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. Property owners must apply for this assessment limitation, and the county board of supervisors must approve the application for it to take effect. The bill outlines the necessary application procedures, approval processes, and recordkeeping requirements for these assessments.

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 bill 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 changes aim to provide financial relief for child care facilities by adjusting how their property taxes are calculated.

Statutes affected:
Introduced: 441.21, 237A.1