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IA HF565
IA HF565A bill for an act establishing a partial exemption on property taxes for certain residential properties sold in disaster areas.(See HF 1013.)
summary
Introduced
02/24/2025
02/24/2025
In Committee
02/24/2025
02/24/2025
Crossed Over
Passed
Dead
Introduced Session
91st General Assembly
Bill Summary
A residential property sold by the United States department of housing and urban development (HUD) to an owner who is receiving the homestead tax credit on the residential property shall be partially exempt from taxation if the sale was to provide housing to individuals following a major disaster or disaster emergency and the residential property was located in the major disaster or disaster emergency area. The exemption is for a four-year period beginning with the first full assessment year after the sale. This bill provides an 80 percent exemption on the actual value in the first assessment year, a 60 percent in the second year, a 40 percent in the third year, a 20 percent in the fourth year, and the exemption expires in the fifth year.
AI Summary
This bill establishes a property tax exemption for residential properties sold by the U.S. Department of Housing and Urban Development (HUD) in disaster areas, specifically targeting homeowners who receive a homestead tax credit. The exemption applies to properties sold to provide housing to individuals after a major disaster or emergency, as declared by the president or governor. The tax relief is structured as a declining percentage exemption over four assessment years: 80% in the first year, 60% in the second year, 40% in the third year, and 20% in the fourth year. After the fourth year, the exemption expires completely. This provision aims to support homeowners in disaster-impacted areas by reducing their property tax burden during the initial years following a HUD property sale, potentially making housing more affordable and accessible in regions recovering from significant natural or other catastrophic events.
Committee Categories
Budget and Finance
Sponsors (16)
Sean Bagniewski (D)*,
Taylor Collins (R)*,
Tom Determann (R)*,
Daniel Gosa (D)*,
Tom Jeneary (R)*,
Craig Johnson (R)*,
Megan Jones (R)*,
Elinor Levin (D)*,
Norlin Mommsen (R)*,
Tom Moore (R)*,
Jeff Shipley (R)*,
David Sieck (R)*,
Brent Siegrist (R)*,
Mark Thompson (R)*,
Mike Vondran (R)*,
Sam Wengryn (R)*,
Last Action
Withdrawn. H.J. 1112. (on 05/09/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HF565 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/HF565.html |
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