The Iowa Department of Revenue (IDR) has developed a new form to capture information from the sale or transfer of real estate. Beginning January 17, 2012 a new Declaration of Value (DOV) form will be available on IDR's web site at www.iowa.gov/tax/forms/propdov.html. This form is used by realtors, taxpayers, attorneys, and local government officials to record information required by IDR. IDR is encouraging the use of the updated DOV form now, but beginning April 1, 2012, County Recorders will require all real estate transactions to include the new form.
The new DOV form is the beginning of a strategy to streamline the DOV information and process. The new process will create efficiencies for both state and local governments. By ultimately moving to digital form and image transmittal, the costs associated with paper document handling and storage will be significantly reduced.
The new form was developed in cooperation with County Assessors and Recorders, as well as IDR's Property Tax Division staff. Julie Roisen, IDR's Property Tax Division Administrator, says, "Streamlining the receipt of the DOV and working collaboratively with county staff will significantly enhance workflow for both the Department and the counties, as well as bringing true cost savings."
All other aspects of recording real estate transactions will remain the same for Iowa taxpayers, realtors and others; the only change they will see are the revisions to the actual DOV form.
For more information contact Victoria L. Daniels, Public Information Officer, Iowa Department of Revenue, (515) 281-8450, Victoria.Daniels@iowa.gov.