This bill amends the assessment process for development property in Iowa, specifically altering the provisions in Code section 441.72. It removes the previous five-year and eight-year assessment limitations for platted lots and instead stipulates that property acquired for development on or after January 1, 2020, or property undergoing development activities from that date, will continue to be assessed as it was prior to acquisition or development. The bill mandates that assessors cannot change the classification or assessment of such properties until they are improved with a new permanent structure, sold, or five years have passed since the subdivision plat was recorded.

Additionally, the bill repeals Code section 405.1, which previously allowed counties to adopt ordinances regarding the assessment of property acquired for housing development. It defines "development" to encompass various activities, including reconstruction, zoning changes, and installation of public utilities. The bill clarifies that it does not require any refunds or modifications of property taxes for assessment years beginning before January 1, 2025, and it takes effect immediately upon enactment, with retroactive applicability to assessment years starting on or after January 1, 2025.

Statutes affected:
Introduced: 441.72, 405.1