This bill amends Section 427A.1 of the Iowa Code to specify that aboveground storage tanks of any size, which are not attached to the land, shall not be assessed and taxed as real property. The new subsection 6A clarifies that these tanks, which are typically removable when the property owner relocates, do not meet the criteria for real property assessment. Additionally, the bill states that Code section 25B.7, which pertains to property tax credits or exemptions, shall not apply to this Act.

The legislation is deemed of immediate importance, taking effect upon enactment, and it has retroactive applicability to assessment years beginning on or after January 1, 2025. This means that property owners will not be taxed on these aboveground storage tanks for the specified assessment years, providing a potential financial relief for those who own such tanks.

Statutes affected:
Introduced: 427A.1