Iowa Code 437B.12 – Assessment exclusive
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Terms Used In Iowa Code 437B.12
- Delivery: means the physical transfer of water, excluding nonrevenue water, to a consumer for sale. See Iowa Code 437B.2
- Operating property: means all property owned by or leased to a water utility, not otherwise taxed separately, which is necessary to and without which the water utility could not perform the activities of a water utility. See Iowa Code 437B.2
- property: includes personal and real property. See Iowa Code 4.1
- Replacement tax: means the excise tax imposed on the delivery of water under section 437B. See Iowa Code 437B.2
All operating property and all other property that is primarily and directly used in the delivery of water subject to replacement tax is exempt from taxation except as otherwise provided by this chapter.