HF3760 Summary

• Allows manufactured home park cooperatives (corporations or associations under chapters 308A or 308B) to claim homestead treatment for the park if each shareholder owns a lot and all lots are designated by legal description or number and limited to one-half acre maximum each.

• Modifies homestead treatment eligibility to require occupants or the cooperative to pay ad valorem property taxes and special assessments directly or through dues, and requires the cooperative to be wholly owned by persons with lot occupancy rights.

• Extends homestead treatment eligibility to charitable corporations with 501(c)(3) tax-exempt status if members hold residential participation warrants entitling them to occupy lots in the manufactured home park.

• Defines "homestead treatment" under this provision as the class 4c property classification rate for class 4c property, excludes the homestead market value credit, and excludes park property taxes from rent determinations under section 290A.03.

• Effective for taxes payable in 2011 and thereafter.