SF598 modifies property tax assessment rules for development property in Iowa.

SF598 amends Iowa Code section 441.72 to change how property acquired for development after January 1, 2020, is assessed for taxation. The bill specifies that such property must continue to be assessed in the same manner as before development activities began. The assessor cannot change the classification or assessment of the property while development is ongoing until the property is improved with a permanent structure or sold. The bill also allows property owners to withdraw their property from these provisions.

SF598 modifies property tax assessment rules for development property in Iowa.

SF598 amends Iowa Code section 441.72 to change how property acquired for development after January 1, 2020, is assessed for taxation. The bill specifies that such property must continue to be assessed in the same manner as before development activities began. The assessor cannot change the classification or assessment of the property while development is ongoing until the property is improved with a permanent structure or sold. The bill also allows property owners to withdraw their property from these provisions.