Iowa Admin. Code r. 701-110.49

Current through Register Vol. 47, No.14, January 8, 2025

Rule 701-110.49 - Commercial and industrial property tax replacement-county replacement claims

For each fiscal year beginning on or after July 1, 2014, the department of revenue shall pay to the county treasurer an amount equal to the amount of the commercial and industrial property tax replacement claims in the county. For fiscal years beginning on or after July 1, 2017, if an amount appropriated for a fiscal year is insufficient to pay all replacement claims, the director of revenue shall prorate the payment of replacement claims to the county treasurers and shall notify the county auditors of the pro rata percentage on or before September 30.

(1) For each taxing district, the commercial and industrial property tax replacement claim amount is determined by multiplying the amounts calculated in 110.49(1)"a" and "b" and dividing the resultant amount by $1,000.

a. The difference between the assessed valuation of all commercial property and industrial property for the assessment year used to calculate taxes which are due and payable in the applicable fiscal year and the actual value of all commercial property and industrial property that is subject to assessment and taxation for the same assessment year; and

b. The tax levy rate per $1,000 of assessed value of each taxing district for that fiscal year.

(2) Reporting requirements.

a. On or before July 1 of each fiscal year beginning on or after July 1, 2014, the assessor shall report to the county auditor the total actual value of all commercial and industrial property in the county that is subject to assessment and taxation for the assessment year used to calculate the taxes due and payable in that fiscal year.

b. On or before September 1 of each fiscal year beginning on or after July 1, 2014, the county auditor shall, based upon the information in the report required to be provided in paragraph 110.49(2)"a," prepare and submit a statement to the department of revenue which lists, for each taxing district in the county, the information required in 110.49(1). The county auditor shall prepare and submit the required information regardless of whether the legislature has appropriated funds to pay replacement claims for the current year.

c. The department shall pay the replacement amount to the county treasurer in two installments in September and March of each year.

d. The county treasurer shall apportion the replacement claim payments among the eligible taxing districts in the county.

Iowa Admin. Code r. 701-110.49

ARC 1332C, IAB 2/19/14, effective 3/26/14; ARC 3315C, IAB 9/13/17, effective 10/18/17; Editorial change: IAC Supplement 11/2/22; Editorial change: IAC Supplement 10/18/23