This 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 has submitted an application for this assessment limitation and it has been approved by the county board of supervisors. The bill outlines the application process, including deadlines and required documentation, as well as procedures for approval and recordkeeping.

Additionally, the bill makes conforming changes to existing law to reflect these new assessment limitations 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 support child care facilities by providing them with a more favorable property tax assessment structure.

Statutes affected:
Introduced: 441.21, 237A.1