Iowa Admin. Code r. 701-109.3

Current through Register Vol. 47, No. 8, October 30, 2024

Rule 701-109.3 - Declarations of value: Responsibility of county recorders and city and county assessors

(1)Forms and procedures. County recorders and county and city assessors shall use only the declaration of value forms and procedures prescribed and provided by the director of revenue for reporting real estate transfers.

(2)Report of sales. County recorders and city and county assessors shall complete the appropriate portions of the real estate transfer-declaration of value form for each real estate transfer for which a declaration of value has been completed by the buyer, seller, or agent. The completed real estate transfer-declaration of value forms shall be used in preparing the quarterly sales report to be submitted to the department as required by Iowa Code section 421.17(6).

(3)Transmittal of forms. Real estate transfer-declaration of value forms filed with the county recorder shall be transmitted promptly to the department. Nothing in this subrule shall be construed to relieve, limit, or prohibit city and county assessors from completing the requirements set forth in Iowa Code sections 421.17(6)"a" and 421.17(6)"b."

(4)Completion of forms. County recorders and city and county assessors shall complete declaration of value forms in accordance with instructions issued by the department. The assessed values entered on the forms are to be the final values as of January 1 of the year in which the transfer occurred.

This rule is intended to implement Iowa Code section 428A.1.

Iowa Admin. Code r. 701-109.3

ARC 7726B, IAB 4/22/09, effective 5/27/09; ARC 5289C, IAB 11/18/20, effective 12/23/20; Editorial change: IAC Supplement 11/2/22