This bill amends provisions related to the taxation of forest and fruit-tree reservations in Iowa, specifically under Code chapter 427C. It establishes that a forest reservation must contain at least two hundred growing forest trees per acre and requires a qualifying application to be submitted by February 1 of the exemption year. Additionally, if any buildings are present on the selected area, one acre will be excluded from the tax exemption, although this exclusion will not affect the overall acreage requirement.

The bill introduces new requirements for the application process, mandating that applicants must also be receiving a homestead tax credit under Code chapter 425 at the time of application. It allows for the use of aerial photographs in lieu of on-site inspections and stipulates that the tax exemption will continue as long as the conditions are met, including the ongoing receipt of the homestead credit. The bill also includes provisions for recapture tax if the property is sold or if the conditions for the exemption are not maintained. It takes effect immediately upon enactment and applies retroactively to assessment years beginning on or after January 1, 2025.

Statutes affected:
Introduced: 427C.3, 427C.7