The assessor’s office is busy gathering information for 2019 revaluations. The field appraiser is inspecting reported changes and reviewing properties all over the county. If the field appraiser stops at your property, a courtesy tag will be left in the door. If additional information is needed from a property owner, it will be marked on the tag. Also, so that you will know it is the assessor’s office at your property, photos of Assessor Office employees were added to this county’s website.
The yearly postcards asking for reports of improvements or deterioration of your real property should be turned in! Reporting changes is not only your responsibility (IA Code 441.19), but your reporting helps our office be more accurate and efficient. The effective date of assessments is January 1st of the current year. The assessor determines either a full or partial value for new construction and improvements depending upon their state of completion on January 1st. All assessments are based upon real, market value unless provided otherwise by law.
Gathering information of property changes and reviewing local sales is all in preparation for the 2019 Assessment Notices. These notices will be mailed no later than April 1st. On the notice will be your property’s classification, assessment and protest information if you disagree with the assessment as presented.
Whenever there is a title change to real estate ownership, the assessor’s office sends notification to new owners reminding them to ask about any credits or exemptions they might be eligible for. February 1st is a deadline for several of those credits and exemptions. If you haven’t checked in with the assessor’s office since becoming a new owner to a property, do so before February 1st in order to not miss out on possible property tax savings!
- Assessments (Assessed Values) are just the first step to the property tax process. After the assessments have been certified (June), the auditor can then begin applying credits and exemptions that have been timely filed to eligible parcels. Assessments will determine a property’s equitable portion of the total tax bill.
- The second step in the property tax formula is to determine what percentage of your assessment will be taxable (Taxable Values). This is determined by the Department of Revenue and is announced in the Fall.
- The third and final step in determining property taxes is to figure the levy (Tax Rate). This is when entities such as cities, county, schools, hospitals, etc. create their budgets (expenditures) for the coming year. This is done at the end of the calendar year. Net expenditures asked for by each taxing authority is divided by the taxable value to determine the tax rate.
As with all mathematical equations, the final step holds the most influence as to what the final answer will be. In this case, total property tax dollars asked for.
- Assessed Value x Taxable Value Percentage x Tax Rate/$1000 = Yearly Tax