SF 2472

Senate
File
2472
-
Enrolled
Senate
File
2472
AN
ACT
RELATING
TO
STATE
AND
LOCAL
GOVERNMENT
TAXES,
FEES,
FINANCIAL
AUTHORITY,
AND
BUDGETS,
BY
MODIFYING
PROPERTY
ASSESSMENT
PROVISIONS,
DIVISIONS
OF
REVENUE,
AND
FUNDING
FROM
THE
SECURE
AN
ADVANCED
VISION
FOR
EDUCATION
FUND,
ESTABLISHING
A
PROGRAM
FOR
FIRST-TIME
HOMEBUYERS,
MODIFYING
AND
MAKING
APPROPRIATIONS,
AND
INCLUDING
EFFECTIVE
DATE,
APPLICABILITY,
AND
RETROACTIVE
APPLICABILITY
PROVISIONS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
DIVISION
I
COUNTY
PROPERTY
TAXES
AND
BUDGETS
Section
1.
Section
331.423,
subsection
1,
paragraph
b,
subparagraph
(1),
Code
2026,
is
amended
to
read
as
follows:
(1)
For
each
fiscal
year
beginning
on
or
after
July
1,
2024,
but
before
July
1,
2028
2027
,
subject
to
subparagraph
(3),
the
greater
of
three
dollars
and
fifty
cents
per
thousand
Senate
File
2472,
p.
2
dollars
of
assessed
value
used
to
calculate
taxes
for
general
county
services
for
the
budget
year
and
the
adjusted
general
county
basic
levy
rate,
as
adjusted
under
subparagraph
(2),
if
applicable.
Sec.
2.
Section
331.423,
subsection
1,
paragraph
c,
Code
2026,
is
amended
to
read
as
follows:
c.
For
each
fiscal
year
beginning
on
or
after
July
1,
2028,
three
dollars
and
fifty
cents
per
thousand
dollars
of
assessed
value.
For
fiscal
years
beginning
on
or
after
July
1,
2027,
but
before
July
1,
2030,
a
levy
rate
per
one
thousand
dollars
of
assessed
value
equal
to
one
thousand
multiplied
by
the
quotient
of
one
hundred
two
percent
of
the
current
fiscal
year’s
actual
property
tax
dollars
certified
for
levy
under
this
subsection
1
divided
by
the
remainder
of
the
total
assessed
value
used
to
calculate
such
taxes
for
the
budget
year
minus
value
attributable
to
new
valuation.
Sec.
3.
Section
331.423,
subsection
1,
Code
2026,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
d.
For
each
fiscal
year
beginning
on
or
after
July
1,
2030,
the
lesser
of:
(1)
A
levy
rate
per
one
thousand
dollars
of
assessed
value
equal
to
one
thousand
multiplied
by
the
quotient
of
one
hundred
two
percent
of
the
current
fiscal
year’s
actual
property
tax
dollars
certified
for
levy
under
this
subsection
1
divided
by
the
remainder
of
the
total
assessed
value
used
to
calculate
such
taxes
for
the
budget
year
minus
value
attributable
to
new
valuation.
(2)
Three
dollars
and
fifty
cents
per
thousand
dollars
of
assessed
value.
Sec.
4.
Section
331.423,
subsection
2,
paragraph
b,
subparagraph
(1),
Code
2026,
is
amended
to
read
as
follows:
(1)
For
each
fiscal
year
beginning
on
or
after
July
1,
2024,
but
before
July
1,
2028
2027
,
subject
to
subparagraph
(3),
the
greater
of
three
dollars
and
ninety-five
cents
per
thousand
dollars
of
assessed
value
used
to
calculate
taxes
for
rural
county
services
for
the
budget
year
and
the
adjusted
rural
county
basic
levy
rate,
as
adjusted
under
subparagraph
(2),
if
applicable.
Sec.
5.
Section
331.423,
subsection
2,
paragraph
c,
Code
Senate
File
2472,
p.
3
2026,
is
amended
to
read
as
follows:
c.
For
each
fiscal
year
beginning
on
or
after
July
1,
2028,
three
dollars
and
ninety-five
cents
per
thousand
dollars
of
assessed
value.
For
fiscal
years
beginning
on
or
after
July
1,
2027,
but
before
July
1,
2030,
a
levy
rate
per
one
thousand
dollars
of
assessed
value
equal
to
one
thousand
multiplied
by
the
quotient
of
one
hundred
two
percent
of
the
current
fiscal
year’s
actual
property
tax
dollars
certified
for
levy
under
this
subsection
2
divided
by
the
remainder
of
the
total
assessed
value
used
to
calculate
such
taxes
for
the
budget
year
minus
value
attributable
to
new
valuation.
Sec.
6.
Section
331.423,
subsection
2,
Code
2026,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
d.
For
each
fiscal
year
beginning
on
or
after
July
1,
2030,
the
lesser
of:
(1)
A
levy
rate
per
one
thousand
dollars
of
assessed
value
equal
to
one
thousand
multiplied
by
the
quotient
of
one
hundred
two
percent
of
the
current
fiscal
year’s
actual
property
tax
dollars
certified
for
levy
under
this
subsection
2
divided
by
the
remainder
of
the
total
assessed
value
used
to
calculate
such
taxes
for
the
budget
year
minus
value
attributable
to
new
valuation.
(2)
Three
dollars
and
ninety-five
cents
per
thousand
dollars
of
assessed
value.
Sec.
7.
Section
331.423,
subsection
3,
Code
2026,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
c.
“New
valuation”
means
the
increase
from
the
current
fiscal
year
to
the
budget
year
in
taxable
valuation,
as
shown
on
the
assessment
roll
due
to
the
following,
the
amount
of
each
as
reported
under
section
331.510
by
the
county
auditor
to
the
department
of
management:
(1)
New
construction.
(2)
Additions
or
improvements
to
existing
structures
that
are
not
normal
and
necessary
repairs
under
section
441.21,
subsection
8.
(3)
Net
boundary
adjustments,
including
annexation,
severance,
incorporation,
consolidation,
or
discontinuance
as
those
terms
are
defined
in
section
368.1.
Sec.
8.
Section
331.423,
Code
2026,
is
amended
by
adding
the
Senate
File
2472,
p.
4
following
new
subsection:
NEW
SUBSECTION
.
2A.
The
amount
of
property
tax
dollars
calculated
under
this
section
includes
those
amounts
budgeted
and
received
by
the
county
as
replacement
taxes
under
chapter
437A
or
437B,
if
applicable.
Sec.
9.
EFFECTIVE
DATE.
This
division
of
this
Act
takes
effect
January
1,
2027.
Sec.
10.
APPLICABILITY.
This
division
of
this
Act
applies
to
property
taxes
and
budgets
for
fiscal
years
beginning
on
or
after
July
1,
2027.
DIVISION
II
CITY
PROPERTY
TAXES
AND
BUDGETS
Sec.
11.
Section
384.1,
subsection
3,
paragraph
c,
subparagraph
(1),
Code
2026,
is
amended
to
read
as
follows:
(1)
For
each
fiscal
year
beginning
on
or
after
July
1,
2024,
but
before
July
1,
2028
2027
,
subject
to
subparagraph
(3),
a
city’s
tax
levy
for
the
general
fund,
except
for
levies
authorized
in
section
384.12
,
shall
not
exceed
in
any
tax
year
the
greater
of
eight
dollars
and
ten
cents
per
thousand
dollars
of
assessed
value
used
to
calculate
taxes
for
the
budget
year
and
the
adjusted
city
general
fund
levy
rate,
as
adjusted
under
subparagraph
(2),
if
applicable.
Sec.
12.
Section
384.1,
subsection
3,
paragraph
d,
Code
2026,
is
amended
to
read
as
follows:
d.
For
each
fiscal
year
beginning
on
or
after
July
1,
2028,
a
city’s
tax
levy
rate
for
the
general
fund,
except
for
levies
authorized
in
section
384.12
,
shall
not
exceed
eight
dollars
and
ten
cents
per
thousand
dollars
of
assessed
value
used
to
calculate
taxes
in
any
fiscal
year.
For
fiscal
years
beginning
on
or
after
July
1,
2027,
but
before
July
1,
2030,
a
city’s
tax
levy
rate
for
the
general
fund,
except
for
levies
authorized
in
section
384.12,
shall
not
exceed
a
levy
rate
per
one
thousand
dollars
of
assessed
value
equal
to
one
thousand
multiplied
by
the
quotient
of
one
hundred
two
percent
of
the
current
fiscal
year’s
actual
property
tax
dollars
certified
for
levy
under
this
subsection
divided
by
the
remainder
of
the
total
assessed
value
used
to
calculate
such
taxes
for
the
budget
year
minus
value
attributable
to
new
valuation.
Sec.
13.
Section
384.1,
subsection
3,
Code
2026,
is
amended
Senate
File
2472,
p.
5
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
e.
For
each
fiscal
year
beginning
on
or
after
July
1,
2030,
a
city’s
tax
levy
rate
for
the
general
fund,
except
for
levies
authorized
in
section
384.12,
shall
not
exceed
the
lesser
of:
(1)
A
levy
rate
per
one
thousand
dollars
of
assessed
value
equal
to
one
thousand
multiplied
by
the
quotient
of
one
hundred
two
percent
of
the
current
fiscal
year’s
actual
property
tax
dollars
certified
for
levy
under
this
subsection
divided
by
the
remainder
of
the
total
assessed
value
used
to
calculate
such
taxes
for
the
budget
year
minus
value
attributable
to
new
valuation.
(2)
Eight
dollars
and
ten
cents
per
thousand
dollars
of
assessed
value.
Sec.
14.
Section
384.1,
subsection
4,
Code
2026,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
c.
“New
valuation”
means
the
increase
from
the
current
fiscal
year
to
the
budget
year
in
taxable
valuation,
as
shown
on
the
assessment
roll
due
to
the
following,
the
amount
of
each
as
reported
under
section
331.510
by
the
county
auditor
to
the
department
of
management:
(1)
New
construction.
(2)
Additions
or
improvements
to
existing
structures
that
are
not
normal
and
necessary
repairs
under
section
441.21,
subsection
8.
(3)
Net
boundary
adjustments,
including
annexation,
severance,
incorporation,
consolidation,
or
discontinuance
as
those
terms
are
defined
in
section
368.1.
Sec.
15.
Section
384.1,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
3A.
The
amount
of
property
tax
dollars
calculated
under
this
section
includes
those
amounts
budgeted
and
received
by
the
city
as
replacement
taxes
under
chapter
437A
or
437B,
if
applicable.
Sec.
16.
EFFECTIVE
DATE.
This
division
of
this
Act
takes
effect
January
1,
2027.
Sec.
17.
APPLICABILITY.
This
division
of
this
Act
applies
to
property
taxes
and
budgets
for
fiscal
years
beginning
on
or
after
July
1,
2027.
Senate
File
2472,
p.
6
DIVISION
III
RATE-LIMITED
PROPERTY
TAX
LEVY
RATES
Sec.
18.
Section
24.48,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
6.
The
authority
to
suspend
property
tax
levy
limitations
under
this
section
shall
not
apply
to
the
limitations
of
section
444.25.
Sec.
19.
Section
312.2,
subsection
5,
paragraph
a,
unnumbered
paragraph
1,
Code
2026,
is
amended
to
read
as
follows:
The
treasurer
of
state,
before
making
any
allotments
to
counties
under
this
section
,
shall
reduce
the
allotment
to
a
county
for
the
secondary
road
fund
by
the
amount
by
which
the
total
funds
that
the
county
transferred
or
provided
during
the
prior
fiscal
year
under
section
331.429,
subsection
1
,
paragraphs
“a”
,
“b”
,
“d”
,
and
“e”
,
are
less
than
seventy-five
fifty-one
percent
of
the
sum
of
the
following:
Sec.
20.
NEW
SECTION
.
444.25
Maximum
property
tax
levy
rates
——
adjustments.
1.
For
purposes
of
this
section:
a.
“Budget
year”
is
the
fiscal
year
beginning
during
the
calendar
year
in
which
a
budget
is
certified.
b.
“Current
fiscal
year”
is
the
fiscal
year
ending
during
the
calendar
year
in
which
a
budget
for
the
budget
year
is
certified.
c.
“Rate-limited
property
tax
levy”
includes
any
ad
valorem
property
tax
levy
limited
by
law
to
a
specific
property
tax
levy
rate
for
a
fiscal
year
beginning
on
or
after
July
1,
2027,
expressed
in
statute
as
a
specific
amount
of
money
due
other
than
a
calculated
amount,
per
one
thousand
dollars
of
assessed
value
used
to
calculate
taxes.
“Rate-limited
property
tax
levy”
also
includes
a
levy
for
a
county
agricultural
extension
under
section
176A.10.
This
paragraph
shall
not
be
construed
to
include
the
school
district
foundation
levy
under
section
257.3,
the
county
general
services
levy
under
section
331.423,
subsection
1,
the
county
rural
services
levy
under
section
331.423,
subsection
2,
the
city
general
fund
levy
under
section
384.1,
the
physical
plant
and
equipment
levies
under
section
298.2,
the
school
district
bond
tax
under
section
298.18,
any
Senate
File
2472,
p.
7
levy
under
chapter
28M,
a
levy
under
section
384.12,
subsection
1,
paragraph
“b”
,
levied
for
operation
and
maintenance
of
a
regional
transit
district,
any
levy
under
chapter
347
or
347A,
and
any
levy
under
chapter
386.
In
addition,
“rate-limited
property
tax
levy”
does
not
include
levy
rates
used
in
the
calculations
under
section
312.2,
subsection
5,
paragraph
“a”
.
2.
Except
as
provided
in
subsection
3,
for
the
fiscal
year
beginning
July
1,
2027,
and
each
fiscal
year
thereafter,
each
rate-limited
property
tax
levy
shall,
by
operation
of
this
section
and
in
addition
to
any
applicable
levy
rate
limitation
imposed
by
another
provision
of
law,
be
limited
to
a
levy
rate
per
one
thousand
dollars
of
assessed
value
that
is
equal
to
one
thousand
multiplied
by
the
quotient
of
one
hundred
two
percent
of
the
current
fiscal
year’s
actual
property
tax
dollars
certified
for
such
levy
divided
by
the
total
assessed
value
used
to
calculate
such
taxes
for
the
budget
year.
3.
a.
For
the
fiscal
year
beginning
July
1,
2027,
and
each
fiscal
year
thereafter,
if
the
rate
limited
property
tax
levy
was
not
imposed
by
the
governmental
entity
in
the
immediately
preceding
fiscal
year,
such
levy
may
for
the
initial
year
of
imposition
be
imposed
at
a
rate
not
to
exceed
the
maximum
rate
for
such
levy
authorized
by
law.
b.
If
a
budget
year
includes
a
voter-approved
increase
in
the
authorized
rate
of
a
voter-approved
rate-limited
property
tax
levy
for
which
the
increased
rate
was
not
approved
for
imposition
in
the
current
fiscal
year,
such
rate-limited
property
tax
levy
may
be
imposed
for
that
budget
year
at
a
rate
not
to
exceed
the
voter-approved
rate
without
application
of
subsection
2.
4.
The
amount
of
property
tax
dollars
calculated
under
this
section
includes
those
amounts
budgeted
and
received
by
the
governmental
entity
as
replacement
taxes
under
chapter
437A
or
437B,
if
applicable.
Sec.
21.
NEW
SECTION
.
444.26
Use
of
bonds
and
indebtedness
for
general
operations
——
prohibition.
1.
For
purposes
of
this
section:
a.
“General
operations”
means
services
or
activities
generally
funded
from
the
governmental
entity’s
general
fund,
which
are
necessary
for
the
operation
of
the
governmental
Senate
File
2472,
p.
8
entity,
including
salaries
and
benefits,
or
which
are
for
the
health
and
welfare
of
the
governmental
entity’s
citizens
or
primarily
intended
to
benefit
all
residents
of
the
governmental
entity,
but
excluding
direct
and
indirect
capital
expenditures
properly
allocable
under
the
Internal
Revenue
Code,
as
defined
in
section
422.3,
if
the
governmental
entity
were
a
taxpayer,
capital
leases,
and
services
financed
by
statutory
funds
other
than
a
debt
service
fund.
b.
“Governmental
entity”
means
any
unit
of
government
or
other
public
body
or
public
corporation,
including
any
intergovernmental
entity,
that
has
the
power
to
impose
or
certify
a
property
tax
levy.
2.
On
or
after
July
1,
2026,
the
governing
body
of
a
governmental
entity
shall
not
issue
bonds
or
other
indebtedness
payable
from
an
ad
valorem
property
tax
levy
for
the
purpose
of
funding
the
general
operations
of
the
governmental
entity
or
otherwise
use
proceeds
from
the
sale
of
bonds
or
issuance
of
other
indebtedness
to
fund
general
operations.
3.
The
department
of
management,
following
consultation
with
the
city
finance
committee
and
the
county
finance
committee,
may
adopt
rules
under
chapter
17A
for
governmental
entities
to
implement
this
section.
Sec.
22.
EFFECTIVE
DATE.
The
following
takes
effect
January
1,
2027:
The
section
of
this
division
of
this
Act
amending
section
312.2.
Sec.
23.
APPLICABILITY.
The
following
applies
to
fiscal
years
beginning
on
or
after
July
1,
2027:
The
section
of
this
division
of
this
Act
amending
section
312.2.
DIVISION
IV
FIRSTHOME
IOWA
ACCOUNTS
Sec.
24.
Section
12G.2,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
6.
Create
strategies
for
coordination
of
the
program
with
the
FirstHome
Iowa
program
trust
established
in
chapter
12L.
Sec.
25.
NEW
SECTION
.
12L.1
FirstHome
Iowa
program
——
purpose
and
definitions.
Senate
File
2472,
p.
9
1.
The
general
assembly
finds
that
the
general
welfare
and
well-being
of
the
state
are
directly
related
to
homeownership
of
the
citizens
of
the
state,
and
that
a
vital
and
valid
public
purpose
is
served
by
the
creation
and
implementation
of
programs
which
encourage
and
make
possible
the
attainment
of
homeownership
by
the
greatest
number
of
citizens
of
the
state.
The
general
welfare
of
the
citizens
of
the
state
will
be
enhanced
by
establishing
a
FirstHome
Iowa
program
which
allows
citizens
of
the
state
to
invest
money
in
a
public
trust
for
future
application
to
the
payment
of
qualified
homebuyer
expenses.
The
creation
of
the
means
of
encouragement
for
citizens
to
invest
in
such
a
program
represents
the
carrying
out
of
a
vital
and
valid
public
purpose.
In
order
to
make
available
to
the
citizens
of
the
state
an
opportunity
to
fund
future
first-time
homeownership,
it
is
necessary
that
a
public
trust
be
established
in
which
moneys
may
be
invested
for
future
use.
2.
As
used
in
this
chapter,
unless
the
context
otherwise
requires:
a.
“Administrative
fund”
means
the
administrative
fund
established
under
section
12L.4.
b.
“Beneficiary”
means
the
individual
designated
by
a
participation
agreement
to
benefit
from
advance
payments
of
qualified
homebuyer
expenses
on
behalf
of
the
beneficiary.
c.
“First-time
homebuyer”
means
an
individual
who
is
a
resident
of
Iowa
and
who
does
not
own,
either
individually
or
jointly,
a
single-family
or
multifamily
residence,
and
who
has
not
previously
owned
or
purchased,
either
individually
or
jointly,
a
single-family
or
multifamily
residence
prior
to
the
date
of
the
qualified
purchase
for
which
the
eligible
home
costs
are
paid
or
reimbursed
from
an
account.
d.
“FirstHome
Iowa
program
trust”
or
“trust”
means
the
trust
created
under
section
12L.2.
e.
“FirstHome
Iowa
program
trust
account”
or
“account”
means
an
account
within
the
trust
that
was
established
for
the
purpose
of
paying
or
reimbursing
a
beneficiary’s
eligible
qualified
homebuyer
expenses
in
connection
with
a
qualified
purchase.
f.
“Individual”
means
a
natural
person.
Senate
File
2472,
p.
10
g.
“Participant”
means
an
individual,
individual’s
legal
representative,
trust,
or
estate
that
has
entered
into
a
participation
agreement
under
this
chapter,
either
individually
or
jointly
with
the
individual’s
spouse,
for
the
advance
payment
of
qualified
homebuyer
expenses
on
behalf
of
a
beneficiary.
h.
“Participation
agreement”
means
an
agreement
between
a
participant
and
the
trust
entered
into
under
this
chapter.
i.
“Program
fund”
means
the
program
fund
established
under
section
12L.4.
j.
“Qualified
homebuyer
expenses”
means
any
of
the
following:
(1)
A
down
payment
or
closing
costs
for
the
qualified
purchase
of
a
single-family
residence
in
Iowa
that
is
to
be
the
homestead,
as
defined
in
section
425.11,
of
the
beneficiary
if
such
beneficiary
is
a
first-time
homebuyer
with
respect
to
such
purchase.
(2)
A
cost,
fee,
tax,
or
payment
incurred
by,
or
charged
or
assigned
to,
a
beneficiary
as
part
of
the
purchase
under
subparagraph
(1)
and
listed
on
the
statement
of
receipts
and
disbursements
for
the
sale,
including
any
statement
prescribed
by
12
C.F.R.
§1026.38,
as
amended.
(3)
Any
United
States
veterans
administration
funding
fee
incurred
by,
or
charged
or
assigned
to,
a
beneficiary
in
connection
with
a
veterans
administration
home
loan
guaranty
program.
k.
“Qualified
purchase”
means
the
purchase
of
a
single-family
residence
in
Iowa
by
the
account’s
beneficiary
for
which
the
account’s
beneficiary
will
use
as
a
homestead,
as
defined
in
section
425.11,
one
year
or
more
after
the
date
the
participant
first
opened
the
account.
l.
“Resident”
means
the
same
as
defined
in
section
422.4.
m.
“Single-family
residence”
means
a
single-family
residence
owned
and
occupied
by
a
beneficiary
as
the
beneficiary’s
homestead
within
the
meaning
of
section
425.1,
including
but
not
limited
to
a
manufactured
home,
mobile
home,
condominium
unit,
or
cooperative.
Sec.
26.
NEW
SECTION
.
12L.2
Creation
of
FirstHome
Iowa
program
trust.
Senate
File
2472,
p.
11
A
FirstHome
Iowa
program
trust
is
created.
The
treasurer
of
state
is
the
trustee
of
the
trust,
and
has
all
powers
necessary
to
carry
out
and
effectuate
the
purposes,
objectives,
and
provisions
of
this
chapter
pertaining
to
the
trust,
including
the
power
to
do
all
of
the
following:
1.
Make
and
enter
into
contracts
necessary
for
the
administration
of
the
trust
created
under
this
chapter.
2.
Enter
into
agreements
with
any
financial
institution,
the
state,
or
any
federal
or
other
state
agency,
or
other
entity
as
required
to
implement
this
chapter.
3.
Carry
out
the
duties
and
obligations
of
the
trust
pursuant
to
this
chapter.
4.
Accept
any
grants,
gifts,
legislative
appropriations,
and
other
moneys
from
the
state,
any
unit
of
federal,
state,
or
local
government,
or
any
other
person,
firm,
partnership,
or
corporation
which
the
treasurer
of
state
shall
deposit
into
the
administrative
fund
or
the
program
fund.
5.
Carry
out
studies
and
projections
so
the
treasurer
of
state
may
advise
participants
regarding
present
and
estimated
future
qualified
homebuyer
expenses
and
levels
of
financial
participation
in
the
trust
required
in
order
to
enable
participants
to
achieve
their
qualifying
purchase
objectives.
6.
Participate
in
any
federal,
state,
or
local
governmental
program
for
the
benefit
of
the
trust.
7.
Procure
insurance
against
any
loss
in
connection
with
the
property,
assets,
or
activities
of
the
trust.
8.
Enter
into
participation
agreements
with
participants.
9.
Make
payments
to
or
on
behalf
of
beneficiaries
for
qualified
homebuyer
expenses
pursuant
to
participation
agreements.
10.
Make
refunds
to
participants
upon
the
termination
of
participation
agreements,
and
partial
nonqualified
distributions
to
participants,
pursuant
to
the
provisions,
limitations,
and
restrictions
set
forth
in
this
chapter.
11.
Invest
moneys
from
the
program
fund
in
any
investments
which
are
determined
by
the
treasurer
of
state
to
be
appropriate.
12.
Engage
investment
advisors,
if
necessary,
to
assist
in
the
investment
of
trust
assets.
Senate
File
2472,
p.
12
13.
Contract
for
goods
and
services
and
engage
personnel
as
necessary,
including
consultants,
actuaries,
managers,
legal
counsel,
and
auditors
for
the
purpose
of
rendering
professional,
managerial,
and
technical
assistance
and
advice
to
the
treasurer
of
state
regarding
trust
administration
and
operation.
14.
Establish,
impose,
and
collect
administrative
fees
and
charges
in
connection
with
transactions
of
the
trust
for
deposit
in
the
administrative
fund
and
provide
for
reasonable
service
charges.
15.
Administer
the
funds
of
the
trust.
16.
Adopt
rules
pursuant
to
chapter
17A
for
the
administration
of
the
trust.
Sec.
27.
NEW
SECTION
.
12L.3
Participation
agreements
for
trust.
The
trust
may
enter
into
participation
agreements
with
participants
on
behalf
of
beneficiaries
pursuant
to
the
following
terms
and
agreements:
1.
Each
participation
agreement
may
require
a
participant
to
agree
to
invest
a
specific
amount
of
money
in
the
trust
for
a
specific
period
of
time
for
the
benefit
of
a
specific
beneficiary.
A
participant
shall
not
be
required
to
make
an
annual
contribution
on
behalf
of
a
beneficiary.
The
maximum
contribution
that
may
be
deducted
for
Iowa
income
tax
purposes
shall
be
the
amount
contributed
by
the
participant
during
the
applicable
tax
year,
not
to
exceed
five
thousand
five
hundred
dollars
per
beneficiary
per
year
adjusted
annually
to
reflect
increases
in
the
consumer
price
index.
2.
The
execution
of
a
participation
agreement
by
the
trust
shall
not
guarantee
in
any
way
that
qualified
homebuyer
expenses
will
be
equal
to
projections
and
estimates
provided
by
the
trust
or
that
the
beneficiary
named
in
any
participation
agreement
will
qualify
for
a
mortgage,
home
loan,
or
other
forms
of
credit
for
a
qualified
purchase.
3.
a.
A
beneficiary
under
a
participation
agreement
may
be
changed
as
permitted
under
rules
adopted
by
the
treasurer
of
state
upon
written
request
of
the
participant
as
long
as
the
substitute
beneficiary
is
eligible
for
participation.
b.
Participation
agreements
may
otherwise
be
freely
amended
Senate
File
2472,
p.
13
throughout
their
terms
in
order
to
enable
participants
to
increase
or
decrease
the
level
of
participation,
change
the
designation
of
beneficiaries,
and
carry
out
similar
matters
as
authorized
by
rule.
4.
Each
participation
agreement
shall
provide
that
the
participation
agreement
may
be
canceled
upon
the
terms
and
conditions,
and
upon
payment
of
applicable
fees
and
costs
set
forth
and
contained
in
the
rules
adopted
by
the
treasurer
of
state.
5.
A
participant
may
designate
a
successor
in
accordance
with
rules
adopted
by
the
treasurer
of
state.
The
designated
successor
shall
succeed
to
the
ownership
of
the
account
in
the
event
of
the
death
of
the
participant.
In
the
event
a
participant
dies
and
has
not
designated
a
successor
to
the
account,
the
following
criteria
shall
apply:
a.
The
beneficiary
of
the
account,
if
eighteen
years
of
age
or
older,
shall
become
the
owner
of
the
account
as
well
as
remain
the
beneficiary
upon
filing
the
appropriate
forms
in
accordance
with
rules
adopted
by
the
treasurer
of
state.
b.
If
the
beneficiary
of
the
account
is
under
the
age
of
eighteen,
account
ownership
shall
be
transferred
to
the
first
surviving
parent
or
other
legal
guardian
of
the
beneficiary
to
file
the
appropriate
forms
in
accordance
with
rules
adopted
by
the
treasurer
of
state.
Sec.
28.
NEW
SECTION
.
12L.4
FirstHome
Iowa
program
and
administrative
funds
——
investment
and
payments.
1.
a.
The
treasurer
of
state
shall
segregate
moneys
received
by
the
trust
into
two
funds:
the
FirstHome
Iowa
program
fund
and
the
administrative
fund
to
be
used
for
administration
of
the
program.
b.
All
moneys
paid
by
participants
in
connection
with
participation
agreements
shall
be
deposited
as
received
into
separate
accounts
within
the
program
fund.
c.
Contributions
to
the
trust
made
by
participants
may
only
be
made
in
the
form
of
cash.
d.
A
participant
or
beneficiary
may,
directly
or
indirectly,
direct
the
investment
of
any
contributions
to
the
trust
or
any
earnings
thereon
no
more
than
four
times
in
a
calendar
year.
2.
Moneys
accrued
by
participants
in
the
program
fund
of
the
Senate
File
2472,
p.
14
trust
may
be
used
for
payments
to
or
on
behalf
of
a
beneficiary
for
qualified
homebuyer
expenses.
Sec.
29.
NEW
SECTION
.
12L.5
Cancellation
of
agreements.
A
participant
may
cancel
a
participation
agreement
at
will.
Upon
cancellation
of
a
participation
agreement,
a
participant
shall
be
entitled
to
the
return
of
the
participant’s
account
balance.
Sec.
30.
NEW
SECTION
.
12L.6
Ownership
of
payments
and
investment
income
——
transfer
of
ownership
rights.
1.
a.
A
participant
retains
ownership
of
all
payments
made
under
a
participation
agreement
up
to
the
date
of
utilization
for
payment
of
qualified
homebuyer
expenses
for
the
beneficiary.
b.
All
income
derived
from
the
investment
of
the
payments
made
by
the
participant
shall
be
considered
to
be
held
in
trust
for
the
benefit
of
the
beneficiary.
2.
In
the
event
the
FirstHome
Iowa
program
is
terminated
prior
to
payment
of
qualified
homebuyer
expenses
for
the
beneficiary,
the
participant
is
entitled
to
a
refund
of
the
participant’s
account
balance.
3.
Any
amounts
which
may
be
paid
to
any
person
or
persons
pursuant
to
the
FirstHome
Iowa
program
trust
but
which
are
not
listed
in
this
section
are
owned
by
the
trust.
4.
A
participant
may
transfer
ownership
rights
to
another
participant
or
may
transfer
funds
to
another
account
under
the
trust.
The
transfer
shall
be
made
and
the
property
distributed
in
accordance
with
rules
adopted
by
the
treasurer
of
state
or
with
the
terms
of
the
participation
agreement.
5.
A
participant
shall
not
be
entitled
to
utilize
any
interest
in
the
trust
as
security
for
a
loan.
Sec.
31.
NEW
SECTION
.
12L.7
Annual
audited
financial
report
to
governor
and
general
assembly.
1.
a.
The
treasurer
of
state
shall
submit
an
annual
audited
financial
report,
prepared
in
accordance
with
generally
accepted
accounting
principles,
on
the
operations
of
the
trust
by
November
1
to
the
governor
and
the
general
assembly.
b.
The
annual
audit
shall
be
made
either
by
the
auditor
of
state
or
by
an
independent
certified
public
accountant
designated
by
the
auditor
of
state
and
shall
include
direct
and
Senate
File
2472,
p.
15
indirect
costs
attributable
to
the
use
of
outside
consultants,
independent
contractors,
and
any
other
persons
who
are
not
state
employees.
2.
The
annual
audit
shall
be
supplemented
by
all
of
the
following
information
prepared
by
the
treasurer
of
state:
a.
Any
related
studies
or
evaluations
prepared
in
the
preceding
year.
b.
A
summary
of
the
benefits
provided
by
the
trust
including
the
number
of
participants
and
beneficiaries
in
the
trust.
c.
Any
other
information
which
is
relevant
in
order
to
make
a
full,
fair,
and
effective
disclosure
of
the
operations
of
the
trust.
Sec.
32.
NEW
SECTION
.
12L.8
Tax
considerations.
State
income
tax
treatment
of
the
FirstHome
Iowa
program
trust
shall
be
as
provided
in
section
422.7,
subsections
46
and
47.
Sec.
33.
NEW
SECTION
.
12L.9
Property
rights
to
assets
in
trust.
1.
The
assets
of
the
trust
shall
at
all
times
be
preserved,
invested,
and
expended
solely
and
only
for
the
purposes
of
the
trust
and
shall
be
held
in
trust
for
the
participants
and
beneficiaries.
2.
No
property
rights
in
the
trust
shall
exist
in
favor
of
the
state.
3.
The
assets
of
the
trust
shall
not
be
transferred
or
used
by
the
state
for
any
purposes
other
than
the
purposes
of
the
trust.
Sec.
34.
NEW
SECTION
.
12L.10
Construction.
This
chapter
shall
be
construed
liberally
in
order
to
effectuate
its
purpose.
Sec.
35.
Section
232D.503,
subsection
6,
Code
2026,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
g.
A
FirstHome
Iowa
program
trust
account
established
for
the
minor
pursuant
to
chapter
12L.
Sec.
36.
Section
422.7,
Code
2026,
is
amended
by
adding
the
following
new
subsections:
NEW
SUBSECTION
.
46.
a.
Subtract
the
contribution
that
may
be
deducted
for
Iowa
income
tax
purposes
as
a
participant
in
the
FirstHome
Iowa
program
trust
pursuant
to
section
12L.3,
Senate
File
2472,
p.
16
subsection
1.
For
purposes
of
this
paragraph,
a
participant
who
makes
a
contribution
on
or
before
the
date
prescribed
in
section
422.21
for
making
and
filing
an
individual
income
tax
return,
excluding
extensions,
or
the
date
for
making
and
filing
an
individual
income
tax
return
determined
by
the
director
pursuant
to
an
order
issued
under
section
421.17,
subsection
30,
may
elect
to
be
deemed
to
have
made
the
contribution
on
the
last
day
of
the
preceding
calendar
year.
The
director,
after
consultation
with
the
treasurer
of
state,
shall
prescribe
by
rule
the
manner
and
method
by
which
a
participant
may
make
an
election
authorized
by
the
preceding
sentence.
b.
Add
the
amount
resulting
from
the
cancellation
of
a
participation
agreement
refunded
to
the
taxpayer
as
a
participant
in
the
FirstHome
Iowa
program
trust
to
the
extent
previously
deducted
as
a
contribution
to
the
trust.
c.
Add,
to
the
extent
previously
deducted
as
a
contribution
to
the
trust,
the
amount
resulting
from
a
withdrawal
or
transfer
made
by
the
taxpayer
from
the
FirstHome
Iowa
program
trust
for
purposes
other
than
the
payment
of
qualified
homebuyer
expenses.
NEW
SUBSECTION
.
47.
Subtract,
to
the
extent
included,
income
from
interest
and
earnings
received
from
the
FirstHome
Iowa
program
trust
created
in
chapter
12L.
Sec.
37.
Section
541B.4,
Code
2026,
is
amended
by
adding
the
following
new
subsections:
NEW
SUBSECTION
.
5.
Withdrawal
for
deposit
into
FirstHome
Iowa
program
trust
account.
First-time
homebuyer
account
balances
under
this
chapter
may
be
withdrawn
without
penalty
or
taxation
in
this
state
if
such
withdrawal
is
deposited
in
an
account
within
the
FirstHome
Iowa
program
trust
under
chapter
12L
within
thirty
days
of
the
withdrawal.
The
treasurer
of
state
may
by
rule
provide
for
the
direct
transfer
of
moneys
within
an
account
under
this
chapter
to
a
FirstHome
Iowa
program
trust
account
and
such
transfer
shall
not
be
subject
to
penalty
or
taxation
in
this
state.
NEW
SUBSECTION
.
6.
No
new
accounts.
New
accounts
shall
not
be
established
under
this
chapter
on
or
after
July
1,
2026.
Sec.
38.
Section
627.6,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
Senate
File
2472,
p.
17
NEW
SUBSECTION
.
18.
The
debtor’s
interest,
whether
as
participant
or
beneficiary,
in
contributions
and
assets,
including
the
accumulated
earnings
and
market
increases
in
value,
held
in
an
account
in
the
FirstHome
Iowa
program
trust
organized
under
chapter
12L.
Sec.
39.
Section
633.108,
subsection
2,
Code
2026,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
e.
A
FirstHome
Iowa
program
trust
account
established
for
the
minor
pursuant
to
chapter
12L.
Sec.
40.
Section
633.555,
subsection
1,
Code
2026,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
f.
An
account
owner
or
participant
under
a
FirstHome
Iowa
program
trust
account
established
for
the
protected
person
pursuant
to
chapter
12L.
Sec.
41.
Section
633.678,
subsection
1,
Code
2026,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
f.
An
account
owner
or
participant
under
a
FirstHome
Iowa
program
trust
account
established
for
the
protected
person
pursuant
to
chapter
12L.
Sec.
42.
Section
633.681,
subsection
1,
Code
2026,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
e.
An
account
owner
or
participant
under
a
FirstHome
Iowa
program
trust
account
established
for
the
protected
person
pursuant
to
chapter
12L.
Sec.
43.
APPLICABILITY.
The
following
applies
to
contributions
made
under
chapter
12L
on
or
after
July
1,
2026,
for
tax
years
ending
on
or
after
that
date:
The
section
of
this
division
of
this
Act
enacting
section
422.7,
subsections
46
and
47.
DIVISION
V
SCHOOL
TAXES
Sec.
44.
Section
257.3,
subsection
1,
paragraph
a,
Code
2026,
is
amended
to
read
as
follows:
a.
(1)
Except
as
provided
in
subsections
2
and
3
,
a
school
district
shall
cause
to
be
levied
each
budget
year
beginning
before
July
1,
2028
,
for
the
school
general
fund,
a
foundation
property
tax
equal
to
five
dollars
and
forty
cents
per
thousand
dollars
of
assessed
valuation
on
all
taxable
property
in
the
district.
The
county
auditor
shall
spread
the
foundation
levy
Senate
File
2472,
p.
18
over
all
taxable
property
in
the
district.
(2)
Except
as
provided
in
subsections
2
and
3,
a
school
district
shall
cause
to
be
levied
for
the
budget
year
beginning
July
1,
2028,
for
the
school
general
fund,
a
foundation
property
tax
equal
to
five
dollars
and
ten
cents
per
thousand
dollars
of
assessed
valuation
on
all
taxable
property
in
the
district.
The
county
auditor
shall
spread
the
foundation
levy
over
all
taxable
property
in
the
district.
(3)
Except
as
provided
in
subsections
2
and
3,
a
school
district
shall
cause
to
be
levied
for
the
budget
year
beginning
July
1,
2029,
and
each
succeeding
budget
year,
for
the
school
general
fund,
a
foundation
property
tax
equal
to
four
dollars
and
ninety
cents
per
thousand
dollars
of
assessed
valuation
on
all
taxable
property
in
the
district.
The
county
auditor
shall
spread
the
foundation
levy
over
all
taxable
property
in
the
district.
Sec.
45.
Section
257.3,
subsection
2,
paragraphs
a
and
b,
Code
2026,
are
amended
to
read
as
follows:
a.
Notwithstanding
subsection
1
,
a
reorganized
school
district
shall
cause
a
foundation
property
tax
of
four
dollars
and
forty
cents
at
a
rate
equal
to
one
dollar
per
thousand
dollars
of
assessed
valuation
less
than
the
rate
under
subsection
1,
paragraph
“a”
,
for
the
applicable
budget
year
to
be
levied
on
all
taxable
property
which,
in
the
year
preceding
a
reorganization,
was
within
a
school
district
affected
by
the
reorganization
as
defined
in
section
275.1
,
or
in
the
year
preceding
a
dissolution
was
a
part
of
a
school
district
that
dissolved
if
the
dissolution
proposal
has
been
approved
by
the
director
of
the
department
of
education
pursuant
to
section
275.55
.
b.
In
succeeding
school
years,
the
foundation
property
tax
levy
on
that
portion
shall
be
increased
to
the
rate
of
four
dollars
and
ninety
fifty
cents
per
thousand
dollars
of
assessed
valuation
less
than
the
rate
applicable
to
the
budget
year
under
subsection
1,
paragraph
“a”
,
for
the
first
succeeding
year,
five
dollars
and
fifteen
twenty-five
cents
per
thousand
dollars
of
assessed
valuation
less
than
the
rate
applicable
to
the
budget
year
under
subsection
1,
paragraph
“a”
,
for
the
second
succeeding
year,
and
five
dollars
and
forty
cents
per
Senate
File
2472,
p.
19
thousand
dollars
of
assessed
valuation
the
rate
applicable
to
the
budget
year
under
subsection
1,
paragraph
“a”
,
for
the
third
succeeding
year
and
each
year
thereafter.
Sec.
46.
Section
425A.3,
subsection
1,
Code
2026,
is
amended
to
read
as
follows:
1.
The
family
farm
tax
credit
fund
shall
be
apportioned
each
year
in
the
manner
provided
in
this
chapter
so
as
to
give
a
credit
against
the
tax
on
each
eligible
tract
of
agricultural
land
within
the
several
school
districts
of
the
state
in
which
the
levy
for
the
general
school
fund
exceeds
five
dollars
and
forty
cents
per
thousand
dollars
of
assessed
value
the
levy
rate
under
section
257.3,
subsection
1,
paragraph
“a”
.
The
amount
of
the
credit
on
each
eligible
tract
of
agricultural
land
shall
be
the
amount
the
tax
levied
for
the
general
school
fund
exceeds
the
amount
of
tax
which
would
be
levied
on
each
eligible
tract
of
agricultural
land
were
the
levy
for
the
general
school
fund
five
dollars
and
forty
cents
per
thousand
dollars
of
assessed
value
the
levy
rate
under
section
257.3,
subsection
1,
paragraph
“a”
,
for
the
previous
year.
However,
in
the
case
of
a
deficiency
in
the
family
farm
tax
credit
fund
to
pay
the
credits
in
full,
the
credit
on
each
eligible
tract
of
agricultural
land
in
the
state
shall
be
proportionate
and
applied
as
provided
in
this
chapter
.
Sec.
47.
Section
425A.5,
Code
2026,
is
amended
to
read
as
follows:
425A.5
Computation
by
county
auditor.
The
family
farm
tax
credit
allowed
each
year
shall
be
computed
as
follows:
On
or
before
April
1,
the
county
auditor
shall
list
by
school
districts
all
tracts
of
agricultural
land
which
are
entitled
to
credit,
the
taxable
value
for
the
previous
year,
the
budget
from
each
school
district
for
the
previous
year,
and
the
tax
rate
determined
for
the
general
fund
of
the
school
district
in
the
manner
prescribed
in
section
444.3
for
the
previous
year,
and
if
the
tax
rate
is
in
excess
of
five
dollars
and
forty
cents
per
thousand
dollars
of
assessed
value
the
levy
rate
under
section
257.3,
subsection
1,
paragraph
“a”
,
the
auditor
shall
multiply
the
tax
levy
which
is
in
excess
of
five
dollars
and
forty
cents
per
thousand
dollars
of
assessed
value
the
levy
rate
under
section
257.3,
Senate
File
2472,
p.
20
subsection
1,
paragraph
“a”
,
by
the
total
taxable
value
of
the
agricultural
land
entitled
to
credit
in
the
school
district,
and
on
or
before
April
1,
certify
the
total
amount
of
credit
and
the
total
number
of
acres
entitled
to
the
credit
to
the
department
of
revenue.
Sec.
48.
Section
426.3,
Code
2026,
is
amended
to
read
as
follows:
426.3
Where
credit
given.
The
agricultural
land
credit
fund
shall
be
apportioned
each
year
in
the
manner
hereinafter
provided
so
as
to
give
a
credit
against
the
tax
on
each
tract
of
agricultural
lands
within
the
several
school
districts
of
the
state
in
which
the
levy
for
the
general
school
fund
exceeds
five
dollars
and
forty
cents
per
thousand
dollars
of
assessed
value
the
levy
rate
under
section
257.3,
subsection
1,
paragraph
“a”
;
the
amount
of
such
credit
on
each
tract
of
such
lands
shall
be
the
amount
the
tax
levied
for
the
general
school
fund
exceeds
the
amount
of
tax
which
would
be
levied
on
said
tract
of
such
lands
were
the
levy
for
the
general
school
fund
five
dollars
and
forty
cents
per
thousand
dollars
of
assessed
value
the
levy
rate
under
section
257.3,
subsection
1,
paragraph
“a”
,
for
the
previous
year,
except
in
the
case
of
a
deficiency
in
the
agricultural
land
credit
fund
to
pay
said
credits
in
full,
in
which
case
the
credit
on
each
eligible
tract
of
such
lands
in
the
state
shall
be
proportionate
and
shall
be
applied
as
hereinafter
provided.
Sec.
49.
Section
426.6,
subsection
1,
Code
2026,
is
amended
to
read
as
follows:
1.
The
agricultural
land
tax
credit
allowed
each
year
shall
be
computed
as
follows:
On
or
before
April
1,
the
county
auditor
shall
list
by
school
districts
all
tracts
of
agricultural
lands
which
are
entitled
to
credit,
together
with
the
taxable
value
for
the
previous
year,
together
with
the
budget
from
each
school
district
for
the
previous
year,
and
the
tax
rate
determined
for
the
general
fund
of
the
district
in
the
manner
prescribed
in
section
444.3
for
the
previous
year,
and
if
such
tax
rate
is
in
excess
of
five
dollars
and
forty
cents
per
thousand
dollars
of
assessed
value
the
levy
rate
under
section
257.3,
subsection
1,
paragraph
“a”
,
the
auditor
shall
multiply
the
tax
levy
which
is
in
excess
of
five
dollars
Senate
File
2472,
p.
21
and
forty
cents
per
thousand
dollars
of
assessed
value
the
levy
rate
under
section
257.3,
subsection
1,
paragraph
“a”
,
by
the
total
taxable
value
of
the
agricultural
lands
entitled
to
credit
in
the
district,
and
on
or
before
April
1,
certify
the
amount
to
the
department
of
revenue.
Sec.
50.
ADJUSTMENT
OF
CALCULATIONS.
For
property
tax
credits
under
chapters
425A
and
426
for
property
taxes
due
and
payable
in
the
fiscal
year
beginning
July
1,
2027,
the
tax
rate
determined
for
the
general
fund
of
the
school
district
in
the
manner
prescribed
in
section
444.3
for
the
previous
year
shall
be
determined
using
the
appropriate
property
tax
levy
rate
under
section
257.3,
as
amended
in
this
division
of
this
Act.
Sec.
51.
APPLICABILITY.
This
division
of
this
Act
applies
to
fiscal
years
and
school
budget
years
beginning
on
or
after
July
1,
2027.
DIVISION
VI
SECURE
AN
ADVANCED
VISION
FOR
EDUCATION
FUND
——
EQUITY
TRANSFER
PERCENTAGE
——
FUTURE
REPEAL
Sec.
52.
Section
423.2,
subsection
12,
Code
2026,
is
amended
to
read
as
follows:
12.
The
sales
tax
rate
of
six
percent
is
reduced
to
five
percent
on
January
1,
2051
2071
.
Sec.
53.
Section
423.2A,
subsection
2,
paragraph
c,
Code
2026,
is
amended
to
read
as
follows:
c.
Transfer
one-sixth
of
the
remaining
revenues
to
the
secure
an
advanced
vision
for
education
fund
created
in
section
423F.2
.
This
paragraph
“c”
is
repealed
January
1,
2051
2071
.
Sec.
54.
Section
423.5,
subsection
4,
Code
2026,
is
amended
to
read
as
follows:
4.
The
use
tax
rate
of
six
percent
is
reduced
to
five
percent
on
January
1,
2051
2071
.
Sec.
55.
Section
423.43,
subsection
1,
paragraph
b,
Code
2026,
is
amended
to
read
as
follows:
b.
Subsequent
to
the
deposit
into
the
general
fund
of
the
state
and
after
the
transfer
of
such
revenues
collected
under
chapter
423B
,
the
department
shall
transfer
one-sixth
of
such
remaining
revenues
to
the
secure
an
advanced
vision
for
education
fund
created
in
section
423F.2
.
This
paragraph
is
repealed
January
1,
2051
2071
.
Senate
File
2472,
p.
22
Sec.
56.
Section
423F.2,
subsection
3,
paragraph
b,
subparagraph
(2),
subparagraph
division
(b),
Code
2026,
is
amended
to
read
as
follows:
(b)
For
each
fiscal
year
beginning
on
or
after
July
1,
2020,
but
before
July
1,
2026,
the
equity
transfer
percentage
is
equal
to
the
equity
transfer
percentage
for
the
immediately
preceding
fiscal
year,
unless
the
amount
of
moneys
available
in
the
secure
an
advanced
vision
for
education
fund
in
the
immediately
preceding
fiscal
year
equals
or
exceeds
one
hundred
two
percent
of
the
amount
of
moneys
available
in
the
fund
for
the
fiscal
year
prior
to
the
immediately
preceding
fiscal
year,
in
which
case
the
equity
transfer
percentage
shall
be
the
equity
transfer
percentage
for
the
immediately
preceding
fiscal
year
plus
one
percent
subject
to
the
limitation
in
subparagraph
division
(c).
Sec.
57.
Section
423F.2,
subsection
3,
paragraph
b,
subparagraph
(2),
subparagraph
division
(c),
Code
2026,
is
amended
by
striking
the
subparagraph
division
and
inserting
in
lieu
thereof
the
following:
(c)
(i)
For
the
fiscal
year
beginning
July
1,
2026,
the
equity
transfer
percentage
is
twelve
and
one-half
percent.
(ii)
For
the
fiscal
year
beginning
July
1,
2027,
the
equity
transfer
percentage
is
fifteen
percent.
(iii)
For
the
fiscal
year
beginning
July
1,
2028,
the
equity
transfer
percentage
is
seventeen
and
one-half
percent.
(iv)
For
the
fiscal
year
beginning
July
1,
2029,
the
equity
transfer
percentage
is
twenty-two
and
one-half
percent.
(v)
For
the
fiscal
year
beginning
July
1,
2030,
and
each
fiscal
year
thereafter,
the
equity
transfer
percentage
is
twenty-five
percent.
Sec.
58.
Section
423F.6,
Code
2026,
is
amended
to
read
as
follows:
423F.6
Repeal.
This
chapter
is
repealed
January
1,
2051
2071
.
Sec.
59.
SCHOOL
DISTRICT
FUNDING
RECONCILIATION.
For
amounts
allocated
under
section
423F.2
for
fiscal
years
beginning
on
or
after
July
1,
2026,
the
department
of
management
shall
adjust
or
reconcile
actual
amounts
to
be
received
by
school
districts
in
the
fiscal
year
immediately
Senate
File
2472,
p.
23
following
the
fiscal
year
during
which
the
revenues
were
collected.
DIVISION
VII
ELDERLY
AND
DISABLED
PROPERTY
TAX
CREDIT
AND
RENT
REIMBURSEMENT
Sec.
60.
Section
425.24,
Code
2026,
is
amended
to
read
as
follows:
425.24
Maximum
property
tax
for
purpose
of
credit
or
reimbursement.
For
claimants
under
section
425.17,
subsection
2
,
paragraph
“a”
,
subparagraphs
(1)
and
(2),
and
for
the
calculation
under
section
425.23,
subsection
1
,
paragraph
“c”
,
subparagraph
(1),
in
any
case
in
which
property
taxes
due
or
rent
constituting
property
taxes
paid
for
any
household
exceeds
one
thousand
five
hundred
dollars,
the
amount
of
property
taxes
due
or
rent
constituting
property
taxes
paid
shall
be
deemed
to
have
been
one
thousand
five
hundred
dollars
for
purposes
of
this
subchapter
.
Sec.
61.
APPLICABILITY.
1.
This
division
of
this
Act
applies
to
claims
under
chapter
425,
subchapter
II,
for
credits
against
property
taxes
due
and
payable
in
fiscal
years
beginning
on
or
after
July
1,
2027.
2.
This
division
of
this
Act
applies
to
claims
under
chapter
425,
subchapter
II,
for
reimbursement
for
rent
constituting
property
taxes
paid
in
base
years
beginning
on
or
after
January
1,
2026.
DIVISION
VIII
PROPERTY
CLASSIFICATIONS
AND
ASSESSMENT
LIMITATIONS
Sec.
62.
Section
386.8,
Code
2026,
is
amended
to
read
as
follows:
386.8
Operation
tax.
A
city
may
establish
a
self-supported
improvement
district
operation
fund,
and
may
certify
taxes
not
to
exceed
the
rate
limitation
as
established
in
the
ordinance
creating
the
district,
or
any
amendment
thereto,
each
year
to
be
levied
for
the
fund
against
all
of
the
property
in
the
district,
for
the
purpose
of
paying
the
administrative
expenses
of
the
district,
which
may
include
but
are
not
limited
to
administrative
personnel
salaries,
a
separate
administrative
office,
planning
costs
including
consultation
fees,
engineering
Senate
File
2472,
p.
24
fees,
architectural
fees,
and
legal
fees
and
all
other
expenses
reasonably
associated
with
the
administration
of
the
district
and
the
fulfilling
of
the
purposes
of
the
district.
The
taxes
levied
for
this
fund
may
also
be
used
for
the
purpose
of
paying
maintenance
expenses
of
improvements
or
self-liquidating
improvements
for
a
specified
length
of
time
with
one
or
more
options
to
renew
if
such
is
clearly
stated
in
the
petition
which
requests
the
council
to
authorize
construction
of
the
improvement
or
self-liquidating
improvement,
whether
or
not
such
petition
is
combined
with
the
petition
requesting
creation
of
a
district.
Parcels
of
property
which
are
assessed
as
residential
property
for
property
tax
purposes
are
exempt
from
the
tax
levied
under
this
section
except
residential
properties
within
a
duly
designated
historic
district
or
property
classified
as
residential
multiresidential
property
under
section
441.21,
subsection
14
13
,
paragraph
“a”
,
subparagraph
(6)
(5)
.
A
tax
levied
under
this
section
is
not
subject
to
the
levy
limitation
in
section
384.1
.
Sec.
63.
Section
386.9,
Code
2026,
is
amended
to
read
as
follows:
386.9
Capital
improvement
tax.
A
city
may
establish
a
capital
improvement
fund
for
a
district
and
may
certify
taxes,
not
to
exceed
the
rate
established
by
the
ordinance
creating
the
district,
or
any
subsequent
amendment
thereto,
each
year
to
be
levied
for
the
fund
against
all
of
the
property
in
the
district,
for
the
purpose
of
accumulating
moneys
for
the
financing
or
payment
of
a
part
or
all
of
the
costs
of
any
improvement
or
self-liquidating
improvement.
However,
parcels
of
property
which
are
assessed
as
residential
property
for
property
tax
purposes
are
exempt
from
the
tax
levied
under
this
section
except
residential
properties
within
a
duly
designated
historic
district
or
property
classified
as
residential
multiresidential
property
under
section
441.21,
subsection
14
13
,
paragraph
“a”
,
subparagraph
(6)
(5)
.
A
tax
levied
under
this
section
is
not
subject
to
the
levy
limitations
in
section
384.1
or
384.7
.
Sec.
64.
Section
386.10,
Code
2026,
is
amended
to
read
as
follows:
386.10
Debt
service
tax.
Senate
File
2472,
p.
25
A
city
shall
establish
a
self-supported
municipal
improvement
district
debt
service
fund
whenever
any
self-supported
municipal
improvement
district
bonds
are
issued
and
outstanding,
other
than
revenue
bonds,
and
shall
certify
taxes
to
be
levied
against
all
of
the
property
in
the
district
for
the
debt
service
fund
in
the
amount
necessary
to
pay
interest
as
it
becomes
due
and
the
amount
necessary
to
pay,
or
to
create
a
sinking
fund
to
pay,
the
principal
at
maturity
of
all
self-supported
municipal
improvement
district
bonds
as
authorized
in
section
386.11
,
issued
by
the
city.
However,
parcels
of
property
which
are
assessed
as
residential
property
for
property
tax
purposes
at
the
time
of
the
issuance
of
the
bonds
are
exempt
from
the
tax
levied
under
this
section
until
the
parcels
are
no
longer
assessed
as
residential
property
or
until
the
residential
properties
are
designated
as
a
part
of
a
historic
district
or
property
classified
as
residential
multiresidential
property
under
section
441.21,
subsection
14
13
,
paragraph
“a”
,
subparagraph
(6)
(5)
.
Sec.
65.
Section
404.2,
subsection
2,
paragraph
f,
Code
2026,
is
amended
to
read
as
follows:
f.
A
statement
specifying
whether
the
revitalization
is
applicable
to
none,
some,
or
all
of
the
property
assessed
as
residential,
multiresidential,
agricultural,
commercial,
or
industrial
property
within
the
designated
area
or
a
combination
thereof
and
whether
the
revitalization
is
for
rehabilitation
and
additions
to
existing
buildings
or
new
construction
or
both.
If
revitalization
is
made
applicable
only
to
some
property
within
an
assessment
classification,
the
definition
of
that
subset
of
eligible
property
must
be
by
uniform
criteria
which
further
some
planning
objective
identified
in
the
plan.
The
city
shall
state
how
long
it
is
estimated
that
the
area
shall
remain
a
designated
revitalization
area
which
time
shall
be
longer
than
one
year
from
the
date
of
designation
and
shall
state
any
plan
by
the
city
to
issue
revenue
bonds
for
revitalization
projects
within
the
area.
For
a
county,
a
revitalization
area
shall
include
only
property
which
will
be
used
as
industrial
property,
commercial
property,
multiresidential
property,
or
residential
property.
However,
a
county
shall
not
provide
a
tax
exemption
under
this
chapter
to
Senate
File
2472,
p.
26
commercial
property
,
multiresidential
property,
or
residential
property
which
is
located
within
the
limits
of
a
city.
Sec.
66.
Section
404.3,
subsection
4,
paragraph
a,
Code
2026,
is
amended
by
striking
the
paragraph
and
inserting
in
lieu
thereof
the
following:
a.
All
qualified
real
estate
assessed
as
any
of
the
following
is
eligible
to
receive
a
one
hundred
percent
exemption
from
taxation
on
the
actual
value
added
by
the
improvements:
(1)
Residential
property.
(2)
Commercial
property
if
the
commercial
property
consists
of
three
or
more
separate
living
quarters
with
at
least
seventy-five
percent
of
the
space
used
for
residential
purposes.
(3)
Multiresidential
property
if
the
multiresidential
property
consists
of
three
or
more
separate
living
quarters
with
at
least
seventy-five
percent
of
the
space
used
for
residential
purposes.
Sec.
67.
Section
404.3A,
Code
2026,
is
amended
to
read
as
follows:
404.3A
Residential
development
area
exemption.
Notwithstanding
the
schedules
provided
for
in
section
404.3
,
all
qualified
real
estate
assessed
as
residential
property
or
multiresidential
property
,
excluding
property
classified
as
residential
multiresidential
property
under
section
441.21,
subsection
14
13
,
paragraph
“a”
,
subparagraph
(6)
(5)
,
in
an
area
designated
under
section
404.1,
subsection
5
,
is
eligible
to
receive
an
exemption
from
taxation
on
the
first
seventy-five
thousand
dollars
of
actual
value
added
by
the
improvements.
The
exemption
is
for
a
period
of
five
years.
Sec.
68.
Section
404.3D,
Code
2026,
is
amended
to
read
as
follows:
404.3D
Exemptions
for
residential
and
multiresidential
property.
For
revitalization
areas
established
under
this
chapter
on
or
after
July
1,
2024,
and
for
first-year
exemption
applications
for
property
located
in
a
revitalization
area
in
existence
on
July
1,
2024,
filed
on
or
after
July
1,
2024,
an
exemption
authorized
under
this
chapter
for
property
that
is
Senate
File
2472,
p.
27
residential
property
or
multiresidential
property
shall
not
apply
to
property
tax
levies
imposed
by
a
school
district.
Sec.
69.
Section
441.21,
subsection
2,
Code
2026,
is
amended
to
read
as
follows:
2.
In
the
event
market
value
of
the
property
being
assessed
cannot
be
readily
established
in
the
foregoing
manner,
then
the
assessor
may
determine
the
value
of
the
property
using
the
other
uniform
and
recognized
appraisal
methods
including
its
productive
and
earning
capacity,
if
any,
industrial
conditions,
its
cost,
physical
and
functional
depreciation
and
obsolescence
and
replacement
cost,
and
all
other
factors
which
would
assist
in
determining
the
fair
and
reasonable
market
value
of
the
property
but
the
actual
value
shall
not
be
determined
by
use
of
only
one
such
factor.
The
following
shall
not
be
taken
into
consideration:
Special
value
or
use
value
of
the
property
to
its
present
owner,
and
the
goodwill
or
value
of
a
business
which
uses
the
property
as
distinguished
from
the
value
of
the
property
as
property.
In
addition,
for
assessment
years
beginning
on
or
after
January
1,
2018,
and
unless
otherwise
required
for
property
valued
by
the
department
of
revenue
pursuant
to
chapters
428
,
437
,
and
438
,
the
assessor
shall
not
take
into
consideration
and
shall
not
request
from
any
person
sales
or
receipts
data,
expense
data,
balance
sheets,
bank
account
information,
or
other
data
related
to
the
financial
condition
of
a
business
operating
in
whole
or
in
part
on
the
property
if
the
property
is
both
classified
as
commercial
or
industrial
property
and
owned
and
used
by
the
owner
of
the
business.
However,
in
assessing
property
that
is
rented
or
leased
to
low-income
individuals
and
families
as
authorized
by
section
42
of
the
Internal
Revenue
Code,
as
amended,
and
which
section
limits
the
amount
that
the
individual
or
family
pays
for
the
rental
or
lease
of
units
in
the
property,
the
assessor
shall,
unless
the
owner
elects
to
withdraw
the
property
from
the
assessment
procedures
for
section
42
property,
use
the
productive
and
earning
capacity
from
the
actual
rents
received
as
a
method
of
appraisal
and
shall
take
into
account
the
extent
to
which
that
use
and
limitation
reduces
the
market
value
of
the
property.
The
assessor
shall
not
consider
any
tax
credit
equity
or
other
subsidized
financing
as
income
provided
to
Senate
File
2472,
p.
28
the
property
in
determining
the
assessed
value.
The
property
owner
shall
notify
the
assessor
when
property
is
withdrawn
from
section
42
eligibility
under
the
Internal
Revenue
Code
or
if
the
owner
elects
to
withdraw
the
property
from
the
assessment
procedures
for
section
42
property
under
this
subsection
.
The
property
shall
not
be
subject
to
section
42
assessment
procedures
for
the
assessment
year
for
which
section
42
eligibility
is
withdrawn
or
an
election
is
made.
This
notification
must
be
provided
to
the
assessor
no
later
than
March
1
of
the
assessment
year
or
the
owner
will
be
subject
to
a
penalty
of
five
hundred
dollars
for
that
assessment
year.
The
penalty
shall
be
collected
at
the
same
time
and
in
the
same
manner
as
regular
property
taxes.
An
election
to
withdraw
from
the
assessment
procedures
for
section
42
property
is
irrevocable.
Property
that
is
withdrawn
from
the
assessment
procedures
for
section
42
property
shall
be
classified
and
assessed
as
residential
multiresidential
property
unless
the
property
otherwise
fails
to
meet
the
requirements
of
subsection
14
13
.
Upon
adoption
of
uniform
rules
by
the
department
of
revenue
or
succeeding
authority
covering
assessments
and
valuations
of
such
properties,
the
valuation
on
such
properties
shall
be
determined
in
accordance
with
such
rules
and
in
accordance
with
forms
and
guidelines
contained
in
the
real
property
appraisal
manual
prepared
by
the
department
as
updated
from
time
to
time
for
assessment
purposes
to
assure
uniformity,
but
such
rules,
forms,
and
guidelines
shall
not
be
inconsistent
with
or
change
the
foregoing
means
of
determining
the
actual,
market,
taxable,
and
assessed
values.
Sec.
70.
Section
441.21,
subsection
4,
paragraph
a,
subparagraph
(3),
Code
2026,
is
amended
to
read
as
follows:
(3)
For
valuations
established
for
assessment
years
beginning
on
or
after
January
1,
2022,
but
before
January
1,
2027,
the
calculation
of
the
dividend
for
residential
property
under
this
subsection
shall
exclude
the
value
of
all
property
described
in
subsection
14
,
paragraph
“a”
,
subparagraphs
(2),
(3),
(4),
(5),
and
(6),
Code
2026,
and
the
property
described
in
subsection
14
,
paragraph
“a”
,
subparagraph
(7),
Code
2026,
that
contains
three
or
more
separate
dwelling
units.
Sec.
71.
Section
441.21,
subsection
4,
paragraph
b,
Senate
File
2472,
p.
29
subparagraph
(2),
Code
2026,
is
amended
to
read
as
follows:
(2)
For
valuations
established
for
assessment
years
beginning
on
or
after
January
1,
2022,
but
before
January
1,
2027,
the
calculation
of
the
divisor
for
residential
property
under
this
subsection
shall
exclude
the
value
of
all
property
described
in
subsection
14
,
paragraph
“a”
,
subparagraphs
(2),
(3),
(4),
(5),
and
(6),
Code
2026,
and
the
property
described
in
subsection
14
,
paragraph
“a”
,
subparagraph
(7),
Code
2026,
that
contains
three
or
more
separate
dwelling
units.
Sec.
72.
Section
441.21,
subsection
5,
paragraph
f,
subparagraph
(2),
Code
2026,
is
amended
to
read
as
follows:
(2)
“Parcel”
means
the
same
as
defined
in
section
445.1
.
“Parcel”
also
means
that
portion
of
a
parcel
assigned
a
classification
of
commercial
property
or
industrial
property
pursuant
to
section
441.21,
subsection
13,
paragraph
“c”
,
or
subsection
14
,
paragraph
“b”
,
Code
2026,
as
applicable
.
Sec.
73.
Section
441.21,
subsection
8,
paragraph
b,
Code
2026,
is
amended
to
read
as
follows:
b.
Notwithstanding
paragraph
“a”
,
any
construction
or
installation
of
a
solar
energy
system
on
property
classified
as
agricultural,
residential,
multiresidential,
commercial,
or
industrial
property
shall
not
increase
the
actual,
assessed,
and
taxable
values
of
the
property
for
five
full
assessment
years.
Sec.
74.
Section
441.21,
subsections
9
and
10,
Code
2026,
are
amended
to
read
as
follows:
9.
Not
later
than
November
1,
1979
2026
,
and
November
1
of
each
subsequent
year,
the
director
shall
certify
to
the
county
auditor
of
each
county
the
percentages
of
actual
value
at
which
residential
property,
agricultural
property,
commercial
property,
industrial
property,
property
valued
by
the
department
of
revenue
pursuant
to
chapters
428
and
438
,
property
valued
by
the
department
of
revenue
pursuant
to
chapter
434
,
and
property
valued
by
the
department
of
revenue
pursuant
to
chapter
437
in
each
assessing
jurisdiction
in
the
county
each
classification
of
property
shall
be
assessed
for
taxation
,
including
for
assessment
years
beginning
on
or
after
January
1,
2022,
the
percentages
used
to
apply
the
assessment
limitations
under
subsection
5
,
paragraphs
“b”
Senate
File
2472,
p.
30
and
“c”
.
The
county
auditor
shall
proceed
to
determine
the
assessed
values
of
agricultural
property,
residential
property,
commercial
property,
industrial
property,
property
valued
by
the
department
of
revenue
pursuant
to
chapters
428
and
438
,
property
valued
by
the
department
of
revenue
pursuant
to
chapter
434
,
and
property
valued
by
the
department
of
revenue
pursuant
to
chapter
437
by
applying
such
percentages
to
the
current
actual
value
of
such
property,
as
reported
to
the
county
auditor
by
the
assessor,
and
the
assessed
values
so
determined
shall
be
the
taxable
values
of
such
properties
upon
which
the
levy
shall
be
made.
10.
The
percentages
of
actual
value
computed
determined
by
the
department
of
revenue
for
agricultural
property,
residential
property,
commercial
property,
industrial
property,
property
valued
by
the
department
of
revenue
pursuant
to
chapters
428
and
438
,
property
valued
by
the
department
of
revenue
pursuant
to
chapter
434
,
and
property
valued
by
the
department
of
revenue
pursuant
to
chapter
437
,
including
for
assessment
years
beginning
on
or
after
January
1,
2022,
the
percentages
used
to
apply
the
assessment
limitations
under
subsection
5
,
paragraphs
“b”
and
“c”
,
and
under
this
section
and
used
to
determine
assessed
values
of
those
classes
of
property
do
not
constitute
a
rule
as
defined
in
section
17A.2,
subsection
11
.
Sec.
75.
Section
441.21,
subsection
13,
paragraph
a,
unnumbered
paragraph
1,
Code
2026,
is
amended
to
read
as
follows:
Beginning
with
valuations
established
on
or
after
January
1,
2016
2027
,
but
before
January
1,
2022,
all
of
the
following
shall
be
valued
as
a
separate
class
of
property
known
as
multiresidential
property
and,
excluding
properties
referred
to
in
section
427A.1,
subsection
9
,
shall
be
assessed
at
a
percentage
of
its
actual
value,
as
determined
in
this
subsection
:
Sec.
76.
Section
441.21,
subsection
13,
paragraph
b,
Code
2026,
is
amended
by
striking
the
paragraph
and
inserting
in
lieu
thereof
the
following:
b.
(1)
For
valuations
established
for
the
assessment
year
beginning
January
1,
2027,
the
percentage
of
actual
value
as
Senate
File
2472,
p.
31
equalized
by
the
department
of
revenue
as
provided
in
section
441.49
at
which
multiresidential
property
shall
be
assessed
shall
be
the
percentage
of
actual
value
determined
by
the
department
of
revenue
at
which
property
assessed
as
residential
property
is
assessed
for
the
same
assessment
year
under
subsection
4
plus
three
percent,
but
not
to
exceed
one
hundred
percent.
(2)
For
valuations
established
for
the
assessment
year
beginning
January
1,
2028,
and
each
assessment
year
thereafter,
the
percentage
of
actual
value
as
equalized
by
the
department
of
revenue
as
provided
in
section
441.49
at
which
multiresidential
property
shall
be
assessed
shall
be
the
percentage
of
actual
value
determined
by
the
department
of
revenue
at
which
property
assessed
as
residential
property
is
assessed
for
the
same
assessment
year
under
subsection
4
plus
six
percent,
but
not
to
exceed
one
hundred
percent.
Sec.
77.
Section
441.21,
subsection
13,
paragraph
c,
Code
2026,
is
amended
to
read
as
follows:
c.
Beginning
with
valuations
established
on
or
after
January
1,
2016
2027
,
but
before
January
1,
2022,
for
parcels
for
which
a
portion
of
the
parcel
satisfies
the
requirements
for
classification
as
multiresidential
property
pursuant
to
paragraph
“a”
,
subparagraph
(5)
or
(6),
the
assessor
shall
assign
to
that
portion
of
the
parcel
the
classification
of
multiresidential
property
and
to
such
other
portions
of
the
parcel
the
property
classification
for
which
such
other
portions
qualify.
Sec.
78.
Section
441.21,
subsection
13,
Code
2026,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
0e.
For
purposes
of
equalization
under
sections
441.47
through
441.49,
multiresidential
property
shall
be
considered
residential
property.
Sec.
79.
Section
441.21,
subsection
14,
Code
2026,
is
amended
to
read
as
follows:
14.
a.
Beginning
with
valuations
established
on
or
after
January
1,
2022
2027
,
all
of
the
following
property
primarily
used
or
intended
for
human
habitation
containing
two
or
fewer
dwelling
units
shall
be
classified
and
valued
as
residential
property
:
.
Senate
File
2472,
p.
32
(1)
Property
primarily
used
or
intended
for
human
habitation
containing
two
or
fewer
dwelling
units.
(2)
Mobile
home
parks.
(3)
Manufactured
home
communities.
(4)
Land-leased
communities.
(5)
Assisted
living
facilities.
(6)
A
parcel
primarily
used
or
intended
for
human
habitation
containing
three
or
more
separate
dwelling
units.
If
a
portion
of
such
a
parcel
is
used
or
intended
for
a
purpose
that,
if
the
primary
use,
would
be
classified
as
commercial
property
or
industrial
property,
each
such
portion,
including
a
proportionate
share
of
the
land
included
in
the
parcel,
if
applicable,
shall
be
assigned
the
appropriate
classification
pursuant
to
paragraph
“b”
.
(7)
For
a
parcel
that
is
primarily
used
or
intended
for
use
as
commercial
property
or
industrial
property,
that
portion
of
the
parcel
that
is
used
or
intended
for
human
habitation,
regardless
of
the
number
of
dwelling
units
contained
on
the
parcel,
including
a
proportionate
share
of
the
land
included
in
the
parcel,
if
applicable.
The
portion
of
such
a
parcel
used
or
intended
for
use
as
commercial
property
or
industrial
property,
including
a
proportionate
share
of
the
land
included
in
the
parcel,
if
applicable,
shall
be
assigned
the
appropriate
classification
pursuant
to
paragraph
“b”
.
b.
Beginning
with
valuations
established
on
or
after
January
1,
2022,
for
parcels
for
which
a
portion
of
the
parcel
satisfies
the
requirements
for
classification
as
residential
property
pursuant
to
paragraph
“a”
,
subparagraph
(6)
or
(7),
the
assessor
shall
assign
to
that
portion
of
the
parcel
the
classification
of
residential
property
and
to
such
other
portions
of
the
parcel
the
property
classification
for
which
such
other
portions
qualify.
c.
Property
that
is
rented
or
leased
to
low-income
individuals
and
families
as
authorized
by
section
42
of
the
Internal
Revenue
Code
,
and
that
has
not
been
withdrawn
from
section
42
assessment
procedures
under
subsection
2
of
this
section
,
or
a
hotel,
motel,
inn,
or
other
building
where
rooms
or
dwelling
units
are
usually
rented
for
less
than
one
month
shall
not
be
classified
as
residential
property
under
this
Senate
File
2472,
p.
33
subsection
.
d.
As
used
in
this
subsection
:
(1)
“Assisted
living
facility”
means
property
for
providing
assisted
living
as
defined
in
section
231C.2
.
“Assisted
living
facility”
also
includes
a
health
care
facility,
as
defined
in
section
135C.1
,
an
elder
group
home,
as
defined
in
section
231B.1
,
a
child
foster
care
facility
under
chapter
237
,
or
property
used
for
a
hospice
program
as
defined
in
section
135J.1
.
(2)
“Dwelling
unit”
means
an
apartment,
group
of
rooms,
or
single
room
which
is
occupied
as
separate
living
quarters
or,
if
vacant,
is
intended
for
occupancy
as
separate
living
quarters,
in
which
a
tenant
can
live
and
sleep
separately
from
any
other
persons
in
the
building.
(3)
“Land-leased
community”
means
the
same
as
defined
in
sections
335.30A
and
414.28A
.
(4)
“Manufactured
home
community”
means
the
same
as
a
land-leased
community.
(5)
“Mobile
home
park”
means
the
same
as
defined
in
section
435.1
.
Sec.
80.
Section
558.46,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
4A.
For
the
purposes
of
this
section,
“residential
property”
includes
multiresidential
property.
Sec.
81.
EFFECTIVE
DATE.
The
following
take
effect
January
1,
2027:
1.
The
section
of
this
division
of
this
Act
amending
section
386.8.
2.
The
section
of
this
division
of
this
Act
amending
section
386.9.
3.
The
section
of
this
division
of
this
Act
amending
section
386.10.
4.
The
section
of
this
division
of
this
Act
amending
section
404.2,
subsection
2,
paragraph
“f”.
5.
The
section
of
this
division
of
this
Act
amending
section
404.3,
subsection
4,
paragraph
“a”.
6.
The
section
of
this
division
of
this
Act
amending
section
404.3A.
7.
The
section
of
this
division
of
this
Act
amending
section
Senate
File
2472,
p.
34
404.3D.
8.
The
section
of
this
division
of
this
Act
amending
section
441.21,
subsection
2.
9.
The
section
of
this
division
of
this
Act
amending
section
441.21,
subsection
8,
paragraph
“b”.
10.
The
sections
of
this
division
of
this
Act
amending
section
441.21,
subsection
13.
11.
The
section
of
this
division
of
this
Act
amending
section
441.21,
subsection
14.
12.
The
section
of
this
division
of
this
Act
amending
section
558.46.
Sec.
82.
APPLICABILITY.
The
following
apply
to
assessment
years
beginning
on
or
after
January
1,
2027:
1.
The
section
of
this
division
of
this
Act
amending
section
386.8.
2.
The
section
of
this
division
of
this
Act
amending
section
386.9.
3.
The
section
of
this
division
of
this
Act
amending
section
386.10.
4.
The
section
of
this
division
of
this
Act
amending
section
404.2,
subsection
2,
paragraph
“f”.
5.
The
section
of
this
division
of
this
Act
amending
section
404.3,
subsection
4,
paragraph
“a”.
6.
The
section
of
this
division
of
this
Act
amending
section
404.3A.
7.
The
section
of
this
division
of
this
Act
amending
section
404.3D.
8.
The
section
of
this
division
of
this
Act
amending
section
441.21,
subsection
2.
9.
The
section
of
this
division
of
this
Act
amending
section
441.21,
subsection
8,
paragraph
“b”.
10.
The
sections
of
this
division
of
this
Act
amending
section
441.21,
subsection
13.
11.
The
section
of
this
division
of
this
Act
amending
section
441.21,
subsection
14.
12.
The
section
of
this
division
of
this
Act
amending
section
558.46.
DIVISION
IX
EMERGENCY
MEDICAL
SERVICES
LEVY
Senate
File
2472,
p.
35
Sec.
83.
Section
422D.1,
subsection
1,
paragraph
a,
subparagraph
(2),
Code
2026,
is
amended
to
read
as
follows:
(2)
(a)
An
For
fiscal
years
beginning
before
July
1,
2027,
an
ad
valorem
property
tax
not
to
exceed
seventy-five
cents
per
one
thousand
dollars
of
assessed
value
on
all
taxable
property
within
the
county.
(b)
For
fiscal
years
beginning
on
or
after
July
1,
2027,
an
ad
valorem
property
tax
not
to
exceed
one
dollar
and
fifty
cents
per
one
thousand
dollars
of
assessed
value
on
all
taxable
property
within
the
county.
However,
for
counties
authorized
to
impose
the
ad
valorem
property
tax
under
this
subparagraph
for
the
fiscal
year
beginning
July
1,
2026,
the
maximum
levy
rate
for
such
county
shall
not
exceed
a
rate
of
seventy-five
cents
per
one
thousand
dollars
of
assessed
value
unless
a
rate
in
excess
thereof,
not
to
exceed
one
dollar
and
fifty
cents
per
one
thousand
dollars
of
assessed
value,
is
approved
at
an
election
held
on
or
after
July
1,
2026.
DIVISION
X
SCHOOL
DISTRICT
UNSPENT
BALANCES
——
ON-TIME
FUNDING
AND
MODIFIED
SUPPLEMENTAL
AMOUNTS
Sec.
84.
Section
257.7,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
3.
Unspent
balances.
For
school
budget
years
beginning
on
or
after
July
1,
2026,
a
school
district’s
actual
unspent
balance
from
the
preceding
year
used
to
calculate
the
authorized
budget
under
subsection
1
shall
not
exceed
an
amount
equal
to
thirty-five
percent
of
the
school
district’s
authorized
expenditures
for
the
budget
year
immediately
preceding
the
base
year
unless
a
greater
amount
is
authorized
by
the
school
budget
review
committee
based
on
one
or
more
grounds
authorized
for
the
approval
of
a
modified
supplemental
amount
under
section
257.31.
Sec.
85.
Section
257.13,
Code
2026,
is
amended
to
read
as
follows:
257.13
On-time
funding
budget
adjustment.
1.
a.
For
the
school
budget
year
beginning
July
1,
2001,
and
succeeding
budget
years
beginning
before
July
1,
2026
,
if
a
district’s
actual
enrollment
for
the
budget
year,
determined
under
section
257.6
,
is
greater
than
its
budget
enrollment
for
Senate
File
2472,
p.
36
the
budget
year,
the
district
shall
be
eligible
to
receive
an
on-time
funding
budget
adjustment.
The
adjustment
shall
be
in
an
amount
equal
to
the
difference
between
the
actual
enrollment
for
the
budget
year
and
the
budget
enrollment
for
the
budget
year,
multiplied
by
the
district
cost
per
pupil.
2.
b.
The
board
of
directors
of
a
school
district
that
wishes
to
receive
an
on-time
funding
budget
adjustment
under
this
subsection
shall
adopt
a
resolution
to
receive
the
adjustment
and
notify
the
school
budget
review
committee
annually,
but
not
earlier
than
November
1,
as
determined
by
the
department
of
education.
The
school
budget
review
committee
shall
establish
a
modified
supplemental
amount
pursuant
to
subsection
1
paragraph
“a”
.
2.
a.
For
the
school
budget
years
beginning
on
or
after
July
1,
2026,
if
a
district’s
actual
enrollment
for
the
budget
year,
determined
under
section
257.6,
is
greater
than
its
budget
enrollment
for
the
budget
year,
the
district
may
request
an
on-time
budget
adjustment.
The
adjustment
shall
not
exceed
an
amount
equal
to
the
difference
between
the
actual
enrollment
for
the
budget
year
and
the
budget
enrollment
for
the
budget
year,
multiplied
by
the
district
cost
per
pupil.
b.
To
request
an
on-time
budget
adjustment
under
this
subsection,
the
board
of
directors
of
a
school
district
shall
adopt
a
resolution
to
receive
the
adjustment
and
notify
the
school
budget
review
committee
on
or
before
a
date
established
by
the
committee.
The
school
budget
review
committee
may
establish
a
modified
supplemental
amount
pursuant
to
paragraph
“a”
.
3.
If
the
board
of
directors
of
a
school
district
determines
that
a
need
exists
for
additional
funds
exceeding
the
on-time
funding
budget
adjustment
pursuant
to
this
section
,
a
request
for
a
modified
supplemental
amount
based
upon
increased
enrollment
may
be
submitted
to
the
school
budget
review
committee
as
provided
in
section
257.31
.
Sec.
86.
NEW
SECTION
.
279.63A
Unspent
balance
——
policy.
1.
The
board
of
directors
of
each
school
district
shall
establish
a
policy
that
defines
a
targeted
range
and
maximum
amount
of
unspent
balance
of
authorized
expenditures,
determined
by
a
percent
of
authorized
expenditures
under
Senate
File
2472,
p.
37
section
257.7
or
other
methodology
specified
in
the
policy.
The
policy
shall
also
state
the
date
the
policy
was
adopted
and
the
date
the
policy
was
most
recently
reviewed
or
revised
under
subsection
2.
The
targeted
range
and
maximum
amount
established
in
the
policy
shall
be
made
with
the
intent
to
equalize
educational
opportunity,
provide
a
good
education
for
all
the
children
of
the
school
district,
provide
property
tax
relief,
decrease
the
percentage
of
school
costs
paid
from
property
taxes,
and
to
provide
reasonable
control
of
school
costs.
2.
Targeted
ranges
and
maximum
amounts
defined
in
the
policy
under
subsection
1
shall
be
reviewed
annually
by
the
board
of
directors
and
such
review
shall
be
entered
in
the
minutes
of
the
board
and
approved
revisions
shall
be
made
to
the
policy.
Sec.
87.
EFFECTIVE
DATE.
This
division
of
this
Act,
being
deemed
of
immediate
importance,
takes
effect
upon
enactment.
DIVISION
XI
GENERAL
FUND
RESERVES
Sec.
88.
Section
11.11,
Code
2026,
is
amended
to
read
as
follows:
11.11
Scope
of
audits.
The
written
report
of
the
audit
of
a
governmental
subdivision
shall
include
the
auditor’s
opinion
as
to
whether
a
governmental
subdivision’s
financial
statements
are
presented
fairly
in
all
material
respects
in
conformity
with
generally
accepted
accounting
principles
or
with
an
other
another
comprehensive
basis
of
accounting.
As
a
part
of
conducting
an
audit
of
a
governmental
subdivision,
an
evaluation
of
internal
control
and
tests
for
compliance
with
laws
and
regulations
shall
be
performed.
As
part
of
conducting
an
audit
of
a
governmental
subdivision,
an
examination
of
the
governmental
subdivision’s
compliance
with
the
reporting
requirements
of
section
331.403,
subsection
3
,
or
section
384.22,
subsection
2
,
if
applicable,
shall
be
performed.
As
part
of
conducting
an
audit
of
a
governmental
subdivision
for
fiscal
years
beginning
on
or
after
July
1,
2027,
an
examination
of
the
governmental
subdivision’s
compliance
with
section
24.35
shall
be
performed,
including
verification
of
the
circumstances
resulting
in
actual
reserve
funds
exceeding
the
specified
limits.
Senate
File
2472,
p.
38
Sec.
89.
Section
24.34,
Code
2026,
is
amended
to
read
as
follows:
24.34
Unliquidated
obligations.
A
city,
county,
or
other
political
subdivision
governmental
entity,
as
defined
in
section
24.35,
may
establish
an
encumbrance
system
for
any
obligation
not
liquidated
at
the
close
of
the
fiscal
year
in
which
the
obligation
has
been
encumbered
assigned,
committed,
restricted,
or
specified
as
nonspendable
.
The
encumbered
obligations
may
be
retained
upon
the
books
of
the
city,
county,
or
other
political
subdivision
governmental
entity,
as
defined
in
section
24.35,
until
liquidated,
all
in
accordance
with
generally
accepted
governmental
accounting
practices
principles,
as
established
by
the
governmental
accounting
standards
board
.
Sec.
90.
NEW
SECTION
.
24.35
General
fund
reserves
——
limitations.
1.
For
purposes
of
this
section:
a.
“Budget
year”
is
the
fiscal
year
beginning
during
the
calendar
year
in
which
a
budget
is
certified.
b.
“Current
fiscal
year”
is
the
fiscal
year
ending
during
the
calendar
year
in
which
a
budget
for
the
budget
year
is
certified.
c.
“General
fund”
means
a
governmental
entity’s
fund
designated
as
such
by
law
or
the
governmental
entity’s
fund
from
which
primary
general
operations
of
the
governmental
entity
are
funded.
d.
“Governmental
entity”
means
any
unit
of
government
or
other
public
body
or
public
corporation,
including
any
intergovernmental
entity,
that
has
the
power
to
impose
or
certify
a
property
tax
levy.
“Governmental
entity”
does
not
include
a
school
district
or
a
governmental
entity
within
the
meaning
of
this
paragraph
if
the
governmental
entity
has
a
bond
rating
for
the
budget
year
that
is
the
highest
classification,
as
established
by
at
least
one
of
the
standard
rating
services
approved
by
the
superintendent
of
banking
by
rule
adopted
under
chapter
17A.
e.
“Unassigned”
means
funds
that
are
not
restricted,
committed,
assigned,
or
nonspendable
within
the
meaning
of
generally
accepted
accounting
principles,
as
established
by
the
Senate
File
2472,
p.
39
governmental
accounting
standards
board.
2.
a.
For
budgets
certified
for
budget
years
beginning
on
or
after
July
1,
2027,
proposed
unassigned
reserve
funds
identified
within
a
governmental
entity’s
general
fund
shall
not
exceed
an
amount
equal
to
thirty-five
percent
of
the
budgeted
expenditures
from
the
governmental
entity’s
general
fund
for
the
current
fiscal
year
prior
to
budgeted
transfers
from
such
general
fund.
b.
If
the
governmental
entity’s
budget
does
not
comply
with
the
requirements
of
paragraph
“a”
,
the
department
of
management
shall
not
certify
the
governmental
entity’s
taxes
back
to
the
county
auditor
under
section
24.17
and
the
governmental
entity
shall
remedy
the
violation
and
recertify
the
budget.
3.
Each
governmental
entity
shall
establish
an
obligated
funds
account
within
the
governmental
entity’s
general
fund.
Restricted,
committed,
assigned,
or
nonspendable
funds
within
the
meaning
of
generally
accepted
accounting
principles,
as
established
by
the
governmental
accounting
standards
board,
shall
be
deposited
in
and
accounted
for
in
the
obligated
funds
account,
including
but
not
limited
to
such
funds
that
are
in
the
governmental
entity’s
general
fund
for
the
purchase,
lease-purchase,
or
major
refurbishment
of
law
enforcement,
public
safety,
and
public
works
vehicles
and
equipment
and
for
vertical
infrastructure
and
horizontal
infrastructure
projects.
4.
To
ensure
uniformity,
accuracy,
and
efficiency
in
the
certification
of
governmental
entity
budgets
according
to
the
requirements
of
this
section,
the
department
of
management
shall
prescribe
the
procedures
to
be
used
and
instruct
the
appropriate
officials
of
the
various
governmental
entities
on
implementation
of
the
procedures.
Sec.
91.
Section
176A.8,
subsection
13,
Code
2026,
is
amended
by
striking
the
subsection.
DIVISION
XII
PROPERTY
PARCEL
INFORMATION
Sec.
92.
Section
331.510,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
5.
a.
An
annual
report
not
later
than
September
1
to
the
department
of
management
containing
parcel-level
property
data,
including
parcel
identification
Senate
File
2472,
p.
40
information,
location,
size,
valuation,
classification,
types
of
structures
and
improvements,
exemptions,
credits,
and
reporting
year
amounts
of
property
taxes
due
and
payable.
b.
In
addition
to
the
information
required
under
paragraph
“a”
,
the
department
of
management
may
require
additional
parcel-level
data
deemed
necessary
by
the
director
of
the
department
of
management.
The
department
shall
prescribe
the
form
and
manner
of
submitting
the
annual
report
under
this
subsection.
c.
The
first
annual
report
under
this
subsection
shall
be
due
not
later
than
September
1,
2027.
DIVISION
XIII
URBAN
RENEWAL
Sec.
93.
Section
15A.1,
subsection
1,
paragraph
b,
Code
2026,
is
amended
to
read
as
follows:
b.
For
purposes
of
this
chapter
,
“economic
development”
means
private
or
joint
public
and
private
investment
involving
the
creation
of
new
jobs
and
income
or
the
retention
of
existing
jobs
and
income
that
would
otherwise
be
lost
or
the
provision
of
workforce
housing
.
Sec.
94.
Section
15A.1,
subsection
2,
Code
2026,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
e.
Development
policies
that
advance
the
development
of
workforce
housing.
Sec.
95.
Section
331.403,
subsection
3,
paragraph
b,
subparagraph
(19),
Code
2026,
is
amended
by
striking
the
subparagraph.
Sec.
96.
Section
384.22,
subsection
2,
paragraph
b,
subparagraph
(19),
Code
2026,
is
amended
by
striking
the
subparagraph.
Sec.
97.
Section
403.17,
subsection
10,
Code
2026,
is
amended
to
read
as
follows:
10.
“Economic
development
area”
means
an
area
of
a
municipality
designated
by
the
local
governing
body
as
appropriate
for
commercial
and
industrial
enterprises,
public
improvements
related
to
housing
and
residential
development,
or
construction
of
housing
and
residential
development
for
low
and
moderate
income
families,
including
single
or
multifamily
housing.
If
an
urban
renewal
plan
for
an
urban
renewal
area
is
Senate
File
2472,
p.
41
based
upon
a
finding
that
the
area
is
an
economic
development
area
and
that
no
part
contains
slum
or
blighted
conditions,
then
the
division
of
revenue
provided
in
section
403.19
and
stated
in
the
plan
shall
be
limited
to
twenty
years
from
the
calendar
year
following
the
calendar
year
in
which
the
municipality
first
certifies
to
the
county
auditor
the
amount
of
any
loans,
advances,
indebtedness,
or
bonds
which
qualify
for
payment
from
the
division
of
revenue
provided
in
section
403.19
.
Such
designated
area
shall
not
include
agricultural
land,
including
land
which
is
part
of
a
century
farm,
unless
the
owner
of
the
agricultural
land
or
century
farm
agrees
to
include
the
agricultural
land
or
century
farm
in
the
urban
renewal
area.
For
the
purposes
of
this
subsection
,
“century
farm”
means
a
farm
in
which
at
least
forty
acres
of
such
farm
have
been
held
in
continuous
ownership
by
the
same
family
for
one
hundred
years
or
more.
Sec.
98.
Section
403.17,
subsection
14,
Code
2026,
is
amended
to
read
as
follows:
14.
“Low
or
and
moderate
income
families”
means
those
families,
including
single
person
households,
earning
no
more
than
eighty
percent
of
the
higher
of
the
median
family
income
of
the
county
or
the
statewide
nonmetropolitan
area
as
determined
by
the
latest
United
States
department
of
housing
and
urban
development,
section
8
income
guidelines.
Sec.
99.
Section
403.17,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
14A.
“Low
and
moderate
income
family
housing”
means
housing
for
low
and
moderate
income
families
and
includes
housing
that
meets
the
requirements
of
section
15.353.
Sec.
100.
Section
403.19,
subsection
2,
paragraph
a,
Code
2026,
is
amended
to
read
as
follows:
a.
That
portion
of
the
taxes
each
year
in
excess
of
such
amount
shall
be
allocated
to
and
when
collected
be
paid
into
a
special
fund
of
the
municipality
to
pay
the
principal
of
and
interest
on
loans,
moneys
advanced
to,
or
indebtedness,
whether
funded,
refunded,
assumed,
or
otherwise,
including
bonds
issued
under
the
authority
of
section
403.9,
subsection
1
,
incurred
by
the
municipality
to
finance
or
refinance,
in
whole
or
in
part,
an
urban
renewal
project
within
the
area,
and
to
Senate
File
2472,
p.
42
provide
assistance
for
low
and
moderate
income
family
housing
as
provided
in
section
403.22
.
However,
except
as
provided
in
paragraph
“b”
,
taxes
for
the
regular
and
voter-approved
physical
plant
and
equipment
levy
of
a
school
district
imposed
pursuant
to
section
298.2
;
and
taxes
for
the
instructional
support
program
of
a
school
district
imposed
pursuant
to
section
257.19
,
;
taxes
for
the
payment
of
bonds
and
interest
of
each
taxing
district
,
;
foundation
property
taxes
of
a
school
district
imposed
under
section
257.3
levied
against
property
located
in
an
incorporated
area
and
subject
to
an
ordinance
providing
for
a
division
of
revenue
adopted
on
or
after
January
1,
2027;
foundation
property
taxes
of
a
school
district
imposed
under
section
257.3
levied
against
property
subject
to
a
division
of
revenue
subject
to
the
sixty
percent
limitation
under
paragraph
“e”
for
the
applicable
fiscal
year;
and
taxes
imposed
under
section
346.27,
subsection
22
,
related
to
joint
county-city
buildings
shall
be
collected
against
all
taxable
property
within
the
taxing
district
without
limitation
by
the
provisions
of
this
subsection
.
Sec.
101.
Section
403.19,
subsection
2,
Code
2026,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
e.
For
urban
renewal
areas
for
which
an
ordinance
providing
for
a
division
of
revenue
in
effect
on
the
effective
date
of
this
division
of
this
Act
that
is
not
limited
in
duration
under
section
403.17,
subsection
10,
Code
2026,
after
twenty
years
following
the
effective
date
of
this
division
of
this
Act
or
after
twenty
years
from
the
calendar
year
following
the
calendar
year
in
which
the
municipality
first
certifies
to
the
county
auditor
the
amount
of
any
loans,
advances,
indebtedness,
or
bonds
which
qualify
for
payment
from
the
division
of
revenue,
whichever
is
later,
the
amount
determined
under
paragraph
“a”
that
may
be
paid
into
the
municipality’s
special
fund
shall
not
exceed
sixty
percent
of
the
amount
otherwise
determined
under
paragraph
“a”
but
for
this
paragraph
and
such
excess
amounts
shall
be
allocated
and
paid
to
the
respective
taxing
districts
in
the
same
manner
as
amounts
under
subsection
1.
The
municipality
may
exceed
the
limitation
in
this
paragraph
to
the
extent
necessary
for
payments
of
bonds
or
other
indebtedness
incurred
before
the
Senate
File
2472,
p.
43
effective
date
of
this
division
of
this
Act,
but
in
such
event
the
municipality
shall
not
issue
bonds
or
other
indebtedness
payable
from
such
division
of
revenue
while
exceeding
the
limitation
and
the
municipality
shall
not
be
eligible
to
utilize
school
district
foundation
property
taxes
imposed
under
section
257.3.
This
paragraph
shall
not
apply
to
divisions
of
revenue
established
by
community
colleges
under
chapter
260E
or
rural
improvement
zones
under
chapter
357H.
Sec.
102.
Section
403.19,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
3A.
An
ordinance
providing
for
a
division
of
revenue
under
this
section
that
is
adopted
on
or
after
the
effective
date
of
this
division
of
this
Act
shall
be
limited
to
twenty-three
years
from
the
calendar
year
following
the
calendar
year
in
which
the
municipality
first
certifies
to
the
county
auditor
the
amount
of
any
loans,
advances,
indebtedness,
or
bonds
that
qualify
for
payment
from
the
division
of
revenue
provided
for
in
this
section.
The
ordinance
shall
terminate
and
be
of
no
further
force
and
effect
following
the
twenty-three-year
period
provided
in
this
subsection.
This
subsection
shall
not
apply
to
divisions
of
revenue
established
by
community
colleges
under
chapter
260E
or
rural
improvement
zones
under
chapter
357H.
Sec.
103.
Section
403.19,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
12.
For
any
fiscal
year
beginning
on
or
after
July
1,
2027,
following
written
request
filed
with
the
county
auditor
and
the
board
of
directors
of
the
school
district,
a
school
district
may
approve
by
resolution
of
the
board
of
directors
the
payment
from
the
school
district’s
general
fund
to
the
municipality
for
deposit
in
the
special
fund
under
this
section
all
or
a
portion
of
the
school
district
foundation
property
taxes
under
section
257.3
levied
against
property
located
in
an
incorporated
area
and
subject
to
an
ordinance
providing
for
a
division
of
revenue
adopted
on
or
after
January
1,
2027,
for
one
or
more
applicable
fiscal
years.
If
approved,
the
board
of
directors
shall
file
such
resolution
with
the
county
auditor.
Payments
approved
under
this
subsection
are
voluntary
and
a
school
district
is
not
required
Senate
File
2472,
p.
44
to
pay
over
the
revenue
to
the
municipality
unless
approved
by
resolution.
Amounts
paid
by
a
school
district
under
this
subsection
shall
continue
to
be
considered
foundation
property
taxes
levied
under
section
257.3
and
such
payment
shall
not
result
in
the
adjustment
of
state
foundation
aid
or
other
amounts
under
chapter
257.
Sec.
104.
REPEAL.
Section
403.22,
Code
2026,
is
repealed.
Sec.
105.
IMPLEMENTATION.
For
a
division
of
revenue
in
effect
on
the
effective
date
of
this
division
of
this
Act
that
was
subject
to
the
duration
limitation
of
section
403.22,
subsection
5,
prior
to
the
effective
date
of
this
division
of
this
Act,
such
division
of
revenue
shall
continue
to
be
subject
to
the
duration
limitation
otherwise
applicable
to
an
urban
renewal
area
established
upon
the
determination
that
the
area
is
an
economic
development
area,
as
provided
in
section
403.17,
subsection
10,
Code
2026.
Sec.
106.
EFFECTIVE
DATE.
This
division
of
this
Act,
being
deemed
of
immediate
importance,
takes
effect
upon
enactment.
Sec.
107.
APPLICABILITY.
The
following
applies
to
property
taxes
due
and
payable
in
fiscal
years
beginning
on
or
after
July
1,
2028:
The
portion
of
the
section
of
this
division
of
this
Act
excluding
taxes
under
section
257.3
from
divisions
of
revenue
by
amending
section
403.19,
subsection
2,
paragraph
“a”.
Sec.
108.
APPLICABILITY.
The
following
applies
to
urban
renewal
areas
in
existence
on
or
established
on
or
after
the
effective
date
of
this
division
of
this
Act:
The
section
of
this
division
of
this
Act
repealing
section
403.22.
DIVISION
XIV
ASSESSMENT
PROCEDURES
Sec.
109.
Section
441.21,
subsection
3,
Code
2026,
is
amended
to
read
as
follows:
3.
a.
“Actual
value”
,
“taxable
value”
,
or
“assessed
value”
as
used
in
other
sections
of
the
Code
in
relation
to
assessment
of
property
for
taxation
shall
mean
the
valuations
as
determined
by
this
section
;
however,
other
provisions
of
the
Code
providing
special
methods
or
formulas
for
assessing
or
valuing
specified
property
shall
remain
in
effect,
but
this
Senate
File
2472,
p.
45
section
shall
be
applicable
to
the
extent
consistent
with
such
provisions.
The
assessor
and
department
of
revenue
shall
disclose
at
the
written
request
of
the
taxpayer
all
information
in
any
formula
or
method
used
to
determine
the
actual
value
of
the
taxpayer’s
property.
In
addition,
for
assessment
years
beginning
on
or
after
January
1,
2027,
if
the
taxpayer’s
residential
property
has
increased
in
actual
value
by
ten
percent
or
more
as
compared
to
either
of
the
two
immediately
preceding
assessment
years,
the
assessor
shall
provide
the
taxpayer
with
a
statement
of
the
reasons
for
the
increase
in
actual
value,
information
specifying
the
portion
of
actual
value
increase
attributable
to
a
change
in
classification,
revaluation,
new
construction,
improvements,
or
renovations
to
the
property,
and
all
information
in
any
formula
or
method
used
to
determine
the
actual
value.
b.
(1)
For
assessment
years
beginning
before
January
1,
2018,
the
burden
of
proof
shall
be
upon
any
complainant
attacking
such
valuation
as
excessive,
inadequate,
inequitable,
or
capricious.
However,
in
protest
or
appeal
proceedings
when
the
complainant
offers
competent
evidence
by
at
least
two
disinterested
witnesses
that
the
market
value
of
the
property
is
less
than
the
market
value
determined
by
the
assessor,
the
burden
of
proof
thereafter
shall
be
upon
the
officials
or
persons
seeking
to
uphold
such
valuation
to
be
assessed.
(2)
(1)
For
assessment
years
beginning
on
or
after
January
1,
2018,
the
except
as
provided
in
subparagraph
(3),
the
burden
of
proof
shall
be
upon
any
complainant
attacking
such
valuation
as
excessive,
inadequate,
inequitable,
or
capricious.
However,
in
protest
or
appeal
proceedings
when
the
complainant
offers
competent
evidence
that
the
market
value
of
the
property
is
different
than
the
market
value
determined
by
the
assessor,
the
burden
of
proof
thereafter
shall
be
upon
the
officials
or
persons
seeking
to
uphold
such
valuation
to
be
assessed.
(3)
(2)
If
the
classification
of
a
property
has
been
previously
adjudicated
by
the
property
assessment
appeal
board
or
a
court
as
part
of
an
appeal
under
this
chapter
,
there
is
a
presumption
that
the
classification
of
the
property
has
not
changed
for
each
of
the
four
subsequent
assessment
years,
unless
a
subsequent
such
adjudication
of
the
classification
of
Senate
File
2472,
p.
46
the
property
has
occurred,
and
the
burden
of
demonstrating
a
change
in
use
shall
be
upon
the
person
asserting
a
change
to
the
property’s
classification.
(3)
For
assessment
years
beginning
on
or
after
January
1,
2027,
for
residential
property,
if
the
taxpayer’s
property
actual
value
increased
by
ten
percent
or
more
as
compared
to
either
of
the
two
immediately
preceding
assessment
years,
including
an
increase
as
the
result
of
an
equalization
order,
and
the
property
did
not
change
classification
or
primary
use
and
the
increase
in
actual
value
is
not
the
result
of
new
construction,
improvements,
or
renovations
to
the
property,
the
actual
value
so
determined
by
the
assessor
is
not
presumed
to
be
the
actual
value
and
in
any
protest
or
appeal
the
assessor
shall
have
the
burden
of
proof
that
the
valuation
is
not
excessive,
inadequate,
inequitable,
or
capricious.
Sec.
110.
Section
441.33,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
3.
Ex
parte
communications
with
board
of
review
members
are
prohibited
in
protests
before
the
board.
DIVISION
XV
VALUATIONS
——
ABNORMAL
TRANSACTIONS
——
REAL
ESTATE
TRANSFER
TAX
FORMS
Sec.
111.
Section
428A.7,
Code
2026,
is
amended
to
read
as
follows:
428A.7
Forms
provided
by
director
of
revenue.
The
director
of
revenue
shall
prescribe
the
form
of
the
declaration
of
value
and
shall
include
an
appropriate
place
for
the
inclusion
of
special
facts
and
circumstances
relating
to
the
actual
sales
price
in
real
estate
transfers
including
but
not
limited
to
factors
that
distort
market
value
such
as
built-to-suit
sales,
sale-leaseback
sales,
leased
fee
sales,
and
the
abnormal
transactions
identified
in
section
441.21,
subsection
1,
paragraph
“b”
,
subparagraph
(1)
.
The
director
shall
provide
an
adequate
number
of
the
declaration
of
value
forms
to
each
county
recorder
in
the
state.
If
the
declaration
of
value
form
requires
or
provides
for
the
inclusion
of
the
social
security
number
or
federal
tax
identification
number
of
a
seller
or
buyer,
the
department
shall
provide
that
the
social
security
number
or
federal
tax
identification
number
remains
Senate
File
2472,
p.
47
confidential
and
cannot
be
obtained
by
public
examination.
Sec.
112.
Section
441.21,
subsection
1,
paragraph
b,
subparagraph
(1),
Code
2026,
is
amended
to
read
as
follows:
(1)
The
actual
value
of
all
property
subject
to
assessment
and
taxation
shall
be
the
fair
and
reasonable
market
value
of
such
property
except
as
otherwise
provided
in
this
section
.
“Market
value”
is
defined
as
the
fair
and
reasonable
exchange
in
the
year
in
which
the
property
is
listed
and
valued
between
a
willing
buyer
and
a
willing
seller,
neither
being
under
any
compulsion
to
buy
or
sell
and
each
being
familiar
with
all
the
facts
relating
to
the
particular
property.
Sale
prices
of
the
property
or
comparable
property
in
normal
transactions
reflecting
market
value,
and
the
probable
availability
or
unavailability
of
persons
interested
in
purchasing
the
property,
shall
be
taken
into
consideration
in
arriving
at
its
market
value.
In
arriving
at
market
value,
sale
prices
of
property
in
abnormal
transactions
not
reflecting
market
value
shall
not
be
taken
into
account,
or
shall
be
adjusted
to
eliminate
the
effect
of
factors
which
distort
market
value,
including
but
not
limited
to
built-to-suit
construction,
sale-leaseback
transactions,
leased
fee
sales,
sales
to
immediate
family
of
the
seller
between
related
parties
,
foreclosure
or
other
forced
sales,
contract
sales,
discounted
purchase
transactions
or
purchase
of
adjoining
land
or
other
land
to
be
operated
as
a
unit.
Sec.
113.
RETROACTIVE
APPLICABILITY.
This
division
of
this
Act
applies
retroactively
to
assessment
years
beginning
on
or
after
January
1,
2026.
DIVISION
XVI
AGRICULTURAL
EXTENSION
LEVY
Sec.
114.
Section
176A.10,
Code
2026,
is
amended
to
read
as
follows:
176A.10
County
agricultural
extension
education
tax.
1.
The
extension
council
of
each
extension
district
shall,
at
a
meeting
held
before
April
30,
estimate
the
amount
of
money
required
to
be
raised
by
taxation
for
financing
the
county
agricultural
extension
education
program
authorized
in
this
chapter
.
The
annual
tax
levy
and
the
amount
of
money
to
be
raised
from
the
levy
for
the
county
agricultural
extension
Senate
File
2472,
p.
48
education
fund
shall
not
exceed
the
following:
amount
levied
for
the
immediately
preceding
fiscal
year
plus
any
allowable
increase
under
section
444.25.
a.
(1)
Except
as
provided
in
subparagraph
(2),
for
an
extension
district
having
a
population
of
less
than
thirty
thousand,
an
annual
levy
of
twenty
and
one-fourth
cents
per
thousand
dollars
of
the
assessed
valuation
of
the
taxable
property
in
the
district
up
to
a
maximum
of
seventy
thousand
dollars
for
the
fiscal
year
commencing
July
1,
1985,
and
seventy-five
thousand
dollars
for
each
subsequent
fiscal
year.
(2)
For
an
extension
district
having
a
population
of
less
than
thirty
thousand
and
as
provided
in
subsection
2
,
an
annual
levy
of
thirty
cents
per
thousand
dollars
of
the
assessed
valuation
of
the
taxable
property
in
the
district
up
to
a
maximum
of
eighty-seven
thousand
dollars
payable
during
the
fiscal
year
commencing
July
1,
1992,
and
an
increase
of
six
thousand
dollars
in
the
amount
payable
during
each
subsequent
fiscal
year.
b.
(1)
Except
as
provided
in
subparagraph
(2),
for
an
extension
district
having
a
population
of
thirty
thousand
or
more
but
less
than
fifty
thousand,
an
annual
levy
of
twenty
and
one-fourth
cents
per
thousand
dollars
of
the
assessed
valuation
of
the
taxable
property
in
the
district
up
to
a
maximum
of
eighty-four
thousand
dollars
for
the
fiscal
year
commencing
July
1,
1985,
and
ninety
thousand
dollars
for
each
subsequent
fiscal
year.
(2)
For
an
extension
district
having
a
population
of
thirty
thousand
or
more
but
less
than
fifty
thousand
and
as
provided
in
subsection
2
,
an
annual
levy
of
twenty
and
one-fourth
cents
per
thousand
dollars
of
the
assessed
valuation
of
the
taxable
property
in
the
district
up
to
a
maximum
of
one
hundred
four
thousand
dollars
payable
during
the
fiscal
year
commencing
July
1,
1992,
and
an
increase
of
seven
thousand
dollars
in
the
amount
payable
during
each
subsequent
fiscal
year.
c.
(1)
Except
as
provided
in
subparagraph
(2),
for
an
extension
district
having
a
population
of
fifty
thousand
or
more
but
less
than
ninety-five
thousand,
an
annual
levy
of
thirteen
and
one-half
cents
per
thousand
dollars
of
the
assessed
valuation
of
the
taxable
property
in
the
district
Senate
File
2472,
p.
49
up
to
a
maximum
of
one
hundred
five
thousand
dollars
for
the
fiscal
year
commencing
July
1,
1985,
and
one
hundred
twelve
thousand
five
hundred
dollars
for
each
subsequent
fiscal
year.
(2)
For
an
extension
district
having
a
population
of
fifty
thousand
or
more
but
less
than
ninety
thousand
and
as
provided
in
subsection
2
,
an
annual
levy
of
thirteen
and
one-half
cents
per
thousand
dollars
of
the
assessed
valuation
of
the
taxable
property
in
the
district
up
to
a
maximum
of
one
hundred
thirty
thousand
five
hundred
dollars
payable
during
the
fiscal
year
commencing
July
1,
1992,
and
an
increase
of
nine
thousand
dollars
in
the
amount
payable
during
each
subsequent
fiscal
year.
d.
(1)
Except
as
provided
in
subparagraph
(2),
for
an
extension
district
having
a
population
of
ninety-five
thousand
or
more,
an
annual
levy
of
thirteen
and
one-half
cents
per
thousand
dollars
of
the
assessed
valuation
of
the
taxable
property
in
the
district
up
to
a
maximum
of
one
hundred
forty
thousand
dollars
for
the
fiscal
year
commencing
July
1,
1985,
and
one
hundred
fifty
thousand
dollars
for
each
subsequent
fiscal
year.
(2)
For
an
extension
district
having
a
population
of
ninety
thousand
or
more
but
less
than
two
hundred
thousand
and
as
provided
in
subsection
2
,
an
annual
levy
of
thirteen
and
one-half
cents
per
thousand
dollars
of
the
assessed
valuation
of
the
taxable
property
in
the
district
up
to
a
maximum
of
one
hundred
eighty
thousand
dollars
payable
during
the
fiscal
year
commencing
July
1,
1992,
and
an
increase
of
fifteen
thousand
dollars
in
the
amount
payable
during
each
subsequent
fiscal
year.
e.
For
an
extension
district
having
a
population
of
two
hundred
thousand
or
more
and
as
provided
in
subsection
2
,
an
annual
levy
of
five
cents
per
thousand
dollars
of
the
assessed
valuation
of
the
taxable
property
in
the
district
up
to
a
maximum
of
two
hundred
thousand
dollars
payable
during
the
fiscal
year
commencing
July
1,
1992,
and
an
increase
of
twenty-five
thousand
dollars
in
the
amount
payable
during
each
subsequent
fiscal
year.
2.
An
extension
council
of
an
extension
district
may
choose
to
be
subject
to
the
levy
and
revenue
limits
specified
Senate
File
2472,
p.
50
in
subsection
1
,
paragraph
“a”
,
subparagraph
(2),
paragraph
“b”
,
subparagraph
(2),
paragraph
“c”
,
subparagraph
(2),
and
paragraph
“d”
,
subparagraph
(2),
and
subsection
1
,
paragraph
“e”
,
for
the
purpose
of
the
annual
levy
for
the
fiscal
year
commencing
July
1,
1991,
which
levy
is
payable
in
the
fiscal
year
beginning
July
1,
1992.
Before
an
extension
district
may
be
subject
to
the
levy
and
revenue
limits
specified
in
subsection
1
,
paragraph
“a”
,
subparagraph
(2),
paragraph
“b”
,
subparagraph
(2),
paragraph
“c”
,
subparagraph
(2),
and
paragraph
“d”
,
subparagraph
(2),
and
subsection
1
,
paragraph
“e”
,
for
fiscal
years
beginning
on
or
after
July
1,
1992,
which
levy
is
payable
in
fiscal
years
beginning
on
or
after
July
1,
1993,
the
question
of
whether
the
district
shall
be
subject
to
the
levy
and
revenue
limits
as
specified
in
such
paragraphs
must
be
submitted
to
the
registered
voters
of
the
district.
The
question
shall
be
submitted
at
the
time
of
a
general
election.
If
the
question
is
approved
by
a
majority
of
those
voting
on
the
question
the
levy
and
revenue
limits
specified
in
subsection
1
,
paragraph
“a”
,
subparagraph
(2),
paragraph
“b”
,
subparagraph
(2),
paragraph
“c”
,
subparagraph
(2),
and
paragraph
“d”
,
subparagraph
(2),
and
subsection
1
,
paragraph
“e”
,
shall
thereafter
apply
to
the
extension
district.
The
question
need
only
be
approved
at
one
general
election.
If
a
majority
of
those
voting
on
the
question
vote
against
the
question,
the
district
may
continue
to
submit
the
question
at
subsequent
general
elections
until
approved.
3.
2.
The
extension
council
in
each
extension
district
shall
comply
with
chapter
24
.
Sec.
115.
APPLICABILITY.
This
division
of
this
Act
applies
to
property
taxes
due
and
payable
in
fiscal
years
beginning
on
or
after
July
1,
2027.
DIVISION
XVII
CHAPTER
404
——
SCHOOL
TAXES
Sec.
116.
Section
404.3D,
Code
2026,
is
amended
to
read
as
follows:
404.3D
Exemptions
for
residential
property.
1.
For
revitalization
areas
established
under
this
chapter
on
or
after
July
1,
2024,
and
for
first-year
exemption
applications
for
property
located
in
a
revitalization
area
in
Senate
File
2472,
p.
51
existence
on
July
1,
2024,
filed
on
or
after
July
1,
2024,
an
exemption
authorized
under
this
chapter
for
property
that
is
residential
property
shall
not
apply
to
property
tax
levies
imposed
by
a
school
district.
2.
In
addition
to
the
inapplicability
of
the
exemption
to
school
district
property
tax
levies
specified
under
subsection
1,
for
property
taxes
due
and
payable
in
fiscal
years
beginning
on
or
after
July
1,
2027,
if
such
a
property
receiving
an
exemption
is
located
in
both
a
revitalization
area
and
an
urban
renewal
area,
the
school
district
property
taxes
on
the
property
shall
not
be
subject
to
the
division
of
revenue
under
section
403.19
and
when
collected
shall
be
paid
to
the
school
district.
Sec.
117.
EFFECTIVE
DATE.
This
division
of
this
Act,
being
deemed
of
immediate
importance,
takes
effect
upon
enactment.
DIVISION
XVIII
UTILITY
REPLACEMENT
TAX
TASK
FORCE
Sec.
118.
Section
437A.15,
subsection
7,
paragraph
b,
Code
2026,
is
amended
to
read
as
follows:
b.
The
task
force
shall
study
the
accuracy
of
the
taxes
imposed
under
this
chapter
and
chapter
437B,
ways
to
modernize
the
administration
of
such
taxes,
methods
of
simplifying
administration
of
the
replacement
taxes,
elimination
of
property
taxes
imposed
under
this
chapter
or
chapter
437B,
simplification
of
thresholds
for
replacement
tax
rate
adjustments
while
retaining
tax
stability,
the
effects
of
the
replacement
such
taxes
under
this
chapter
and
chapter
437B
on
local
taxing
authorities,
local
taxing
districts,
consumers,
and
taxpayers
through
January
1,
2024
December
31,
2026,
including
ways
to
maintain
continuity
for
local
taxing
districts
and
consumers
and
ways
to
provide
a
competitive
and
equitable
tax
environment
for
taxpayers
.
If
the
task
force
recommends
modifications
to
the
replacement
tax
that
will
further
the
purposes
of
tax
neutrality
for
local
taxing
authorities,
local
taxing
districts,
taxpayers,
and
consumers,
consistent
with
the
stated
purposes
of
this
chapter
taxes
,
the
department
of
management
shall
transmit
those
recommendations
to
the
general
assembly.
Sec.
119.
EFFECTIVE
DATE.
This
division
of
this
Act,
being
Senate
File
2472,
p.
52
deemed
of
immediate
importance,
takes
effect
upon
enactment.
DIVISION
XIX
PAYMENTS
IN
LIEU
OF
PROPERTY
TAXES
——
TASK
FORCE
Sec.
120.
PAYMENTS
IN
LIEU
OF
PROPERTY
TAXES
TASK
FORCE
——
REPORT.
1.
By
January
10,
2027,
the
department
of
revenue
shall
prepare
and
submit
a
report
approved
by
the
task
force
created
under
subsection
2,
including
recommended
legislative
actions,
to
the
general
assembly
regarding
the
establishment
of
a
program
under
which
counties
may
implement
a
program
for
the
collection
of
payments
in
lieu
of
property
taxes
from
owners
of
property
that
is
exempt,
in
whole
or
in
part,
from
ad
valorem
property
taxes,
but
excluding
government-owned
property.
2.
The
department
shall
convene
a
task
force
consisting
of
at
least
all
of
the
following
persons:
a.
The
director
of
revenue,
or
the
director’s
designee.
b.
The
director
of
the
department
of
management,
or
the
director’s
designee.
c.
All
members
of
the
Polk
county
board
of
supervisors.
d.
One
mayor
from
a
city
located,
in
whole
or
in
part,
within
Polk
county,
selected
by
the
director
of
revenue.
e.
Three
representatives
from
tax-exempt
entities
located
in
Polk
county
of
varying
sizes,
selected
by
the
director
of
revenue.
f.
One
private
property
owner,
selected
by
the
director
of
revenue.
g.
Four
ex
officio,
nonvoting
legislative
members
consisting
of
the
following:
(1)
Two
state
senators,
one
appointed
by
the
president
of
the
senate
after
consultation
with
the
majority
leader
of
the
senate
and
one
appointed
by
the
minority
leader
of
the
senate
from
their
respective
parties.
(2)
Two
state
representatives,
one
appointed
by
the
speaker
and
one
appointed
by
the
minority
leader
of
the
house
of
representatives
from
their
respective
parties.
3.
Task
force
meetings
shall
be
open
to
the
public.
4.
The
task
force
shall
compile
and
analyze
at
least
all
of
the
following
prior
to
preparation
of
the
department’s
report
under
subsection
1:
Senate
File
2472,
p.
53
a.
An
inventory
of
tax-exempt
property.
b.
Interest
and
feasibility
of
county
participation
in
such
a
program.
c.
Feasible
program
structures.
d.
Possible
methods
for
calculation
of
program
payment
amounts,
not
to
exceed
the
proportionate
amount
of
a
county’s
budget
for
law
enforcement,
fire
protection,
and
public
works
services.
e.
Implementation
timelines
and
procedures.
DIVISION
XX
HOMESTEAD
CREDITS
AND
EXEMPTIONS
Sec.
121.
Section
10A.518,
subsection
2,
paragraph
b,
Code
2026,
is
amended
to
read
as
follows:
b.
The
rules
shall
require
the
installation
of
smoke
detectors
in
existing
single-family
rental
units
and
multiple-unit
residential
buildings.
Existing
single-family
dwelling
units
shall
be
equipped
with
approved
smoke
detectors.
A
person
who
files
for
a
homestead
credit
or
exemption
pursuant
to
chapter
425
,
subchapter
I,
shall
certify
that
the
single-family
dwelling
unit
for
which
the
credit
or
exemption
is
filed
has
a
smoke
detector
installed
in
compliance
with
this
section
,
or
that
one
will
be
installed
within
thirty
days
of
the
date
the
filing
for
the
credit
or
exemption
is
made.
The
director
shall
adopt
rules
and
establish
appropriate
procedures
to
administer
this
subsection
.
Sec.
122.
Section
10A.518,
subsection
3,
paragraph
b,
Code
2026,
is
amended
to
read
as
follows:
b.
The
rules
shall
require
the
installation
of
carbon
monoxide
alarms
in
existing
single-family
rental
units
and
multiple-unit
residential
buildings
that
have
a
fuel-fired
heater
or
appliance,
a
fireplace,
or
an
attached
garage.
Existing
single-family
dwellings
that
have
a
fuel-fired
heater
or
appliance,
a
fireplace,
or
an
attached
garage
shall
be
equipped
with
approved
carbon
monoxide
alarms.
For
purposes
of
this
paragraph,
“approved
carbon
monoxide
alarm”
means
a
carbon
monoxide
alarm
that
meets
the
standards
established
by
the
underwriters’
laboratories
or
is
approved
by
the
director
as
established
by
rule
under
subsection
5
.
A
person
who
files
for
a
homestead
credit
or
exemption
pursuant
to
chapter
425
,
Senate
File
2472,
p.
54
subchapter
I,
shall
certify
that
the
single-family
dwelling
for
which
the
credit
or
exemption
is
filed
and
that
has
a
fuel-fired
heater
or
appliance,
a
fireplace,
or
an
attached
garage,
has
carbon
monoxide
alarms
installed
in
compliance
with
this
section
,
or
that
such
alarms
will
be
installed
within
thirty
days
of
the
date
the
filing
for
the
credit
or
exemption
is
made.
The
director
shall
adopt
rules
and
establish
appropriate
procedures
to
administer
this
subsection
.
Sec.
123.
Section
25B.7,
subsection
2,
paragraph
a,
Code
2026,
is
amended
to
read
as
follows:
a.
Homestead
tax
credit
pursuant
to
section
425.1
,
and
sections
425.2
through
425.13
,
and
section
425.15
.
Sec.
124.
Section
103.22,
subsection
7,
Code
2026,
is
amended
to
read
as
follows:
7.
Prohibit
an
owner
of
property
from
performing
work
on
the
owner’s
principal
residence,
if
such
residence
is
an
existing
dwelling
rather
than
new
construction
and
is
not
an
apartment
that
is
attached
to
any
other
apartment
or
building,
as
those
terms
are
defined
in
section
499B.2
,
and
is
not
larger
than
a
single-family
dwelling,
or
require
such
owner
to
be
licensed
under
this
chapter
.
In
order
to
qualify
for
inapplicability
pursuant
to
this
subsection
,
a
residence
shall
qualify
for
the
homestead
tax
credit
or
exemption
.
Sec.
125.
Section
105.11,
subsection
3,
Code
2026,
is
amended
to
read
as
follows:
3.
Prohibit
an
owner
of
property
from
performing
work
on
the
owner’s
principal
residence,
if
such
residence
is
an
existing
dwelling
rather
than
new
construction
and
is
not
larger
than
a
single-family
dwelling,
or
farm
property,
excluding
commercial
or
industrial
installations
or
installations
in
public
use
buildings
or
facilities,
or
require
such
owner
to
be
licensed
under
this
chapter
.
In
order
to
qualify
for
inapplicability
pursuant
to
this
subsection
,
a
residence
shall
qualify
for
the
homestead
tax
credit
or
exemption
.
Sec.
126.
Section
216.12,
subsection
1,
paragraph
e,
Code
2026,
is
amended
to
read
as
follows:
e.
The
rental
or
leasing
of
a
housing
accommodation
in
a
building
which
contains
housing
accommodations
for
not
more
than
four
families
living
independently
of
each
other,
if
the
Senate
File
2472,
p.
55
owner
resides
in
one
of
the
housing
accommodations
for
which
the
owner
qualifies
for
the
homestead
tax
credit
or
exemption
under
section
425.1
chapter
425,
subchapter
I
.
Sec.
127.
Section
321.1,
subsection
6C,
Code
2026,
is
amended
to
read
as
follows:
6C.
“Bona
fide
residence”
or
“bona
fide
address”
means
the
current
street
or
highway
address
of
an
individual’s
residence.
The
bona
fide
residence
of
a
person
with
more
than
one
dwelling
is
the
dwelling
for
which
the
person
claims
a
homestead
tax
credit
or
exemption
under
chapter
425
,
subchapter
I
,
if
applicable.
The
bona
fide
residence
of
a
homeless
person
is
a
primary
nighttime
residence
meeting
one
of
the
criteria
listed
in
section
48A.2,
subsection
3
.
Sec.
128.
Section
331.401,
subsection
1,
paragraphs
e
and
f,
Code
2026,
are
amended
to
read
as
follows:
e.
Adopt
resolutions
authorizing
the
county
assessor
to
provide
forms
for
homestead
tax
exemption
and
credit
claimants
as
provided
in
section
425.2
chapter
425,
subchapter
I,
and
military
service
tax
exemptions
as
provided
in
section
426A.14
.
f.
Examine
and
allow
or
disallow
claims
for
homestead
tax
exemption
and
credit
in
accordance
with
section
425.3
chapter
425,
subchapter
I,
and
claims
for
military
service
tax
exemption
in
accordance
with
chapter
426A
.
The
board,
by
a
single
resolution,
may
allow
or
disallow
the
exemptions
recommended
by
the
assessor.
Sec.
129.
Section
331.512,
subsection
3,
Code
2026,
is
amended
to
read
as
follows:
3.
Carry
out
duties
relating
to
the
homestead
tax
exemption
and
credit
as
provided
in
chapter
425,
subchapter
I,
and
agricultural
land
tax
credit
as
provided
in
chapters
425
and
chapter
426
.
Sec.
130.
Section
331.559,
subsection
11,
Code
2026,
is
amended
to
read
as
follows:
11.
Carry
out
duties
relating
to
the
administration
of
the
homestead
tax
exemption
and
credit
and
other
credits
as
provided
in
sections
425.4,
425.5,
425.7,
425.9,
425.10,
and
425.25
chapter
425
.
Sec.
131.
Section
404.3,
subsection
1,
Code
2026,
is
amended
to
read
as
follows:
Senate
File
2472,
p.
56
1.
All
qualified
real
estate
assessed
as
residential
property
is
eligible
to
receive
an
exemption
from
taxation
based
on
the
actual
value
added
by
the
improvements.
The
exemption
is
for
a
period
of
ten
years.
The
amount
of
the
exemption
is
equal
to
a
percent
of
the
actual
value
added
by
the
improvements,
determined
as
follows:
One
hundred
fifteen
percent
of
the
value
added
by
the
improvements.
However,
the
amount
of
the
actual
value
added
by
the
improvements
which
shall
be
used
to
compute
the
exemption
shall
not
exceed
twenty
thousand
dollars
and
the
granting
of
the
exemption
shall
not
result
in
the
actual
value
of
the
qualified
real
estate
being
reduced
below
the
actual
value
on
which
the
homestead
credit
exemption
is
computed
under
section
425.1
425.1A,
subsection
1A
.
Sec.
132.
Section
425.1,
subsection
2,
Code
2026,
is
amended
by
striking
the
subsection
and
inserting
in
lieu
thereof
the
following:
2.
a.
The
homestead
credit
fund
shall
be
apportioned
each
year
so
as
to
give
a
credit
against
the
tax
on
each
eligible
homestead
in
the
state
equal
to
the
amounts
specified
pursuant
to
paragraph
“b”
or
“c”
,
as
applicable.
b.
(1)
If
the
owner
of
a
homestead
allowed
a
credit
under
this
subchapter
is
any
of
the
following,
the
homestead
credit
allowed
on
the
homestead
shall
be
the
entire
amount
of
tax
levied
on
the
homestead:
(a)
A
veteran
of
any
of
the
military
forces
of
the
United
States
who
acquired
the
homestead
under
38
U.S.C.
§21.801,
21.802
prior
to
August
6,
1991,
or
under
38
U.S.C.
§2101,
2102.
(b)
A
veteran
as
defined
in
section
35.1
with
a
permanent
service-connected
disability
rating
of
one
hundred
percent,
as
certified
by
the
United
States
department
of
veterans
affairs,
or
a
permanent
and
total
disability
rating
based
on
individual
unemployability
that
is
compensated
at
the
one
hundred
percent
disability
rate,
as
certified
by
the
United
States
department
of
veterans
affairs.
(c)
A
former
member
of
the
national
guard
of
any
state
who
otherwise
meets
the
service
requirements
of
section
35.1,
subsection
2,
paragraph
“b”
,
subparagraph
(2)
or
(7),
with
a
permanent
service-connected
disability
rating
of
one
hundred
Senate
File
2472,
p.
57
percent,
as
certified
by
the
United
States
department
of
veterans
affairs,
or
a
permanent
and
total
disability
rating
based
on
individual
unemployability
that
is
compensated
at
the
one
hundred
percent
disability
rate,
as
certified
by
the
United
States
department
of
veterans
affairs.
(d)
An
individual
who
is
a
surviving
spouse
or
a
child
and
who
is
receiving
dependency
and
indemnity
compensation
pursuant
to
38
U.S.C.
§1301
et
seq.,
as
certified
by
the
United
States
department
of
veterans
affairs.
(2)
(a)
For
an
owner
described
in
subparagraph
(1),
subparagraph
division
(a),
(b),
or
(c),
the
credit
allowed
shall
be
continued
to
the
estate
of
an
owner
who
is
deceased
or
the
surviving
spouse
and
any
child,
as
defined
in
section
234.1,
who
are
the
beneficiaries
of
a
deceased
owner,
so
long
as
the
surviving
spouse
remains
unmarried.
(b)
An
individual
described
in
subparagraph
(1),
subparagraph
division
(d),
is
no
longer
eligible
for
the
credit
upon
termination
of
dependency
and
indemnity
compensation
under
38
U.S.C.
§1301
et
seq.
(3)
An
owner
or
a
beneficiary
of
an
owner
who
elects
to
secure
the
credit
provided
in
this
paragraph
is
not
eligible
for
the
credit
provided
in
paragraph
“c”
or
any
other
real
property
tax
credit
or
exemption
provided
by
law
for
veterans
of
military
service.
(4)
If
an
owner
acquires
a
different
homestead,
the
credit
allowed
under
this
paragraph
may
be
claimed
on
the
new
homestead
unless
the
owner
fails
to
meet
the
other
requirements
of
this
paragraph.
(5)
(a)
Except
as
provided
in
subparagraph
division
(b),
the
list
of
the
names
and
addresses
of
individuals
allowed
a
credit
under
this
paragraph
and
maintained
by
the
county
recorder,
county
treasurer,
county
assessor,
city
assessor,
or
other
government
body
is
confidential
information
and
shall
not
be
disseminated
to
any
person
unless
otherwise
ordered
by
a
court
or
released
by
the
lawful
custodian
of
the
records
pursuant
to
state
or
federal
law.
The
county
recorder,
county
treasurer,
county
assessor,
city
assessor,
or
other
government
body
responsible
for
maintaining
the
names
and
addresses
of
individuals
allowed
a
credit
under
this
paragraph
may
Senate
File
2472,
p.
58
display
such
credit
on
individual
paper
records
and
individual
electronic
records,
including
display
on
an
internet
site.
(b)
Upon
request,
a
county
recorder,
county
assessor,
city
assessor,
or
other
entity
may
share
information
as
described
in
subparagraph
division
(a)
to
a
county
veterans
service
officer
for
purposes
of
providing
information
on
benefits
and
services
available
to
veterans
and
their
families.
(6)
(a)
For
an
owner
who
makes
an
application
to
secure
the
credit
provided
in
this
paragraph
before
July
1,
2026,
and
for
the
beneficiary
of
such
an
owner,
“homestead”
shall
mean
the
same
as
defined
in
section
425.11
for
each
succeeding
assessment
year.
(b)
For
an
owner
who
makes
an
application
to
secure
the
credit
provided
in
this
paragraph
on
or
after
July
1,
2026,
and
for
the
beneficiary
of
such
an
owner,
“homestead”
shall
mean
the
same
as
provided
in
section
425.11,
except
the
homestead
shall
not
include
appurtenances
and
shall
not
exceed
one-half
acre.
(7)
For
purposes
of
this
paragraph,
“permanent
and
total
disability
rating
based
on
individual
unemployability”
means
a
condition
under
which
a
person
has
either
a
permanent
service-connected
disability
rating
of
sixty
percent
or
two
or
more
permanent
service-connected
disability
conditions
in
which
one
of
the
conditions
has
at
least
a
forty
percent
rating
and
the
combined
rating
for
all
the
conditions
is
at
least
seventy
percent,
and
the
person
has
an
administrative
adjustment
added
to
the
service-connected
disability
rating,
due
to
individual
unemployability,
such
that
the
United
States
department
of
veterans
affairs
rates
the
veteran
permanently
and
totally
disabled
for
purposes
of
disability
compensation.
c.
(1)
For
assessment
years
beginning
prior
to
January
1,
2026,
unless
eligible
under
section
425.15,
Code
2026,
an
amount
equal
to
the
actual
levy
on
the
first
four
thousand
eight
hundred
fifty
dollars
of
actual
value
for
each
homestead.
(2)
For
the
assessment
year
beginning
January
1,
2026,
and
each
assessment
year
thereafter,
unless
eligible
under
paragraph
“b”
,
a
claim
for
the
homestead
credit
under
this
paragraph
“c”
shall
not
be
allowed.
Sec.
133.
Section
425.1A,
subsection
1,
Code
2026,
is
amended
to
read
as
follows:
Senate
File
2472,
p.
59
1.
The
following
exemptions
from
taxation
shall
be
allowed
in
addition
to
following
application
of
the
homestead
credit
exemption
under
subsection
1A
for
an
owner
that
has
attained
the
age
of
sixty-five
years
by
January
1
of
the
assessment
year:
a.
For
the
assessment
year
beginning
January
1,
2023,
the
eligible
homestead,
not
to
exceed
three
thousand
two
hundred
fifty
dollars
in
taxable
value.
b.
For
the
assessment
year
years
beginning
on
or
after
January
1,
2024,
and
each
succeeding
assessment
year,
the
eligible
homestead,
not
to
exceed
six
thousand
five
hundred
dollars
in
taxable
value.
Sec.
134.
Section
425.1A,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
1A.
a.
For
the
assessment
year
beginning
January
1,
2026,
and
each
assessment
year
thereafter,
an
exemption
from
taxation
of
ten
percent
of
the
taxable
value,
but
not
less
than
an
exemption
of
five
thousand
five
hundred
dollars
in
taxable
value
and
not
to
exceed
an
exemption
of
twenty
thousand
dollars
in
taxable
value,
shall
be
allowed
on
each
eligible
homestead.
b.
(1)
For
the
assessment
year
beginning
January
1,
2027,
and
for
each
subsequent
assessment
year,
the
maximum
exemption
amount
under
paragraph
“a”
shall
be
multiplied
by
the
cumulative
adjustment
factor
for
that
assessment
year.
“Cumulative
adjustment
factor”
means
the
product
of
the
annual
adjustment
factor
for
the
assessment
year
beginning
January
1,
2026,
and
all
annual
adjustment
factors
for
subsequent
assessment
years.
The
cumulative
adjustment
factor
applies
to
the
assessment
year
beginning
in
the
calendar
year
for
which
the
latest
annual
adjustment
factor
has
been
determined.
(2)
The
annual
adjustment
factor
for
the
assessment
year
beginning
January
1,
2026,
is
one
hundred
percent.
For
each
subsequent
assessment
year,
the
annual
adjustment
factor
equals
the
annual
inflation
factor
for
the
calendar
year,
in
which
the
assessment
year
begins,
as
computed
in
section
422.4
for
purposes
of
the
individual
income
tax.
(3)
The
cumulative
adjustment
factor
shall
be
determined
annually
by
the
department
of
revenue.
Senate
File
2472,
p.
60
Sec.
135.
Section
425.1A,
subsection
2,
Code
2026,
is
amended
to
read
as
follows:
2.
Section
25B.7,
subsection
1
,
shall
not
apply
to
the
property
tax
exemption
exemptions
provided
in
this
section
.
Sec.
136.
Section
425.2,
subsections
1
and
2,
Code
2026,
are
amended
to
read
as
follows:
1.
A
person
who
wishes
to
qualify
for
the
homestead
credit
or
exemptions
allowed
under
this
subchapter
shall
obtain
the
appropriate
forms
for
filing
for
the
credit
from
the
assessor.
The
forms
shall
include
the
ability
to
claim
the
credit
under
section
425.1
and
the
exemptions
under
section
425.1A.
However,
a
separate
form
shall
be
required
for
claiming
a
credit
under
section
425.1,
subsection
2,
paragraph
“b”
.
The
person
claiming
the
credit
or
exemption
shall
file
a
verified
statement
and
designation
of
homestead
with
the
assessor
for
the
year
for
which
the
person
is
first
claiming
the
credit
or
exemption
.
The
claim
shall
be
filed
not
later
than
July
1
of
the
year
for
which
the
person
is
claiming
the
credit
or
exemption
.
A
claim
filed
after
July
1
of
the
year
for
which
the
person
is
claiming
the
credit
or
exemption
shall
be
considered
as
a
claim
filed
for
the
following
year.
2.
Upon
the
filing
and
allowance
of
the
claim,
the
claim
shall
be
allowed
on
that
homestead
for
successive
years
without
further
filing
as
long
as
the
property
is
legally
or
equitably
owned
and
used
as
a
homestead
by
that
person
or
that
person’s
spouse
on
July
1
of
each
of
those
successive
years,
and
the
owner
of
the
property
being
claimed
as
a
homestead
declares
residency
in
Iowa
for
purposes
of
income
taxation,
and
the
property
is
occupied
by
that
person
or
that
person’s
spouse
for
at
least
six
months
in
each
of
those
calendar
years
in
which
the
fiscal
year
begins.
When
the
property
is
sold
or
transferred,
the
buyer
or
transferee
who
wishes
to
qualify
shall
refile
for
the
credit
or
exemption
.
However,
when
the
property
is
transferred
as
part
of
a
distribution
made
pursuant
to
chapter
598
,
the
transferee
who
is
the
spouse
retaining
ownership
of
the
property
is
not
required
to
refile
for
the
credit
or
exemption
.
Property
divided
pursuant
to
chapter
598
shall
not
be
modified
following
the
division
of
the
property.
An
owner
who
ceases
to
use
a
property
for
a
homestead
or
Senate
File
2472,
p.
61
intends
not
to
use
it
as
a
homestead
for
at
least
six
months
in
a
calendar
year
shall
provide
written
notice
to
the
assessor
by
July
1
following
the
date
on
which
the
use
is
changed.
A
person
who
sells
or
transfers
a
homestead
or
the
personal
representative
of
a
deceased
person
who
had
a
homestead
at
the
time
of
death,
shall
provide
written
notice
to
the
assessor
that
the
property
is
no
longer
the
homestead
of
the
former
claimant.
Sec.
137.
Section
425.2,
subsection
4,
Code
2026,
is
amended
by
striking
the
subsection.
Sec.
138.
Section
425.2,
subsections
5
and
6,
Code
2026,
are
amended
to
read
as
follows:
5.
Any
person
sixty-five
years
of
age
or
older
or
any
person
who
is
disabled
may
request,
in
writing,
from
the
appropriate
assessor
forms
for
filing
for
homestead
tax
credit
.
Any
person
sixty-five
years
of
age
or
older
or
who
is
disabled
may
complete
the
form,
which
shall
include
a
statement
of
homestead,
and
mail
or
return
it
to
the
appropriate
assessor.
The
signature
of
the
claimant
on
the
statement
shall
be
considered
the
claimant’s
acknowledgment
that
all
statements
and
facts
entered
on
the
form
are
correct
to
the
best
of
the
claimant’s
knowledge.
6.
Upon
adoption
of
a
resolution
by
the
county
board
of
supervisors,
any
person
may
request,
in
writing,
from
the
appropriate
assessor
forms
for
the
filing
for
homestead
tax
credit
.
The
person
may
complete
the
form,
which
shall
include
a
statement
of
homestead,
and
mail
or
return
it
to
the
appropriate
assessor.
The
signature
of
the
claimant
on
the
statement
of
homestead
shall
be
considered
the
claimant’s
acknowledgment
that
all
statements
and
facts
entered
on
the
form
are
correct
to
the
best
of
the
claimant’s
knowledge.
Sec.
139.
Section
425.8,
subsection
1,
Code
2026,
is
amended
to
read
as
follows:
1.
The
director
of
revenue
shall
prescribe
the
form
for
the
making
of
a
verified
statement
and
designation
of
homestead,
the
form
for
the
supporting
affidavits
required
herein,
and
such
other
forms
as
may
be
necessary
for
the
proper
administration
of
this
subchapter
.
Whenever
necessary,
the
department
of
revenue
shall
forward
to
the
county
auditors
of
Senate
File
2472,
p.
62
the
several
counties
in
the
state
the
prescribed
sample
forms,
and
the
county
auditors
shall
furnish
blank
forms
prepared
in
accordance
therewith
with
the
assessment
rolls,
books,
and
supplies
delivered
to
the
assessors.
The
department
of
revenue
shall
prescribe
and
the
county
auditors
shall
provide
on
the
forms
for
claiming
the
homestead
credit
a
statement
to
the
effect
that
the
owner
realizes
that
the
owner
must
give
written
notice
to
the
assessor
when
the
owner
changes
the
use
of
the
property.
Sec.
140.
Section
425.11,
subsection
1,
paragraph
d,
subparagraph
(1),
unnumbered
paragraph
1,
Code
2026,
is
amended
to
read
as
follows:
The
homestead
includes
the
dwelling
house
which
the
owner,
in
good
faith,
is
occupying
as
a
home
on
July
1
of
the
year
for
which
the
credit
or
exemption
is
claimed
and
occupies
as
a
home
for
at
least
six
months
during
the
calendar
year
in
which
the
fiscal
year
begins,
except
as
otherwise
provided.
Sec.
141.
Section
425.11,
subsection
1,
paragraph
d,
subparagraph
(3),
Code
2026,
is
amended
to
read
as
follows:
(3)
It
must
not
embrace
more
than
one
dwelling
house,
but
where
a
homestead
has
more
than
one
dwelling
house
situated
thereon,
the
exemption
and
or
credit
provided
for
in
this
subchapter
shall
apply
to
the
home
and
buildings
used
by
the
owner,
but
shall
not
apply
to
any
other
dwelling
house
and
buildings
appurtenant.
Sec.
142.
Section
425.11,
subsection
1,
paragraph
e,
subparagraph
(2),
Code
2026,
is
amended
to
read
as
follows:
(2)
For
the
purpose
of
this
subchapter
,
the
word
“owner”
shall
be
construed
to
mean
a
bona
fide
owner
and
not
one
for
the
purpose
only
of
availing
the
person
of
the
benefits
of
this
subchapter
.
In
order
to
qualify
for
the
homestead
tax
credit
and
or
exemption,
evidence
of
ownership
shall
be
on
file
in
the
office
of
the
clerk
of
the
district
court
or
recorded
in
the
office
of
the
county
recorder
at
the
time
the
owner
files
with
the
assessor
a
verified
statement
of
the
homestead
claimed
by
the
owner
as
provided
in
section
425.2
.
Sec.
143.
NEW
SECTION
.
425.50
Homestead
credit
replacement
funding
——
replacement
claims.
1.
a.
For
the
fiscal
year
beginning
July
1,
2027,
and
Senate
File
2472,
p.
63
each
fiscal
year
thereafter
beginning
before
July
1,
2029,
there
is
appropriated
from
the
general
fund
of
the
state
to
the
department
of
revenue
an
amount
necessary
for
the
payment
of
all
homestead
credit
replacement
claims
under
this
section
for
the
fiscal
year.
b.
Moneys
appropriated
by
the
general
assembly
to
the
department
of
revenue
under
this
subsection
are
not
subject
to
a
uniform
reduction
in
appropriations
in
accordance
with
section
8.31.
2.
For
each
fiscal
year
beginning
on
or
after
July
1,
2027,
but
before
July
1,
2029,
each
county
treasurer
shall
be
paid
by
the
department
of
revenue
an
amount
equal
to
the
sum
of
the
homestead
credit
replacement
claims
for
all
taxing
authorities
located
in
the
county,
as
calculated
in
subsection
3.
The
county
treasurer
shall
pay
to
each
taxing
authority
the
taxing
authority’s
homestead
credit
replacement
claim
as
calculated
in
subsection
3.
As
used
in
this
section,
“taxing
authority”
means
a
city,
county,
school
district,
or
other
governmental
entity
or
political
subdivision
in
this
state
authorized
to
certify
a
levy
on
property
located
within
such
authority.
3.
a.
Subject
to
paragraph
“b”
,
for
fiscal
years
beginning
on
or
after
July
1,
2027,
but
before
July
1,
2029,
the
amount
of
each
taxing
authority’s
replacement
claim
is
as
follows:
(1)
For
the
fiscal
year
beginning
July
1,
2027,
two-thirds
of
the
amount
received
by
the
taxing
authority
from
payments
made
from
the
homestead
credit
fund
under
section
425.1
for
the
fiscal
year
beginning
July
1,
2026,
excluding
amounts
attributable
to
the
payment
of
homestead
credits
under
section
425.15,
Code
2026.
(2)
For
the
fiscal
year
beginning
July
1,
2028,
one-third
of
the
amount
received
by
the
taxing
authority
from
payments
made
from
the
homestead
credit
fund
under
section
425.1
for
the
fiscal
year
beginning
July
1,
2026,
excluding
amounts
attributable
to
the
payment
of
homestead
credits
under
section
425.15,
Code
2026.
b.
For
a
taxing
authority
that
is
a
school
district,
the
amount
received
by
the
school
district
from
payments
made
from
the
homestead
credit
fund
under
section
425.1
for
the
fiscal
year
beginning
July
1,
2026,
used
to
calculate
the
school
Senate
File
2472,
p.
64
district’s
replacement
claim
shall
be
reduced
by
that
portion
of
such
amount
attributable
to
homestead
credits
against
property
taxes
levied
by
the
school
district
under
section
257.3
for
the
fiscal
year
beginning
July
1,
2026.
4.
a.
For
fiscal
years
beginning
on
or
after
July
1,
2027,
but
before
July
1,
2029,
each
taxing
authority’s
replacement
claim
calculated
under
subsection
3
shall
be
paid
to
the
appropriate
county
treasurer,
as
provided
in
subsection
2,
in
equal
installments
in
September
and
March
of
each
year.
b.
After
payment
by
the
county
treasurer
to
the
taxing
authority,
the
taxing
authority’s
replacement
claim
shall
be
apportioned
and
credited
by
the
governing
body
of
the
taxing
authority
among
the
taxing
authority’s
tax
levies
in
the
same
proportion
that
each
property
tax
levy
bears
to
the
total
of
all
property
tax
levies
imposed
by
the
taxing
authority
for
the
fiscal
year
for
which
the
payment
is
received,
but
excluding
a
school
district’s
property
tax
levy
under
section
257.3,
as
applicable.
The
amounts
received
under
this
section
shall
be
considered
property
taxes
in
the
same
manner
as
though
the
amount
had
been
paid
as
credits
under
the
provisions
of
section
425.1
and
shall
be
used
for
the
purposes
of
the
taxing
authority’s
applicable
property
tax
levies.
5.
This
section
is
repealed
July
1,
2030.
Sec.
144.
Section
483A.24,
subsection
20,
Code
2026,
is
amended
to
read
as
follows:
20.
Upon
payment
of
a
fee
established
by
rules
adopted
pursuant
to
section
483A.1
for
a
lifetime
trout
fishing
license,
the
department
shall
issue
a
lifetime
trout
fishing
license
to
a
person
who
is
at
least
sixty-five
years
of
age
or
to
a
person
who
qualifies
for
the
disabled
veteran
homestead
credit
under
section
425.15
425.1,
subsection
2,
paragraph
“b”
.
The
department
shall
prepare
an
application
to
be
used
by
a
person
requesting
a
lifetime
trout
fishing
license
under
this
subsection
.
Sec.
145.
REPEAL.
Section
425.15,
Code
2026,
is
repealed.
Sec.
146.
CODE
EDITOR
DIRECTIVE.
The
Code
editor
is
directed
to
create
a
new
subchapter
III
in
chapter
425,
entitled
“Homestead
Credit
Replacement
Funding”
and
include
section
425.50.
Senate
File
2472,
p.
65
Sec.
147.
IMPLEMENTATION.
Homestead
owners
who
have
filed
for
or
that
are
receiving
homestead
credits
or
exemptions
under
chapter
425,
subchapter
I,
before
the
effective
date
of
this
division
of
this
Act
shall
continue
to
receive
such
credits
and
exemptions
for
which
the
owner
is
eligible
for
assessment
years
beginning
on
or
after
January
1,
2026,
without
refiling,
and,
if
the
owner
is
eligible,
shall
receive
the
exemption
under
section
425.1A,
subsection
1A,
as
enacted
in
this
division
of
this
Act,
without
filing
for
such
exemption.
Sec.
148.
RETROACTIVE
APPLICABILITY.
This
division
of
this
Act
applies
retroactively
to
assessment
years
beginning
on
or
after
January
1,
2026.
DIVISION
XXI
LOCAL
GOVERNMENT
BUDGET
STATEMENTS
Sec.
149.
Section
24.2A,
subsection
1,
paragraph
c,
Code
2026,
is
amended
by
striking
the
paragraph.
Sec.
150.
Section
24.2A,
subsection
2,
paragraph
a,
Code
2026,
is
amended
to
read
as
follows:
a.
On
or
before
4:00
p.m.
on
March
5
of
each
year,
each
political
subdivision
shall
file
with
the
department
of
management
a
report
containing
all
necessary
information
for
the
department
of
management
to
compile
and
calculate
amounts
required
to
be
included
in
the
statements
mailed
under
paragraph
“b”
or
provided
under
paragraph
“c”
.
If
a
county
or
city
fails
to
file
all
necessary
information
with
the
department
of
management
by
4:00
p.m.
on
March
5,
taxes
levied
by
the
county
or
city
shall
be
limited
to
the
prior
year’s
budget
amount.
Sec.
151.
Section
24.2A,
subsection
2,
paragraph
b,
Code
2026,
is
amended
by
striking
the
paragraph
and
inserting
in
lieu
thereof
the
following:
b.
Not
later
than
March
15,
the
county
auditor,
using
information
compiled
and
calculated
by
the
department
of
management
under
paragraph
“a”
,
shall
send
to
each
property
owner
or
taxpayer
within
the
county
by
regular
mail
or
post
under
paragraph
“c”
a
statement,
identified
as
not
being
a
property
tax
bill
and
indicating
the
approximate
date
when
a
property
tax
bill
will
be
delivered,
but
containing
a
minimum
of
all
of
the
following,
including
the
information
Senate
File
2472,
p.
66
in
subparagraphs
(3)
and
(4)
for
each
of
the
political
subdivisions
comprising
the
owner’s
or
taxpayer’s
taxing
district:
(1)
The
address,
property
description,
parcel
identification
number,
actual
value,
and
taxable
value
of
the
owner’s
or
taxpayer’s
property.
(2)
A
comparison
of
the
combined
amount
of
property
taxes
due
on
the
owner’s
or
taxpayer’s
property
for
the
city,
if
applicable,
county,
and
school
district
for
the
current
fiscal
year
and
the
combined
proposed
amount
of
property
taxes
due
on
the
owner’s
or
taxpayer’s
property
for
the
city,
if
applicable,
county,
and
school
district
for
the
budget
year,
including
the
percentage
in
change
in
such
amounts.
(3)
The
date,
time,
and
location
of
the
political
subdivision’s
public
hearing
under
subsection
4,
including
a
statement
of
the
owner
or
taxpayer’s
ability
to
provide
feedback
at
the
public
hearing
and
protest
property
assessments.
(4)
Information
on
how
to
access
on
the
political
subdivision’s
internet
site
the
political
subdivision’s
statements
under
this
section
and
other
budget
documents
for
prior
fiscal
years.
(5)
A
link
to
the
department
of
management’s
internet
site
where
the
property
owner
or
taxpayer
may
view
an
example
of
the
statement
and
a
brief
explanation
of
the
information
included
on
the
statement.
Sec.
152.
Section
24.2A,
subsection
2,
Code
2026,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
c.
For
budgets
for
fiscal
years
beginning
on
or
after
July
1,
2027,
statements
under
paragraph
“b”
,
in
lieu
of
regular
mail,
may
be
provided
by
posting
the
statement
not
later
than
March
15
as
a
link
on
the
county’s
internet
site
for
public
viewing.
Additionally,
if
the
political
subdivision
maintains
a
social
media
account
on
one
or
more
social
media
applications,
the
statement
or
an
electronic
link
to
the
statement
shall
be
posted
on
each
such
account
on
a
date
no
later
than
March
15.
Sec.
153.
Section
24.2A,
subsection
3,
Code
2026,
is
amended
to
read
as
follows:
Senate
File
2472,
p.
67
3.
The
department
of
management
shall
prescribe
the
form
for
the
report
required
under
subsection
2
,
paragraph
“a”
;
following
consultation
with
the
Iowa
league
of
cities
and
the
Iowa
state
association
of
counties
,
the
statements
required
to
be
mailed
under
subsection
2
,
paragraph
“b”
,
or
provided
under
subsection
2,
paragraph
“c”
;
and
the
public
hearing
notice
required
under
subsection
4
,
paragraph
“b”
.
The
statements
required
under
subsection
2,
paragraph
“b”
,
shall
be
clear,
concise,
written
in
plain
language,
and
may
be
presented
using
tables,
written
narrative,
and
graphic
representations
and
shall
contain
the
internet
site,
if
applicable,
and
a
telephone
number
for
each
political
subdivision
that
owners
and
taxpayers
may
call
if
they
have
questions
related
to
the
statement.
Sec.
154.
Section
24.2A,
subsection
4,
paragraph
b,
subparagraph
(4),
subparagraph
division
(a),
Code
2026,
is
amended
to
read
as
follows:
(a)
Notice
of
the
public
hearing
was
provided
to
each
property
owner
and
each
taxpayer
within
the
political
subdivision
in
statements
required
under
subsection
2
,
paragraph
“b”
.
Sec.
155.
Section
24.3,
unnumbered
paragraph
1,
Code
2026,
is
amended
to
read
as
follows:
A
municipality
shall
not
certify
or
levy
in
any
fiscal
year
any
tax
on
property
subject
to
taxation
unless
and
until
the
following
estimates
have
been
made,
filed,
and
considered,
and
for
school
districts,
the
individual
statements
have
been
mailed
or
posted,
as
applicable,
and
public
hearings
held,
as
provided
in
this
chapter
:
Sec.
156.
Section
331.434,
subsection
3,
Code
2026,
is
amended
to
read
as
follows:
3.
Following,
and
not
until,
the
requirements
of
section
24.2A
are
completed,
the
board
shall
set
a
time
and
place
for
a
public
hearing
on
the
budget
before
the
final
certification
date
and
shall
publish
notice
of
the
hearing
not
less
than
ten
nor
more
than
twenty
days
prior
to
the
hearing
in
the
county
newspapers
selected
under
chapter
349
.
A
summary
of
the
proposed
budget
and
a
description
of
the
procedure
for
protesting
the
county
budget
under
section
331.436
,
in
the
form
prescribed
by
the
director
of
the
department
of
management,
Senate
File
2472,
p.
68
shall
be
included
in
the
notice.
Proof
of
publication
of
the
notice
under
this
subsection
3
shall
be
filed
with
and
preserved
by
the
county
auditor.
A
levy
is
not
valid
unless
and
until
the
notice
is
published
and
individual
statements
under
section
24.2A
are
mailed
or
posted
.
The
department
of
management
shall
prescribe
the
form
for
the
public
hearing
notice
for
use
by
counties.
Sec.
157.
Section
331.435,
subsection
2,
Code
2026,
is
amended
to
read
as
follows:
2.
The
board
shall
prepare
and
adopt
a
budget
amendment
in
the
same
manner
as
the
original
budget
as
provided
in
section
331.434
,
but
excluding
the
requirements
for
mailing
individual
statements
under
section
24.2A
,
and
the
amendment
is
subject
to
protest
as
provided
in
section
331.436
,
except
that
the
director
of
the
department
of
management
may
by
rule
provide
that
amendments
of
certain
types
or
up
to
certain
amounts
may
be
made
without
public
hearing
and
without
being
subject
to
protest.
A
county
budget
for
the
ensuing
fiscal
year
shall
be
amended
by
May
31
to
allow
time
for
a
protest
hearing
to
be
held
and
a
decision
rendered
before
June
30.
An
amendment
of
a
budget
after
May
31
which
is
properly
appealed
but
without
adequate
time
for
hearing
and
decision
before
June
30
is
void.
Sec.
158.
Section
384.17,
Code
2026,
is
amended
to
read
as
follows:
384.17
Levy
by
county.
At
the
time
required
by
law,
the
county
board
of
supervisors
shall
levy
the
taxes
necessary
for
each
city
fund
for
the
following
fiscal
year.
The
levy
must
be
as
shown
in
the
adopted
city
budget
and
as
certified
by
the
clerk,
subject
to
any
changes
made
after
a
protest
hearing,
and
any
additional
tax
rates
approved
at
a
city
election.
A
city
levy
is
not
valid
until
proof
of
publication
or
posting
of
notice
of
a
budget
hearing
under
section
384.16,
subsection
3
,
is
filed
with
the
county
auditor
and
individual
statements
are
mailed
or
posted
under
section
24.2A
.
Sec.
159.
Section
384.18,
subsection
2,
Code
2026,
is
amended
to
read
as
follows:
2.
A
budget
amendment
must
be
prepared
and
adopted
in
the
same
manner
as
the
original
budget,
as
provided
in
section
Senate
File
2472,
p.
69
384.16
,
excluding
the
requirement
for
the
mailing
of
individual
statements
under
section
24.2A
,
and
is
subject
to
protest
as
provided
in
section
384.19
,
except
that
the
committee
may
by
rule
provide
that
amendments
of
certain
types
or
up
to
certain
amounts
may
be
made
without
public
hearing
and
without
being
subject
to
protest.
A
city
budget
shall
be
amended
by
May
31
of
the
current
fiscal
year
to
allow
time
for
a
protest
hearing
to
be
held
and
a
decision
rendered
before
June
30.
The
amendment
of
a
budget
after
May
31,
which
is
properly
appealed
but
without
adequate
time
for
hearing
and
decision
before
June
30
is
void.
Sec.
160.
IMPLEMENTATION
OF
DIVISION
OF
ACT.
Section
25B.2,
subsection
3,
shall
not
apply
to
this
division
of
this
Act.
Sec.
161.
APPLICABILITY.
This
division
of
this
Act
applies
to
political
subdivision
budgets
for
fiscal
years
beginning
on
or
after
July
1,
2027.
DIVISION
XXII
HOSPITAL
PROPERTY
TAX
LEVIES
Sec.
162.
Section
347.7,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
3A.
a.
For
fiscal
years
beginning
on
or
after
July
1,
2027,
any
property
tax
levy
imposed
for
a
county
hospital
under
this
chapter
that
is
limited
by
law
to
a
specific
property
tax
levy
rate
per
one
thousand
dollars
of
assessed
value
shall
not
exceed
a
levy
rate
per
one
thousand
dollars
of
assessed
value
that
is
equal
to
one
thousand
multiplied
by
the
quotient
obtained
by
dividing
one
hundred
four
percent
of
the
current
fiscal
year’s
actual
property
tax
dollars
certified
for
such
levy
by
the
remainder
of
the
total
assessed
value
used
to
calculate
such
taxes
for
the
budget
year
minus
value
attributable
to
new
valuation.
b.
The
amount
of
property
tax
dollars
calculated
under
this
subsection
includes
those
amounts
budgeted
by
the
hospital
as
replacement
taxes
under
chapter
437A
or
437B,
if
applicable.
c.
For
purposes
of
this
subsection,
“budget
year”
,
“current
fiscal
year”
,
and
“new
valuation”
mean
the
same
as
defined
in
section
331.423.
Sec.
163.
Section
347A.3,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
Senate
File
2472,
p.
70
NEW
SUBSECTION
.
3.
a.
For
fiscal
years
beginning
on
or
after
July
1,
2027,
any
property
tax
levy
imposed
for
a
county
hospital
under
this
chapter
that
is
limited
by
law
to
a
specific
property
tax
levy
rate
per
one
thousand
dollars
of
assessed
value
shall
not
exceed
a
levy
rate
per
one
thousand
dollars
of
assessed
value
that
is
equal
to
one
thousand
multiplied
by
the
quotient
obtained
by
dividing
one
hundred
four
percent
of
the
current
fiscal
year’s
actual
property
tax
dollars
certified
for
such
levy
by
the
remainder
of
the
total
assessed
value
used
to
calculate
such
taxes
for
the
budget
year
minus
value
attributable
to
new
valuation.
b.
The
amount
of
property
tax
dollars
calculated
under
this
subsection
includes
those
amounts
budgeted
by
the
hospital
as
replacement
taxes
under
chapter
437A
or
437B,
if
applicable.
c.
For
purposes
of
this
subsection,
“budget
year”
,
“current
fiscal
year”
,
and
“new
valuation”
mean
the
same
as
defined
in
section
331.423.
DIVISION
XXIII
TRANSIT
TAXES
Sec.
164.
Section
28M.5,
subsection
1,
Code
2026,
is
amended
to
read
as
follows:
1.
a.
The
commission,
with
the
approval
of
the
board
of
supervisors
of
participating
counties
and
the
city
council
of
participating
cities
in
the
chapter
28E
agreement,
may
,
subject
to
paragraph
“b”
,
levy
annually
a
tax
not
to
exceed
ninety-five
cents
per
thousand
dollars
of
the
assessed
value
of
all
taxable
property
in
a
regional
transit
district
to
the
extent
provided
in
this
section
.
The
chapter
28E
agreement
may
authorize
the
commission
to
levy
the
tax
at
different
rates
within
the
participating
cities
and
counties
in
amounts
sufficient
to
meet
the
revenue
responsibilities
of
such
cities
and
counties
as
allocated
in
the
budget
adopted
by
the
commission.
However,
for
a
city
participating
in
a
regional
transit
district,
the
total
of
all
the
tax
levies
imposed
in
the
city
pursuant
to
section
384.12,
subsection
1
,
paragraph
“b”
,
and
this
section
shall
not
exceed
the
aggregate
of
ninety-five
cents
per
thousand
dollars
of
the
assessed
value
of
all
taxable
property
in
the
participating
city.
b.
(1)
For
each
fiscal
year
beginning
on
or
after
July
1,
Senate
File
2472,
p.
71
2027,
the
sum
of
property
tax
dollars
levied
for
the
regional
transit
district
under
this
subsection
and
property
tax
dollars
received
by
the
regional
transit
district
from
participating
cities
and
counties
shall
not
exceed
an
amount
equal
to
one
hundred
three
percent
of
the
sum
of
property
tax
dollars
levied
for
the
regional
transit
district
under
this
subsection
for
the
immediately
preceding
fiscal
year
and
property
tax
dollars
received
by
the
regional
transit
district
from
participating
cities
and
counties
for
the
immediately
preceding
fiscal
year.
(2)
The
amount
of
property
tax
dollars
calculated
under
this
paragraph
includes
those
amounts
budgeted
by
the
district
as
replacement
taxes
under
chapter
437A
or
437B,
if
applicable.
Sec.
165.
Section
384.12,
subsection
1,
Code
2026,
is
amended
to
read
as
follows:
1.
a.
A
tax
for
the
operation
and
maintenance
of
a
municipal
transit
system
or
for
operation
and
maintenance
of
a
regional
transit
district,
and
for
the
creation
of
a
reserve
fund
for
the
system
or
district,
in
an
amount
not
to
exceed
ninety-five
cents
per
thousand
dollars
of
assessed
value
each
year,
when
the
revenues
from
the
transit
system
or
district
are
insufficient
for
such
purposes.
b.
(1)
A
tax
for
the
operation
and
maintenance
of
a
regional
transit
district,
and
for
the
creation
of
a
reserve
fund
for
the
district
under
chapter
28M,
in
an
amount
not
to
exceed
ninety-five
cents
per
thousand
dollars
of
assessed
value
each
year,
when
the
revenues
from
the
district
are
insufficient
for
such
purposes.
In
addition
to
the
levy
rate
limitation,
for
each
fiscal
year
beginning
on
or
after
July
1,
2027,
the
sum
of
property
tax
dollars
levied
for
the
regional
transit
district
by
the
city
under
this
paragraph
shall
not
exceed
an
amount
equal
to
one
hundred
three
percent
of
the
sum
of
property
tax
dollars
levied
by
the
city
for
the
regional
transit
district
under
this
paragraph
for
the
immediately
preceding
fiscal
year.
(2)
The
amount
of
property
tax
dollars
calculated
under
this
paragraph
includes
those
amounts
budgeted
by
the
city
as
replacement
taxes
under
chapter
437A
or
437B,
if
applicable.
DIVISION
XXIV
COMMERCIAL
AND
INDUSTRIAL
PROPERTY
TAX
REPLACEMENT
PAYMENTS
Senate
File
2472,
p.
72
Sec.
166.
Section
441.21,
subsection
5,
paragraph
e,
Code
2026,
is
amended
to
read
as
follows:
e.
(1)
For
the
fiscal
year
beginning
July
1,
2023,
there
is
appropriated
from
the
general
fund
of
the
state
to
the
department
of
revenue
the
sum
of
one
hundred
twenty-two
million
three
hundred
fifty
thousand
dollars
to
be
used
for
payments
under
this
paragraph
calculated
as
a
result
of
the
assessment
limitations
imposed
under
paragraph
“b”
,
subparagraph
(2),
subparagraph
division
(a),
and
paragraph
“c”
,
subparagraph
(2),
subparagraph
division
(a).
For
each
fiscal
year
beginning
on
or
after
July
1,
2024,
but
before
July
1,
2027,
there
is
appropriated
from
the
general
fund
of
the
state
to
the
department
of
revenue
the
sum
of
one
hundred
twenty-five
million
dollars
to
be
used
for
payments
under
this
paragraph
calculated
as
a
result
of
the
assessment
limitations
imposed
under
paragraph
“b”
,
subparagraph
(2),
subparagraph
division
(a),
and
paragraph
“c”
,
subparagraph
(2),
subparagraph
division
(a).
(2)
For
fiscal
years
beginning
on
or
after
July
1,
2023,
but
before
July
1,
2027,
each
county
treasurer
shall
be
paid
by
the
department
of
revenue
an
amount
calculated
under
subparagraph
(4)
for
the
applicable
fiscal
year
.
If
an
amount
appropriated
for
the
fiscal
year
is
insufficient
to
make
all
payments
as
calculated
under
subparagraph
(4),
the
director
of
revenue
shall
prorate
the
payments
to
the
county
treasurers
and
shall
notify
the
county
auditors
of
the
pro
rata
percentage
on
or
before
September
30.
(3)
On
or
before
July
1
of
each
applicable
fiscal
year,
the
assessor
shall
report
to
the
county
auditor
that
portion
of
the
total
actual
value
of
all
commercial
property
and
industrial
property
in
the
county
that
is
subject
to
the
assessment
limitations
imposed
under
paragraph
“b”
,
subparagraph
(2),
subparagraph
division
(a),
and
paragraph
“c”
,
subparagraph
(2),
subparagraph
division
(a),
for
the
assessment
year
used
to
calculate
the
taxes
due
and
payable
in
that
fiscal
year.
(4)
On
or
before
September
1
of
each
applicable
fiscal
year,
the
county
auditor
shall
prepare
a
statement,
based
on
the
report
received
in
subparagraph
(3)
and
information
transmitted
to
the
county
auditor
under
chapter
434
,
listing
for
each
Senate
File
2472,
p.
73
taxing
district
in
the
county:
(a)
The
product
of
the
portion
of
the
total
actual
value
of
all
commercial
property,
industrial
property,
and
property
valued
by
the
department
under
chapter
434
in
the
county
that
is
subject
to
the
assessment
limitations
imposed
under
paragraph
“b”
,
subparagraph
(2),
subparagraph
division
(a),
and
paragraph
“c”
,
subparagraph
(2),
subparagraph
division
(a),
for
the
applicable
assessment
year
used
to
calculate
taxes
which
are
due
and
payable
in
the
applicable
fiscal
year
multiplied
by
the
difference,
stated
as
a
percentage,
between
ninety
percent
and
the
assessment
limitation
percentage
applicable
to
residential
property
under
subsection
4
for
the
applicable
assessment
year.
(b)
The
tax
levy
rate
per
one
thousand
dollars
of
assessed
value
for
each
taxing
district
for
the
applicable
fiscal
year.
(c)
The
amount
of
the
payment
for
each
county
is
equal
to
the
amount
determined
pursuant
to
subparagraph
division
(a),
multiplied
by
the
tax
rate
specified
in
subparagraph
division
(b),
and
then
divided
by
one
thousand
dollars.
(5)
The
county
auditor
shall
certify
and
forward
one
copy
of
the
statement
described
in
subparagraph
(4)
to
the
department
of
revenue
not
later
than
September
1
of
each
applicable
fiscal
year.
(6)
The
amounts
determined
under
this
paragraph
shall
be
paid
by
the
department
to
the
county
treasurers
in
equal
installments
in
September
and
March
of
each
applicable
year.
The
county
treasurer
shall
apportion
the
payments
among
the
eligible
taxing
districts
in
the
county
and
the
amounts
received
by
each
taxing
authority
shall
be
treated
the
same
as
property
taxes
paid.
DIVISION
XXV
IOWA
ECONOMIC
EMERGENCY
FUND
——
TAXPAYER
RELIEF
FUND
Sec.
167.
GENERAL
FUND
EXPENDITURE
LIMITATION
——
FY
2027-2028.
For
the
fiscal
year
beginning
July
1,
2027,
and
ending
June
30,
2028,
the
state
general
fund
expenditure
limitation
calculated
under
section
8.54
for
the
fiscal
year
shall
be
reduced
by
$125,000,000.
Senate
File
2472,
p.
74
Sec.
168.
DISTRIBUTIONS
OF
IOWA
ECONOMIC
EMERGENCY
FUND
EXCESS
——
TAXPAYER
RELIEF
FUND
——
FY
2028-2029.
Notwithstanding
section
8.55,
subsection
2,
paragraphs
“a”
and
“b”,
for
the
fiscal
year
beginning
July
1,
2028,
and
ending
June
30,
2029,
moneys
in
excess
of
the
maximum
balance
of
the
Iowa
economic
emergency
fund
created
in
section
8.55
shall
be
distributed
as
follows:
1.
The
difference
between
the
actual
net
revenue
for
the
general
fund
of
the
state
for
the
fiscal
year
and
the
adjusted
revenue
estimate
for
the
fiscal
year
shall
be
transferred
to
the
taxpayer
relief
fund
created
in
section
8.57E.
2.
Of
the
remaining
moneys
in
excess
of
the
maximum
balance
of
the
Iowa
economic
emergency
fund,
if
any,
$125,000,000
shall
be
transferred
to
the
taxpayer
relief
fund.
3.
After
the
transfer
pursuant
to
subsection
2,
the
remaining
moneys
in
excess
of
the
maximum
balance
of
the
Iowa
economic
emergency
fund,
if
any,
shall
be
transferred
to
the
general
fund
of
the
state.
DIVISION
XXVI
LOCAL
EMERGENCY
MANAGEMENT
PROPERTY
TAXES
Sec.
169.
Section
29C.17,
subsection
2,
unnumbered
paragraph
1,
Code
2026,
is
amended
to
read
as
follows:
For
purposes
consistent
with
this
chapter
,
the
local
emergency
management
agency’s
approved
budget
shall
be
funded
by
one
or
any
combination
of
the
following
options,
as
determined
by
the
commission
and
subject
to
subsection
7
:
Sec.
170.
Section
29C.17,
Code
2026,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
7.
For
each
fiscal
year
beginning
on
or
after
July
1,
2027,
and
in
addition
to
any
applicable
property
tax
levy
rate
limitations
provided
by
law,
the
sum
of
the
property
tax
dollars
levied
by
all
governmental
entities
for
the
purpose
of
funding
the
services
and
operation
of
the
emergency
management
agency
and
commission
shall
not
exceed
an
amount
equal
to
one
hundred
three
percent
of
the
sum
of
property
tax
dollars
levied
by
all
governmental
entities
for
the
purpose
of
funding
the
services
and
operation
of
the
emergency
management
agency
and
commission
for
the
immediately
preceding
fiscal
year.
The
amount
of
property
tax
dollars
Senate
File
2472,
p.
75
determined
under
this
subsection
includes
those
amounts
received
as
replacement
taxes
under
chapter
437A
or
437B,
if
applicable.
______________________________
AMY
SINCLAIR
President
of
the
Senate
______________________________
PAT
GRASSLEY
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
2472,
Ninety-first
General
Assembly.
______________________________
W.
CHARLES
SMITHSON
Secretary
of
the
Senate
Approved
_______________,
2026
______________________________
KIM
REYNOLDS
Governor