Iowa Admin. Code r. 441-62.3 - [Effective 8/1/2025] Multipurpose building
(1) A multipurpose
building is a building that is used for other purposes in addition to being
used for living accommodations. If a portion of a homestead property is
utilized for business purposes, the property is considered to be a multipurpose
building.
(2) The portion of the
property tax due or rent constituting property tax paid attributable to the
homestead only is to be used in determining the allowable credit or
reimbursement. This portion is to be calculated by determining the percentage
of the homestead square footage to the square footage of the entire
multipurpose structure. This percentage is then to be applied to the property
tax due in the current fiscal year or rent constituting property tax paid for
the base year.
This rule is intended to implement Iowa Code section 425.17(8).
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
(1) A multipurpose building is a building which is used for other purposes in addition to being used for living accommodations. If a portion of a homestead property is utilized for business purposes, the property is considered to be a multipurpose building.
(2) The portion of the property tax due or rent constituting property tax paid attributable to the homestead only is to be used in determining the allowable credit or reimbursement. This portion is to be calculated by determining the percentage of the homestead square footage to the square footage of the entire multipurpose structure. This percentage is then to be applied to the property tax due in the current fiscal year or rent constituting property tax paid for the base year.
This rule is intended to implement Iowa Code section 425.17(8).