Real property is revalued every two years. The effective date of the assessment is January first of each year. The Assessor determines a full or partial value for all new construction and improvements depending upon their state of completion as of that January first date.
 
GENERAL MISCONCEPTIONS ABOUT THE ASSESSOR'S DUTIES

The Assessor is concerned with value, not taxes. Taxing jurisdictions such as schools, cities and county, adopt budgets after public hearings. This determines the tax levy, which is the rate of taxation required to raise the money budgeted.

The taxes you pay are proportional to the value of your property compared to the total value of property in your taxing district.   

Assessors are required by law to pass a state examination and complete a continuing education program consisting of 150 hours of formal classroom instruction with 90 hours tested and a passing grade of 70% attained. The latter requirement must be met in order for the Assessor to be reappointed to the position every six years.

The Conference Board approves the Assessor's budget and after a public hearing acts on adoption of the same. The Assessor is limited, by statute, depending upon the value of the jurisdiction, to a levy limitation for the budget.  

Market Approach

Cost Approach

Income Approach

Agricultural real property is assessed at 100% of productivity and net earning capacity value. The Assessor considers the productivity and net earning capacity of the property. Agricultural income as reflected by production, prices, expenses, and various local conditions is taken into account.

Why Values Change

1. What is the actual market value of my property?
2. How does the value compare to similar properties in the neighborhood?

A written protest may be filed with the Board of Review which is composed of either three members or five members from various areas of the county who are familiar with local market conditions and trends. The Board operates independently of the Assessor's office and has the power to confirm or to adjust upward or downward any assessment. An individual may petition to district court if they are not satisfied with the Board of Review's decision.

Important Dates

January 1

April 2nd thru April 30th

May 1st thru Adjournment

July 1st

January to November 1st

October 16th thru October 25th

Iowa law provides for a number of credits and exemptions. It is the property owner's responsibility to apply for these as provided by law. It is also the property owner's responsibility to report to the Assessor when they are no longer eligible for any credit or exemption they have applied for. Following is a list of several credits and exemptions available in Iowa.

Homestead Tax Credit

To qualify for the credit, the property owner must be a resident of Iowa and occupy the property on July 1 and for at least six months of every year. A dwelling located on land owned by a Community Land Trust as defined in 42 U.S.C., Section 12773. New applications for homestead tax credit are to be filed with the Assessor on or before July 1 of the year the credit is first claimed. Once a person qualifies, the credit continues until the property is sold or until the owner no longer qualifies. This credit is equal to the tax on the first $4,850 of actual value for each homestead. (Refer Iowa Code, Chapter 425)

Military Service Tax Exemption

Iowa residents who meet one of the following service requirements are eligible for the exemption:

1. Honorably discharged veteran who served for a minimum aggregate of eighteen months.
2. Honorably discharged veteran who served fewer than eighteen months because of a service related injury.
3. Honorably discharged former member of Reserve Forces or Iowa National Guard who served at least 20 years.
4. Member of Reserve Forces or Iowa National Guard who have served at least 20 years and continue to serve.
5. Honorably discharged former member of the Armed Forces if any portion of their term of enlistment would have occurred within the Korean Conflict but who opted to serve 5 years in the reserve forces as allowed by Federal law.
6. Honorably discharged veteran who served in an eligible service period (Iowa Code Chapter 35)

Application must be made with the Assessor on or before July 1 of the year the exemption is first claimed. The exemption from taxation is $2,778 for WWI veterans and $1,852 for all other service periods. If the qualified veteran does not claim the exemption the spouse, unmarried widow(er), minor child or widowed parent may be eligible to claim the exemption. (Refer to Iowa Code Chapter 426A)

Family Farm Credit (This form must be filled out and signed in the Assessors Office)

This is a tax credit on agricultural tracts of land 10 acres or more that are farmed by the owner or designated family members (this includes spouse, parent, grandparent, great grandparent, child, grandchild, great grandchild, stepchild, brother, sister uncle, aunt, niece, nephew.) Applications are filed in the Assessor's Office.

Family Farm One-Time Filing

If a claim for the family farm credit is filed by November 1, and approved, further filing is not required provided the claimant owns the property on July 1 of subsequent years and the designated person actively engaged in farming the property remains the same. A claim filed after November 1 shall be considered as a claim filed for the following year.

If the ownership changes, the new owner must re-file for the credit and if the "designated person" changes, the owner must re-file for the credit.
The owner must notify the Assessor in writing of a change in the "designated person". Failure to do so will result in a penalty.
Contact the Assessor's office for more information on the complexities of this law. (Refer to Iowa Code Chapter 425A)

Other Credits and Exemptions