404B.1 Disaster revitalization area. 1. a. The governing body of a city may, by ordinance, designate an area of the city a disaster revitalization area if that area is within a county or portion of a county in which the governor has proclaimed a disaster emergency or the United States president has declared a major […]
404B.2 Conditions mandatory. A city or county may only exercise the authority conferred upon it in this chapter after all of the following conditions have been met: 1. The governing body has adopted a resolution finding that the property located within the area was damaged by a disaster, that revitalization of the area is in […]
404B.3 Disaster revitalization plan amendments. 1. The city or county may subsequently amend a disaster revitalization plan after a hearing. Notice of the hearing shall be published as provided in section 362.3 or 331.305, except that at least seven days’ notice must be given, and the public hearing shall not be held earlier than the […]
404B.4 Basis of tax exemption. 1. All real property within a disaster revitalization area is eligible to receive a one hundred percent exemption from taxation on the increase in assessed value of the property, as compared to the property’s assessed value on January 1, 2007, if the increase in assessed value is attributable to revitalization […]
404B.5 Application for exemption by property owner. An application shall be filed for each revitalization project resulting in increased assessed value for which an exemption is claimed. The application for exemption shall be filed by the owner of the property with the local assessor by February 1 of the first assessment year for which the […]
404B.6 Physical review of property by assessor. The local assessor shall review each application by making a physical review of the property to determine if the revitalization project increased the assessed value of the real property. If the assessor determines that the assessed value of the real property has increased, the assessor shall proceed to […]
404B.7 Expiration or repeal of ordinance. An ordinance enacted under this chapter shall expire or be repealed no later than December 31, 2016. 2009 Acts, ch 100, §29, 30
