Title X, FINANCIAL RESOURCES (Ch. 421 - 454)

The following estates and property and any interest in or income from any of the following estates and property, which pass from the decedent owner in any manner described in this chapter , are subject to tax as provided in this chapter : 1. Real estate and tangible personal prop…

The department of revenue shall keep a separate record of any deferred estate upon which the tax due is not paid on or before the last day of the ninth month after the death of the decedent, showing substantially the same facts as are required in other cases, and also showing: 1.…

If, upon the death of any person leaving an estate that may be liable to a tax under this chapter , a will disposing of the estate is not offered for probate, or an application for administration made within four months from the time of the decease, the director of revenue may, a…

1. When the heirs or persons entitled to inherit the property of an estate subject to tax under this chapter desire to avoid the appointment of a personal representative as provided in section 450.21 , and in all instances where real estate is involved and there are no regular pr…

In each county, the chief judge of the judicial district for that county shall, on or before January 15 of the year an appointment is required, appoint three competent residents and freeholders of the county to act as appraisers of the real property within its jurisdiction which …

When an appraisal of real estate is requested by the department of revenue, as provided in section 450.37 , or is otherwise required by this chapter , the clerk shall issue a commission to the appraisers, who shall fix a time and place for appraisement, except that if the only in…

It shall be the duty of all appraisers appointed under the provisions of this chapter , upon receiving a commission as herein provided, to give notice to the director of revenue, the attorney of record of the estate, if any, and other persons known to be interested in the propert…

Upon service of such notice and the making of such appraisement, the notice and appraisement shall be filed with the clerk, and a copy of the appraisement shall at once be filed by the clerk with the director of revenue. The clerk shall send a notice, by ordinary mail, to the att…

The tax imposed under this chapter shall be collected upon the net market value, and shall go into the general fund of the state, to be determined as provided in this chapter , of any property passing as follows: 1. By will or under the statutes of inheritance of this or any othe…

If real property is located in more than one county, the appraisers of the county in which the estate is being administered may appraise all real estate, or those of the several counties may serve for the real property within their respective counties or other appraisers be appoi…

The director of revenue or any person interested in the estate or property appraised may, within sixty days after filing of the appraisement with the clerk, file objections to said appraisement and give notice thereof as in beginning civil actions, to the director of revenue or t…

If upon the hearing the court finds the amount at which the real property is appraised is the property’s value on the market in the ordinary course of trade and the appraisement was fairly and in good faith made, the court shall approve the appraisement. If the court finds that t…

The director of revenue or anyone interested in the property appraised may appeal to the supreme court from the order of the district court fixing the value of the property of said estate. Notice of appeal shall be served within sixty days from the date of the order appealed from…

In case of appeal the appellant, if not the director of revenue, shall give bond to be approved by the clerk of the court, which bond shall provide that the said appellant and sureties shall pay the tax for which the property may be liable with cost of appeal. [S13, §1481-a7; C24…

If there is an estate or real property subject to tax and the records in the clerk’s office do not disclose that there may be a tax due under this chapter , the persons interested in the real property shall report the matter to the department of revenue with a request that the re…

1. Unless the value has been determined under chapter 450B , the tax shall be computed based upon one of the following: a. The fair market value of the property in the ordinary course of trade determined under subsection 2 . b. The alternate value of the property, if the personal…

The tax imposed by this chapter shall not be collected: 1. When the entire estate of the decedent does not exceed the sum of twenty-five thousand dollars after deducting the liabilities, as defined in this chapter . 2. When the property passes for a charitable, educational, or re…

When a person whose estate over and above the amount of that person’s liabilities, as defined in this chapter , exceeds the sum of twenty-five thousand dollars, bequeaths, devises, or otherwise transfers real property to or for the use of persons exempt from the tax imposed by th…

If an estate or interest for life or term of years in real property is given to a party other than those exempt by this chapter , the property shall be valued as provided in section 450.37 as is provided in ordinary cases, and the party entitled to the estate or interest shall, o…

Upon the determination of a prior estate or interest, when the remainder or deferred estate or interest or a part of it is subject to tax and the tax upon the remainder or deferred interest has not been paid, the persons entitled to the remainder or deferred interest shall immedi…

If an estate or interest for life or term of years in personal property is given to one or more persons other than those exempt by this chapter and the remainder or deferred estate to others, the property devised or conveyed shall be valued under section 450.37 as provided in ord…

1. Except as provided in subsection 2 , when in case of deferred estates or remainder interests in personal property or in the proceeds of any real estate that may be sold during the time of a life, term, or prior estate, the persons interested who may desire to defer the payment…

All bonds required by this chapter shall be payable to the department of revenue and shall be conditioned upon the payment of the tax, interest, and costs for which the estate may be liable, and for the faithful performance of all the duties hereby imposed upon and required of th…

Any person becoming beneficially entitled to any property or interest in property by any method of transfer as specified in this chapter , and all personal representatives and referees of estates or transfers taxable under this chapter , are respectively liable for all taxes to b…

It shall be unlawful for any person to remove from this state any property, or the proceeds thereof, that may be subject to the tax imposed by this chapter , without paying the said tax to the department of revenue. Any person violating the provisions of this section shall be gui…

The value of any annuity, deferred estate, or interest, or any estate for life or term of years, subject to inheritance tax shall be determined for the purpose of computing the tax by the use of current, commonly used tables of mortality and actuarial principles pursuant to regul…

Whenever it is desired to remove the lien of the inheritance tax on remainders, reversions, or deferred estates, parties owning the beneficial interest may pay at any time the said tax on the present worth of such interests determined according to the rules herein fixed. [S13, §1…

1. a. All personal representatives, except guardians and conservators, and other persons charged with the management or settlement of any estate or trust from which a tax is due under this chapter , shall file an inheritance tax return, within the time limits set by section 450.6…

Personal representatives or the director of revenue may sell as much of the property of the decedent as will enable them to pay the tax, in the same manner as provided by law for the sale of that property for the payment of debts of testators or intestates. [S13, §1481-a17; C24, …

The provisions of sections 422.26 and 422.30 , pertaining to jeopardy assessments and distress warrants, apply to the unpaid tax, penalty, and interest imposed under this chapter . In addition the director of revenue may bring, or cause to be brought in the director’s name of off…

Every personal representative or referee having in charge or trust any property of an estate subject to tax which is made payable by the personal representative or referee, shall deduct the tax from the property or shall collect the tax from the legatee or person entitled to the …

1. Except as provided in subsection 2 , the final settlement of the account of a personal representative shall not be accepted or allowed unless it shows, and the court finds, that all taxes imposed by this chapter upon any property or interest in property that are made payable b…

Judicial review of a decision of the director may be sought under the Iowa administrative procedure Act, chapter 17A , except that the petition may be filed in the district court in the county in which some part of the property is situated, if the decedent was not a resident, or …

The tax imposed by this chapter accrues at the death of the decedent owner, and shall be paid to the department of revenue on or before the last day of the ninth month after the death of the decedent owner except if otherwise provided in this chapter . If in the opinion of the di…

The director of revenue shall, with all the rights and privileges of a party in interest, represent the state in any such proceedings. [S13, §1481-a20; C24, 27, 31, 35, 39, § 7365; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §450.60 ] 2003 Acts, ch 145, §286

If a decedent appoints one or more personal representatives and, in lieu of their allowance or commission, makes a bequest or devise of property to them which would otherwise be liable to tax, or appoints them residuary legatees, and the bequests, devises, or residuary legacies e…

If legacies subject to tax are charged upon or payable out of real estate, the heir or devisee, before paying the tax, shall deduct the tax from it and pay it to the personal representative or department of revenue, and the tax shall remain a charge against and be a lien upon the…

All taxes not paid within the time prescribed in this chapter are subject to a penalty as provided in section 421.27 and shall draw interest at the rate in effect under section 421.7 until paid. [S13, §1481-a23; C24, 27, 31, 35, 39, § 7368; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77…

Upon payment of the tax in full the department of revenue shall forthwith transmit a receipt to the person designated by the taxpayer signing the return showing payment of the tax. If the tax is not paid in full, a taxpayer whose tax liability is paid in full may request a receip…

It shall be the duty of the director of revenue to enforce the collection of the delinquent inheritance tax, and the provisions of law with reference thereto. [C24, 27, 31, 35, 39, § 7370; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §450.65 ] 2003 Acts, ch 145, §286

The director of revenue may issue a citation to any person who the director may believe or has reason to believe has any knowledge or information concerning any property which the director believes or has reason to believe has been transferred by any person and as to which there …

The director of revenue may also inspect and examine the books, records, and accounts of any person, firm, or corporation, including the stock transfer books of any corporation, for the purpose of acquiring any information deemed necessary or desirable by the director for the pro…

1. a. Any and all information acquired by the department of revenue under and by virtue of the means and methods provided for by sections 450.66 and 450.67 shall be deemed and held as confidential and shall not be disclosed by the department except so far as the same may be neces…

Refusal of any person to attend before the director of revenue in obedience to any such citation, or to testify, or produce any books, accounts, records, or documents in the person’s possession or under the person’s control and submit the same to inspection of the department of r…

1. The tax imposed by this chapter is a charge against and a lien upon the estate subject to tax under this chapter , and all property of the estate or owned by the decedent from the death of the decedent until paid, subject to the following limitations: a. The share of the estat…

Witnesses so cited before the director of revenue, and any sheriff or other officer serving such citation shall receive the same fees as are allowed in civil actions; to be audited by the department of revenue and paid upon the certificate of the director of revenue out of funds …