Iowa HF1013 establishes a partial exemption on property taxes for residential properties sold in disaster areas.

Iowa HF1013 amends the Code to provide a partial exemption on property taxes for residential properties sold by the United States Department of Housing and Urban Development in disaster areas. The exemption is 80 percent in the first assessment year, 60 percent in the second, 40 percent in the third, and 20 percent in the fourth, expiring in the fifth year. This applies to properties sold to provide housing to individuals following a major disaster or disaster emergency. The bill defines "homestead" and "owner" for clarity.

Iowa HF1013 establishes a partial exemption on property taxes for residential properties sold in disaster areas.

Iowa HF1013 amends the Code to provide a partial exemption on property taxes for residential properties sold by the United States Department of Housing and Urban Development in disaster areas. The exemption is 80 percent in the first assessment year, 60 percent in the second, 40 percent in the third, and 20 percent in the fourth, expiring in the fifth year. This applies to properties sold to provide housing to individuals following a major disaster or disaster emergency. The bill defines "homestead" and "owner" for clarity.