HomeMy WebLinkAbout1984-02-21-Ordinance 2033_Industrial Property Tax CreditORDINANCE No.2033
AN ORDINANCE AUTHORIZING INDUSTRIAL PROPERTY TAX CREDITS
FOR QUALIFIED NEW INDUSTRIAL CONSTRUCTION.
BE IT ORDAINED by the Council of the City of Waukee:
Section 1.THERE SHALL BE ADDED TO THE WAUKEE
MUNICIPAL CODE,CHAPTER 215 AS FOLLOWS:
Section 2.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,
Cod of Iowa,as amended.
Section 3.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 in-
dustrial real estate and the acquisition of or improvement
to machinery and equipment as assessed as real estate pur-
suant to Iowa Code Section 427A.l(1)(e),Code of Iowa,as
amended,wi thin the limi ts of the City of Waukee,Iowa.
This provision shall be subject to the definitions and re-
quirements set forth in House File 650,Acts of the 68th
General Assembly,1979 Regular Session of the State of
Iowa.
Section 4.Period of Exemptions and Credit Limi ta-
t i ons ,The actual value added to industrial real estate
for the reasons specified in Section 3 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 improve-
ments to machinery and equipment means the actual value as
determined by the 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%
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Section 5.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.
Application for Exemption shall be made on forms prescrib-
ed by the Director of Revenue of the State of Iowa,
supplying all information deemed necessary by said
Director.
Section 6.Effective date.This ordinance shall
be in effect after its final passage,approval,and publi-
cation as required by law.
Passed by the Council the 21st day of February,1984,and
approved this 21st day of February,1984..,--:t!:;::;;.----.r-
Gordon Christianson
MAY 0 R
Attest: