Statutes > Iowa Statutes > Title 10 - Financial Resources > Subtitle 2 - Property Taxes > CHAPTER 427 - PROPERTY EXEMPT AND TAXABLE > 427.18 - TOKEN TAX LIABILITY ACCRUES.

427.18 - TOKEN TAX LIABILITY ACCRUES.

        427.18  TOKEN TAX LIABILITY ACCRUES.         If property which may be exempt from taxation is acquired after      July 1 by a person or the state or any of its political subdivisions,      the exemption shall not be allowed for that fiscal year and the      person or the state or any of its political subdivisions shall pay      the property taxes levied against the property for that fiscal year,      and payable in the following fiscal year.  However, the seller and      the purchaser may designate, by written agreement, the party      responsible for payment of the property taxes due.
         Section History: Early Form
         [C81, § 427.18]         Referred to in § 445.28