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Bill > HF1013
IA HF1013
IA HF1013A bill for an act establishing a partial exemption on property taxes for certain residential properties sold in disaster areas.(Formerly HF 565.)
summary
Introduced
04/14/2025
04/14/2025
In Committee
05/09/2025
05/09/2025
Crossed Over
05/08/2025
05/08/2025
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 occupying the residential property as a homestead 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. The bill defines “owner” and “homestead”.
AI Summary
This bill establishes a four-year property tax exemption for residential properties sold by the U.S. Department of Housing and Urban Development (HUD) in areas that have been declared federal disaster areas or state disaster emergency zones. Specifically, the bill provides a sliding scale of tax exemptions for homeowners who purchase such properties: 80% exemption in the first assessment year, 60% in the second year, 40% in the third year, and 20% in the fourth year, with the exemption expiring completely in the fifth year. The bill defines "homestead" as a dwelling that the owner intends to occupy for at least six months of the calendar year and references an existing legal definition of "owner" from another section of the code. The purpose of this exemption appears to be to support housing recovery and affordability in areas that have experienced significant disaster-related damage, helping individuals rebuild and resettle in affected communities by providing a financial incentive through reduced property tax burden during the initial years of ownership.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Ways and Means (H)
Last Action
Explanation of vote. H.J. 1176. (on 05/13/2025)
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=HF1013 |
| Fiscal Note - Flood Relief Replacement Housing, Property Taxes | https://www.legis.iowa.gov/docs/publications/FN/1526025.pdf |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/HF1013.html |
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