The bill modifies the assessment of certain development property, removing time limits on assessments for lots improved after January 1, 2020.

The bill amends Iowa Code section 441.72 to remove time limits on the assessment of property acquired for development on or after January 1, 2020. It specifies that such property will continue to be assessed in the manner it was prior to acquisition until it is improved with a new permanent structure, sold, or five years have elapsed since the subdivision plat was recorded, if applicable. The bill also repeals certain sections of the Code and takes effect upon enactment, applying retroactively to assessment years beginning on or after January 1, 2025.

The bill modifies the assessment of certain development property, removing time limits on assessments for lots improved after January 1, 2020.

The bill amends Iowa Code section 441.72 to remove time limits on the assessment of property acquired for development on or after January 1, 2020. It specifies that such property will continue to be assessed in the manner it was prior to acquisition until it is improved with a new permanent structure, sold, or five years have elapsed since the subdivision plat was recorded, if applicable. The bill also repeals certain sections of the Code and takes effect upon enactment, applying retroactively to assessment years beginning on or after January 1, 2025.