404B.4 - BASIS OF TAX EXEMPTION.

        404B.4  BASIS OF TAX EXEMPTION.         1.  All real property within a disaster revitalization area is      eligible to receive a one hundred percent exemption from taxation on      the increase in assessed value of the property, as compared to the      property's assessed value on January 1, 2007, if the increase in      assessed value is attributable to revitalization of the property      occurring between May 25, 2008, and December 31, 2013.  The exemption      is for a period not to exceed five years, starting with an assessment      year beginning on or after January 1, 2010.         2.  A city or county may adopt a different tax exemption      percentage than the exemption provided in subsection 1.  The      different percentage adopted shall not allow a greater exemption, but      may allow a smaller exemption.  A different percentage adopted by a      city or county shall apply to every disaster revitalization area      within the city or county.  The owners of real property eligible for      the exemption provided in this section shall elect to take the      exemption or shall elect to take an eligible exemption provided under      another statute.  Once the election has been made and the exemption      granted, the owner is not permitted to change the method of      exemption.  
         Section History: Recent Form
         2009 Acts, ch 100, §26, 30         Referred to in § 404B.2