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The granting of the exemption under this chapter for new construction constituting complete replacement of an existing building or structure shall not result in the assessed value of the industrial real estate being reduced below the assessed value of the industrial real estate before the start of the new construction added.
(Code of Iowa, Sec. 427B.3)
An application shall be filed for each project resulting in actual value added for which an exemption is claimed.
(Code of Iowa, Sec. 427B.4)
1. The application for exemption shall be filed by the owner of the property with the local assessor by February 1 of the assessment year in which the value added is first assessed for taxation.
2. Applications for exemption shall be made on forms prescribed by the Director of Revenue and shall contain information pertaining to the nature of the improvement, its cost, and other information deemed necessary by the Director of Revenue.
A person may submit a proposal to the City Council to receive prior approval for eligibility for a tax exemption on new construction. If the City Council resolves to consider such proposal, it shall publish notice and hold a public hearing thereon. Thereafter, at least thirty (30) days after such hearing the City Council, by ordinance, may give its prior approval of a tax exemption for new construction if the new construction is in conformance with City zoning. Such prior approval shall not entitle the owner to exemption from taxation until the new construction has been completed and found to be qualified real estate.
(Code of Iowa, Sec. 427B.4)
A property tax exemption under this chapter shall not be granted if the property for which the exemption is claimed has received any other property tax exemption authorized by law.
(Code of Iowa, Sec. 427B.6)
EDITOR’S NOTE
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The following ordinances have been adopted granting prior approval.
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ORDINANCE NO. | ADOPTED | APPLICANT |
980 | 1987 | Ray’s Cabinet Shop |
981 | 1987 | Mrs. Clark’s Foods |
982 | 1987 | Perishable Distributors of Iowa, Ltd. |
983 | 1987 | Younkers, Inc. |
1087 | 1990 | Denny Elwell Investment Company |
1116 | 1991 | Denny Elwell Investment Company |
1222 | 1995 | Circuit City Stores, Incorporated |
1285 | 1997 | Denny L. Elwell |
1293 | 1998 | Denny L. Elwell |
1296 | 1998 | Denny Elwell Companies |
1328 | 1999 | Mrs. Clark’s Foods |
1329 | 1999 | L & L Insulation and Supply Co. |
1521 | 2005 | Denny Elwell Family LC |
1522 | 2005 | Casey’s Retail Company |
1530 | 2005 | Denny Elwell Family LC |
1553 | 2006 | Embria Health Sciences, LLC |
1567 | 2007 | Halyard Clarke LLC |