Iowa § 455H.309 Incremental property taxes

Iowa Statutes

§ 455H.309 — Incremental property taxes

Iowa § 455H.309

Title XINATURAL RESOURCES

Ch. 455HLAND RECYCLING AND REMEDIATION STANDARDS

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Bluebook

Iowa Code § 455H.309 (2026).

Text

To encourage economic development and the recycling of contaminated land to promote
the purposes of this chapter, cities and counties may provide by ordinance that the costs of
carrying out response actions under this chapter are to be reimbursed, in whole or in part,
by incremental property taxes over a six-year period. A city or county which implements the
option provided for under this section shall provide that taxes levied on property enrolled in
the land recycling program under this chapter each year by or for the benefit of the state, city,
county, school district, or other taxing district shall be divided as provided in section 403.19,
subsections 1 and 2, in the same manner as if the enrolled property was taxable property in
an urban renewal project. Incremental property taxes col

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To encourage economic development and the recycling of contaminated land to promote
the purposes of this chapter, cities and counties may provide by ordinance that the costs of
carrying out response actions under this chapter are to be reimbursed, in whole or in part,
by incremental property taxes over a six-year period. A city or county which implements the
option provided for under this section shall provide that taxes levied on property enrolled in
the land recycling program under this chapter each year by or for the benefit of the state, city,
county, school district, or other taxing district shall be divided as provided in section 403.19,
subsections 1 and 2, in the same manner as if the enrolled property was taxable property in
an urban renewal project. Incremental property taxes collected under this section shall be
placed in a special fund of the city or county. A participant shall be reimbursed with moneys
from the special fund for costs associated with carrying out a response action in accordance
with rules adopted by the commission. Beginning in the fourth of the six years of collecting
incremental property taxes, the city or county shall begin decreasing by twenty-five percent
each year the amount of incremental property taxes computed under this section.