Property tax rollbacks updated

Today the Iowa Department of Revenue issued an Assessment Limitations Order, or “rollback,” on property values in Iowa. The order adjusts the property values used by local governments to compute property taxes. Under the order, the new taxable value for residential property, including farm dwellings, is 50.7518 percent of the assessed value, an increase from the 2010 level of 48.5299 percent. The taxable value for agricultural property, which is assessed at its productivity value, is 57.5411 percent of the assessed value, a decrease from the 2010 level of 69.0152 percent. No adjustments were ordered for the commercial, industrial, railroad and utility classes, because their assessed values did not increase enough to qualify for reductions. Additional information about the rollback can be found at http://www.state.ia.us/tax/locgov/propequalroll.html

Today the Iowa Department of Revenue issued an Assessment Limitations Order, or “rollback,” on property values in Iowa. The order adjusts the property values used by local governments to compute property taxes. Under the order, the new taxable value for residential property, including farm dwellings, is 50.7518 percent of the assessed value, an increase from the 2010 level of 48.5299 percent. The taxable value for agricultural property, which is assessed at its productivity value, is 57.5411 percent of the assessed value, a decrease from the 2010 level of 69.0152 percent. No adjustments were ordered for the commercial, industrial, railroad and utility classes, because their assessed values did not increase enough to qualify for reductions. Additional information about the rollback can be found at http://www.state.ia.us/tax/locgov/propequalroll.html