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 necessary for parcels located in multiple counties. The bill also updates the exemptions from the declaration of value requirement, removing certain subsections and adding new categories of instruments that are exempt.

Specifically, the bill expands the exemptions to include instruments related to corporate mergers, consolidations, or reorganizations, as well as deeds exchanged between family entities and their stakeholders for no actual consideration other than shares or debt securities. Additionally, it exempts deeds transferring trust assets to beneficiaries when conveyed without consideration. These changes aim to streamline the process for certain real estate transactions and reduce the administrative burden associated with declarations of value.

Statutes affected:
Introduced: 428A.1