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Chapter 97 – Authorizing Industrial Property Tax Credits for New Industrial Construction





Section 7-97-1             Purpose
Section 7-97-2             Partial Exemption From Taxation
Section 7-97-3             Period of Exemptions and Credit Limitations
Section 7-97-4             Procedure of Obtaining Exemptions

SECTION 7-97-1       PURPOSE.  The purpose of this ordinance is to authorize partial property tax exemptions for industrial property on which improvements have been made, in accordance with the provisions of House File 650, Acts of the 68th General Assembly, 1979 Regular Session of the State of Iowa.

SECTION 7-97-2       PARTIAL EXEMPTION FROM TAXATION.  The City of Belle Plaine hereby provides for a partial tax exemption from property taxation of the actual value added to industrial real estate by the new construction of industrial real estate and the acquisition of or improvement to machinery and equipment as assessed as real estate pursuant to Chapter 427A, 1991 Code of Iowa (427A.l (i) (e)), within the limits of the City of Belle Plaine, Iowa.

SECTION 7-97-3       PERIOD OF EXEMPTIONS AND CREDIT LIMITATIONS. The actual value added to industrial real estate for the reasons specified in Section 90.2 above is eligible to receive a partial exemption from taxation for a period of five years. “Actual value added” means the actual value added as of the first year for which the exemption is received, except that actual value added by improvements to machinery and equipment means the actual value as determined by the Assessor as of January 1st of each year for which the exemption is received. The amount of actual value added which is eligible to be exempt from taxation shall be as follows:

                        1.)        For the first year – 75%       

                        2.)        For the second year – 60%

                        3.)        For the third year – 45

                        4.)        For the fourth year – 30%

                        5.)        For the fifth year – 15%

SECTION 7-97-4       PROCEDURE FOR OBTAINING EXEMPTION.  An application for exemption shall be filed by the owner of the property with the local Assessor by February 1st of the assessment year in which the value added is first assessed for taxation, for each project resulting in actual value added for which an exemption is claimed. Application for Exemption shall be made on forms prescribed by the Director of Revenue of the State of Iowa, supplying all information deemed necessary by said Director.

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