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Depending on the classification of the property, the assessment is to represent the market value of the property unless otherwise provided by Iowa Code. Residential, agricultural dwellings, multi-residential, commercial, and industrial classed properties are to be assessed at market value. 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. Market value of a property is an estimate of the price that it would sell for on the open market on January 1st of the year of assessment. This is sometimes referred to as the ’arm’s length transaction’ or ’willing buyer/willing seller’ concept. Agricultural land and buildings are valued on productivity and net earning capacity.
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There are several more credits or exemptions that may be applied for at your local assessor’s office or through another office. Each type of exemption or credit has specific criteria and rules. Some are one time sign up and others must be applied for annually. Here are a couple of links that will guide you:
Iowa Department of Revenue Credit and Exemption Page
Business Property Tax Credit
(assessed value based on market value)
(rollback based on valuation changes throughout Iowa)
(levy based on budgets of school, county, city, assessor, etc)
The rollback is the same for all properties of that class throughout the state
The taxable value is the value that your taxes are based on
The levy rate is a combination of the tax asking’s of the school, county, city or township, community college, assessor, and other entities whose area your property is located.
What does my property tax pay for?
Visit our Board of Review page for information on appealing your assessment.