Iowa Code 437A.17A – Centrally assessed property tax adjustment
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Terms Used In Iowa Code 437A.17A
- Centrally assessed property tax: means property tax imposed with respect to the value of property determined by the director pursuant to Iowa Code 437A.3
- Delivery: means the physical transfer of electricity or natural gas to a consumer. See Iowa Code 437A.3
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Municipal utility: means all or part of an electric light and power plant system or a natural gas system, either of which is owned by a city, including all land, easements, rights-of-way, fixtures, equipment, accessories, improvements, appurtenances, and other property necessary or useful for the operation of the municipal utility. See Iowa Code 437A.3
- natural gas service: means such service provided by natural gas pipelines permitted pursuant to chapter 479. See Iowa Code 437A.3
- property: includes personal and real property. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
A municipal utility whose property tax assessment for the 1998 assessment year was adjusted by the department of revenue to include depreciation and whose property tax assessment for the 1997 assessment year did not include depreciation in determining its assessment shall be entitled to file a property tax adjustment form provided by the department. The tax adjustment form shall be filed by July 1, 1999. The tax adjustment form shall include an adjusted centrally assessed property tax computation determined by multiplying the centrally assessed property tax which was payable in the fiscal year beginning July 1, 1998, based upon valuation determined for the 1997 assessment year allocated to electric service and natural gas service by the percentage of adjustment for depreciation made by the department for the 1998 assessment year. The adjusted centrally assessed property tax allocated to electric service and natural gas service shall be used to determine the replacement delivery tax rates in accordance with sections 437A.4 and 437A.5.