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, the actual value of properties primarily used as child care facilities will be assessed based on a formula that incorporates the residential assessment limitation percentage, rather than the standard commercial property assessment calculations. Property owners must apply for this assessment limitation, and the county board of supervisors will determine eligibility based on the application process outlined in the bill.

Additionally, the bill includes provisions for the effective date, applicability, and retroactive applicability of these changes. It specifies that the new assessment limitations will apply retroactively to assessment years beginning on or after January 1, 2025, and will affect payments to local governments starting from fiscal years beginning on or after July 1, 2026. The bill also establishes detailed procedures for application, approval, and recordkeeping related to the assessment limitations for child care facilities, ensuring that the process is clear and structured for property owners and local authorities.

Statutes affected:
Introduced: 441.21, 237A.1