This bill amends Section 427A.1 of the Iowa Code to establish that aboveground storage tanks with a capacity of 91,000 gallons or less will not be assessed or taxed as real property, regardless of their use or intended use. This new provision is inserted as a subsection (6A) to clarify the tax status of these storage tanks, which are typically considered real property under existing law. Additionally, the bill specifies that Code section 25B.7, which relates to property tax credits or exemptions, will not apply to this Act.

The bill is deemed to be of immediate importance, taking effect upon enactment, and it has retroactive applicability to assessment years beginning on or after January 1, 2025. This means that the new tax exemption for the specified aboveground storage tanks will be applied to past assessment years, providing potential tax relief for property owners with such tanks.

Statutes affected:
Introduced: 427A.1