§ 435.26 — Conversion to real property

Iowa § 435.26

• Jurisdiction: Iowa
• Title X: FINANCIAL RESOURCES
• Ch. 435: PROPERTY TAXES ON MANUFACTURED AND MOBILE HOMES

Text

1. a. A mobile home or manufactured home which is located outside a manufactured
home community or mobile home park shall be converted to real estate by being placed on a
permanentfoundationandshallbeassessedforrealestatetaxes. Ahome, afterconversionto
real estate, is eligible for the homestead tax exemption and credit and the military service tax
exemption as provided in chapter 425, subchapter I, and section 426A.11. A taxable mobile
home or manufactured home which is located outside of a manufactured home community
or mobile home park as of January 1, 1995, is also exempt from the permanent foundation
requirements of this chapter until the home is relocated.
b. If a security interest is noted on the certificate of title, the home owner shall tender to
the secured party a mortgage on the real estate upon which the home is to be located in the
unpaid amount of the secured debt, and with the same priority as or a higher priority than
the secured party’s security interest, or shall obtain the written consent of the secured party
to the conversion, in which latter case the lien notation on the certificate of title shall suffice
to preserve the lienholder’s security in the home separate from any interest in the land.
7 PROPERTY TAXES ON MANUFACTURED AND MOBILE HOMES, §435.26A
2. Aftercomplyingwithsubsection1, theownershallnotifytheassessorwhoshallinspect
the new premises for compliance. If a security interest is noted on the certificate of title,
the assessor shall require an affidavit, as defined in section 622.85, from the home owner,
declaring that the owner has complied with subsection 1, paragraph “b”, and setting forth the
method of compliance.
a. If compliance with subsection 1, paragraph “b”, has been accomplished by the secured
party accepting the tender of a mortgage, the assessor shall collect the home vehicle title and
enter the property upon the tax rolls.
b. If compliance with subsection 1, paragraph “b”, has been accomplished by the secured
party consenting to the conversion without accepting a mortgage, the secured party shall
retain the home vehicle title and the assessor shall note the conversion on the assessor’s
records and enter the property upon the tax rolls. So long as a security interest is noted on
the certificate of title, the title to the home will not be merged with title to the land, and the
sale or foreclosure of an interest in the land shall not affect title to the home or any security
interest in the home.
3. When the property is entered on the tax rolls, the assessor shall also enter on the
tax rolls the title number last assigned to the mobile home or manufactured home and the
manufacturer’s identification number.

Legislative History

[C66, 71, 73, 75, 77, 79, 81, §135D.26]