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INDUSTRIAL PROPERTY TAX CREDITS FOR QUALIFIED NEW INDUSTRIAL
CONSTRUCTION.
§215.1 Purpose. The purpose of this ordinance is to authorize partial property tax
exemptions for industrial property on which improvements have been made, in accordance with the
provisions of Chapter 427B, Code of Iowa, as amended.
§215.2.Partial Exemption from Taxation. The City of Waukee, Iowa, hereby
provides for a partial tax exemption from property taxation of the actual value added to industrial
real estate by the new construction of industrial real estate and the acquisition of or improvement to
machinery and equipment as assessed as real estate pursuant to Iowa Code Section 427A.1(1)(e),
Code of Iowa. This provision shall be subject to the definitions and requirements set forth in House
File 650, Acts of the 68th General Assembly, 1979 Regular Session of the State of Iowa. Provided,
however, no exemption or partial exemption from taxation shall be granted as to any property within
any urban renewal area of the City of Waukee; and if any exemption or partial exemption has been
granted to such property, no other tax adjustment, abatement, relief, or increment shall be granted.
February 20, 1995 – Ordinance No. 2199
§215.3 Period of Exemptions and Credit Limitations. The actual value added to
industrial real estate for the reasons specified in '215.2 above is eligible to receive a partial
exemption from taxation for a period of five years. "Actual value added" means the actual value
added as of the first year for which the exemption is received, except that actual value added by
improvements to machinery and equipment means the actual value as determined by Assessor as of
January 1st of each year for which the exemption is received. The amount of actual value added
which is eligible to be exempt from taxation shall be as follows:
A. For the first year - 75%
B. For the second year - 60%
C. For the third year - 45%
D. For the fourth year - 30%
E. For the fifth year - 15%
§215.4 Procedure for Obtaining Exemption. An Application for Exemption shall
be filed by the owner of the property with the local Assessor by February 1st of the assessment year
in which the value added is first assessed for taxation, for each project resulting in actual value added
for which an exemption is claimed.
[February 21, 1984]
Application for Exemption shall be made on forms prescribed by the Director of Revenue of
the State of Iowa, supplying all information deemed necessary by said Director.
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§215.5 Effective date. This ordinance shall be in effect after its final passage,
approval, and publication as required by law.
[Originally added February 21, 1984, Ordinance 2033]