This bill amends Code section 441.72 regarding the assessment of platted lots and development property in Iowa. It establishes that when a subdivision plat is recorded, the individual lots will continue to be classified and assessed for taxation in the same manner as before the recording for a period of five years or until the lot is improved with permanent construction, whichever comes first. The bill also repeals Code section 405.1, which previously allowed for certain assessment practices related to property acquired for housing development.

Additionally, the bill introduces new provisions for properties acquired for development on or after January 1, 2020. These properties will maintain their classification and assessment until they are improved with a new permanent structure or sold, unless the owner opts to withdraw from this provision. The bill defines "development" to include various activities such as reconstruction, zoning changes, and installation of public utilities. It clarifies that no refunds or modifications of property taxes will be required for assessment years beginning before January 1, 2025, and it takes effect immediately, applying retroactively to assessment years starting on or after that date.

Statutes affected:
Introduced: 441.72, 405.1