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Assessment notices now sent to all with valuation change

March 30, 2019
By Wesley Ray - Tama County Assessor , Toledo Chronicle, Tama News-Herald

The Tama County Assessor's office reported that valuation notices will be mailed on March 28. By law, the Assessor's office is required to notify the owners of all properties, which had a valuation change, by April 1.

Assessments are effective as of January 1st of each year. The current notices are being sent out for the year beginning January 1, 2019. According to the Iowa Code, property owners are to notify the Assessor's office of any changes made (i.e. new buildings, buildings removed, remodeling to interior and/or exterior, additions, new furnaces or central air, decks, porches, patios, and more.)

There are five classes of property in Iowa: Agricultural, Residential, Commercial, Industrial and Multi-Residential. Of these five classes, some properties are taxable while others are tax exempt due to their ownership (i.e.: churches, schools, government buildings, etc.). Except for Agricultural, which is assessed based on a formula of productivity, all other classes are assessed based on market values.

Article Photos

Wesley Ray
Tama Co. Assessor

Required Every Two Years

Every two years (odd years), properties are to be revalued as per the Iowa Code. Properties which have had changes are revalued every year. 2019 is considered a revaluation year and all five classes of properties were reviewed.

Agricultural properties saw a decrease in value, while Commercial and Residential properties saw an increase, and there were no increases or decreases by class for Industrial or Multi-Residential. Valuations are subject to a review by the Iowa Department of Revenue and an equalization order can be issued by the state at a later date.

Why are

properties revalued?

The Iowa Code requires that assessed values be reviewed every two years and, with the exception of Agricultural properties, these are to be at 100 percent of the market and within a range of 95percent to 105percent. Some properties may see a greater percentage than the average change, while others may be lower. Locational factors also have an effect on the market. Properties with a significant amount of improvements added or removed will have a higher percentage of change.

Owners should review their assessment rolls upon receipt. It is also recommended that property owners review their property records annually and report any changes. Can I protest my assessed valuation? Yes, but protests must be confined to one or more of the grounds specified in Chapter 441.37, Code of Iowa and must be timely filed during the time prescribed by Iowa law. Taxpayers may inquire about their assessment, and may also request an informal review of the assessment under one or more grounds for protest from April 2-25. Taxpayers can also file a protest with the Board of Review from April 2-30. The Tama County Board of Review is an independent board made up of five individuals with experience in real estate, construction, business and/or farming. The Regular Session of the Board of Review meets annually from May 1st until their adjournment. Once the Board of Review has adjourned for the year, the period for protests is over until the following year. If an equalization order is issued, the Board of Review may reconvene for a Special Session.

If my assessment increased, will my taxes increase at the same rate? No, as the State of Iowa will apply rollbacks to the assessed values. The state is limited to a legally mandated percentage of growth. Therefore, the taxable value will be lower than the assessed value after rollbacks are applied. Rollbacks and levy rates vary each year, so the actual amount of taxes also varies depending upon these factors. There are some myths: The Assessor's office does not estimate nor does it collect taxes. Also, the Assessor's office does not raise values because the county needs money. Assessed values are based on either market or in the case of ag, productivity. Assessed valuations are not based on your income or your ability to pay.

If you have any questions, please contact our office by phone or e-mail. Properties records are available online at tama.iowaassessors.com, but you can also stop by our office to review your property information. NOTE: The 2019 assessed valuations are not available online yet.

 
 
 

 

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