collector substation.