Iowa Code 384.46 – Lot valuations
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Terms Used In Iowa Code 384.46
- and: includes the disjunctive "or" and the use of the disjunctive "or" includes the conjunctive "and" unless the context clearly indicates otherwise. See Iowa Code 384.23
- Clerk: means the recording and recordkeeping officer of a city regardless of title. See Iowa Code 362.2
- Council: means the governing body of a city. See Iowa Code 362.2
- District: means the lots or parts of lots within boundaries established by the council for the purpose of the assessment of the cost of a public improvement. See Iowa Code 384.37
- Engineer: means a professional engineer, licensed in the state of Iowa, authorized by the council to render services in connection with the public improvement. See Iowa Code 384.37
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lot: means a parcel of land under one ownership, including improvements, against which a separate assessment is made. See Iowa Code 384.37
- property: includes personal and real property. See Iowa Code 4.1
- Public improvement: includes the principal structures, works, component parts and accessories of any of the following:a. See Iowa Code 384.37Upon completion of the plat, the council shall determine the valuation of each lot within the proposed assessment district and shall report the valuations to the engineer, who shall show such valuations on the schedule before it is filed with the clerk. A valuation must be the present fair market value of the property with the proposed public improvement completed. As an aid in determining valuations, the council may appoint a committee of three persons skilled in the knowledge of real estate values within the city to appraise the present fair market value of each lot within a district and to file a written report of its appraisals with the council.