Polk County could decide this week whether to ask the Iowa Supreme Court to review a recent appellate court ruling that resulted in a $21 million cut in the property tax valuation of Wellmark Inc.’s headquarters building in downtown Des Moines.

A three-judge panel of the Iowa Court of Appeals last week upheld a Polk County District Court ruling that lowered the 2011 property tax assessment of Wellmark Inc.’s home office on Grand Avenue by $21 million and resulted in
a property tax refund of $997,938 in January 2014.

Assessors initially valued the property at $99 million, a figure that Wellmark appealed to the board of review, which upheld the assessment.

However, Polk County District Court Judge Lawrence McLellan, after considering comparable sales, cost, and income approaches, determined the valuation to be $78 million.

In upholding the lower valuation, the appeals court said the actual value of the property could not be readily established using the comparable sales approach. Polk County had appealed the district court ruling.

Assessors again valued the property at $99 million in 2013, and Wellmark has appealed. The 2015 assessment set the value for tax purposes at $101 million.

After the Polk County court ruling, Wellmark received a refund on its original property tax bill of nearly $4.7 million, Polk County Treasurer Mary Maloney said.

Polk County Assessor Randy Ripperger said it is likely that both parties will negotiate a new assessment.

“I don’t think either one of us wants to go back to court,” he said. Still, the county’s attorneys are expected to decide whether to pursue that option.