Iowa § 440.5 Procedure — penalty

Iowa Statutes

§ 440.5 — Procedure — penalty

Iowa § 440.5

Title XFINANCIAL RESOURCES

Ch. 440ASSESSMENT OF OMITTED PROPERTY

This text of Iowa § 440.5 (Procedure — penalty) 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.

Bluebook

Iowa Code § 440.5 (2026).

Text

If it is made to appear that the property is assessable by the department of revenue as
omittedproperty, thedepartmentshallproceedinthemannerinwhichthedepartmentwould
have proceeded had the assessment not been omitted, except that the department shall find
the value of the omitted property for each year during which it has been omitted but for not
more than the two previous assessment years and shall add ten percent to each yearly value
as a penalty.

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If it is made to appear that the property is assessable by the department of revenue as
omittedproperty, thedepartmentshallproceedinthemannerinwhichthedepartmentwould
have proceeded had the assessment not been omitted, except that the department shall find
the value of the omitted property for each year during which it has been omitted but for not
more than the two previous assessment years and shall add ten percent to each yearly value
as a penalty.