The bill introduces assessment limitations for property tax purposes specifically for commercial child care facilities in Iowa. It amends existing law to establish that, starting from the assessment year beginning January 1, 2025, properties primarily used as child care facilities will be assessed based on a new formula. This formula calculates the assessed value as the product of the residential assessment limitation percentage and the actual value of the property, provided that the property owner submits an application that is approved by the county board of supervisors. The bill outlines the application process, including necessary documentation and deadlines, as well as procedures for maintaining records and handling appeals.

Additionally, the bill makes conforming changes to existing law regarding the assessment of commercial properties and includes provisions for retroactive applicability to assessment years beginning on or after January 1, 2025. It also specifies that the changes will take effect immediately upon enactment and will apply to payments to local governments for fiscal years starting on or after July 1, 2026. The bill aims to provide financial relief to child care facilities by limiting their property tax assessments, thereby supporting the availability of child care services in the state.

Statutes affected:
Introduced: 441.21, 237A.1