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|What is Market Value?||Why Values Change||Tax Levies & Assessed Values||Exemptions & Credits|
Tax & Value Information
What is Market Value?
Market value of a property is an estimate of the price that if would sell for on the open market on January First of the year of assessment. This is sometimes referred to as the “arms length transaction” or “willing buyer/willing seller” concept.
How does the Assessor estimate Market Value?
To estimate the market value of your property, the Assessor generally uses three approaches.
Why Values Change
State law requires that all real property be reassessed every two years. The current law requires the reassessment to occur in odd numbered years. Changes in market value as indicated by research, sales ratio studies and analysis of local conditions as well as economic trends both in and outside the construction industry are used in determining your assessment. If you disagree with the assessor's estimate of value, please consider these two questions before proceeding.
If you have any questions about the assessment of your property, feel free to come in and discuss it with the Assessor.
You may file a written protest with the Board of Review which is composed of three or five members from various areas of the assessing jurisdiction. The Board operates independently of the Assessor’s office, and has the power to confirm or to adjust either upward or downward any assessment.
Protest Applications may be acquired from the Assessor’s Office and need to be returned back to the Assessor's Office for filing with the Board of Review. If you are not satisfied with the decision of the Board of Review you may appeal to district court within twenty days after adjournment of said Board, or twenty days after May 31st whichever is latest.
Tax Levies & Assessed Values
There are a number of different taxing districts in a jurisdiction, each with a different levy. Each year the County Auditor determines for that district a levy that will yield enough money to pay for schools, police and fire protection, road maintenance and other services budgeted for in that area. The tax levy is applied to each $1,000 of a property’s taxable value. The value determined by the Assessor is the assessed value and is the value indicated on the assessment roll. The taxable value is the value determined by the auditor after application of state-ordered “rollback” percentages for the various classes of property and is the value indicated of the tax statement. When comparing the value of your property with other properties always compare with the value on the assessment roll or the assessor’s property record cards and not the value indicated on the tax statement.
Exemptions & Credits
Iowa law provides for a number of exemptions and credits, including Homestead Credit and Military Exemption. It is the property owner’s responsibility to apply for these as provided by law. If the property you were occupying as a homestead is sold, or if you cease to use the property as a homestead you are required to report this to the assessor in whose jurisdiction the property is located.
Visit http://www.iowa-assessors.org to read more information on exemptions and credits.
Last Updated: 22 July, 2014 Any problems with this page should be reported to the webmaster.