The bill amends Section 428A.1 of the Iowa Code regarding the real estate transfer tax and the requirement for declarations of value when real property is conveyed. It specifies that a declaration of value must be submitted to the county recorder when a deed, instrument, or writing is presented for recording. However, it clarifies that separate declarations are needed for parcels located in multiple counties. The bill also outlines that a declaration of value is not required for certain instruments, specifically those described in section 428A.2, with the deletion of subsections 13, 16 through 21, and the inclusion of subsection 22.

Additionally, the bill expands the exemptions for the declaration of value requirement to include instruments related to corporate mergers, consolidations, or reorganizations, as well as deeds between family entities and their stakeholders when no actual consideration is exchanged. It also exempts deeds transferring trust assets to beneficiaries without consideration. These changes aim to streamline the process for specific transactions and reduce the administrative burden associated with real estate transfers.

Statutes affected:
Introduced: 428A.1