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IA HF2341
Bill
Status
2/6/2026
Primary Sponsor
David Sieck
Click for details
AI Summary
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Residential properties sold by the U.S. Department of Housing and Urban Development (HUD) to homeowners in presidentially-declared major disaster areas or governor-proclaimed disaster emergency areas qualify for a partial property tax exemption.
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Owners must be receiving the homestead tax credit under section 425.1 on the property to be eligible for the exemption.
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The exemption applies for four assessment years with declining percentages: 80% in year one, 60% in year two, 40% in year three, and 20% in year four.
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The exemption period begins with the first full assessment year after the sale and expires completely in the fifth year.
Legislative Description
A bill for an act establishing a partial exemption on property taxes for certain residential properties sold in disaster areas.
Last Action
Introduced, referred to Ways and Means. H.J. 228.
2/6/2026