Iowa Code 386.9 – Capital improvement tax
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Terms Used In Iowa Code 386.9
- 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 386.1
- District: means a self-supported municipal improvement district which may be created and the property therein taxed in accordance with this chapter. See Iowa Code 386.1
- Improvement: means any of the following:a. See Iowa Code 386.1
- Ordinance: means a city law of a general and permanent nature. See Iowa Code 362.2
- Property: means real property as defined in section 4. See Iowa Code 386.1
- Self-liquidating improvement: means any facility or property proposed to be leased in whole or in part to any person or governmental body to further the corporate purposes of the city and:
a. See Iowa Code 386.1- year: means twelve consecutive months. See Iowa Code 4.1
A city may establish a capital improvement fund for a district and may certify taxes, not to exceed the rate established by the ordinance creating the district, or any subsequent amendment thereto, each year to be levied for the fund against all of the property in the district, for the purpose of accumulating moneys for the financing or payment of a part or all of the costs of any improvement or self-liquidating improvement. However, parcels of property which are assessed as residential property for property tax purposes are exempt from the tax levied under this section except residential properties within a duly designated historic district or property classified as residential property under section 441.21, subsection 14, paragraph “a”, subparagraph (6). A tax levied under this section is not subject to the levy limitations in section 384.1 or 384.7.