A bill for an act relating to the assessment of certain development property, and including effective date and retroactive applicability provisions.

SF 598 modifies Iowa property tax rules for land developed after January 1, 2020. It keeps such property taxed at its pre-development rate during construction or development activities (e.g., clearing land, installing utilities, or zoning changes) until a permanent structure is built or the property is sold. Property owners can opt out of this rule by notifying the assessor by March 1 each year, reverting to standard tax assessment. The law applies retroactively to tax assessments starting January 1, 2025, and does not affect taxes paid before that date.