Iowa HSB307 repeals a tax assessment ordinance for property developed for housing.

Iowa HSB307 repeals Code section 405.1, which allowed counties to keep property acquired for housing development assessed at its pre-acquisition value until sold or improved. The bill specifies that property acquired for development on or after January 1, 2020, will continue to be assessed in the manner it was prior to acquisition until it is improved with a permanent structure, sold, or five years have elapsed since the subdivision plat was recorded.

Iowa HSB307 repeals a tax assessment ordinance for property developed for housing.

Iowa HSB307 repeals Code section 405.1, which allowed counties to keep property acquired for housing development assessed at its pre-acquisition value until sold or improved. The bill specifies that property acquired for development on or after January 1, 2020, will continue to be assessed in the manner it was prior to acquisition until it is improved with a permanent structure, sold, or five years have elapsed since the subdivision plat was recorded.