Iowa HF2341 establishes a partial exemption on property taxes for certain residential properties sold in disaster areas.

Iowa HF2341 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 (HUD) in disaster areas. The exemption applies to properties sold to owners receiving the homestead tax credit. The exemption lasts for four years, with the percentage decreasing annually: 80% in the first year, 60% in the second, 40% in the third, and 20% in the fourth, after which the exemption expires. This applies to properties sold to provide housing following a major disaster or disaster emergency.

Iowa HF2341 establishes a partial exemption on property taxes for certain residential properties sold in disaster areas.

Iowa HF2341 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 (HUD) in disaster areas. The exemption applies to properties sold to owners receiving the homestead tax credit. The exemption lasts for four years, with the percentage decreasing annually: 80% in the first year, 60% in the second, 40% in the third, and 20% in the fourth, after which the exemption expires. This applies to properties sold to provide housing following a major disaster or disaster emergency.