Recently residential property owners in Adams County received postcards titled “2021 Notice of Equalization”. Many taxpayers have contacted the Assessor & Auditor’s offices in reference to these cards, believing them to be a part of the 2022 revaluation project we announced back in June.
Equalization orders are State mandated increases or decreases in value applied only on odd numbered years. These percentage increases are determined by comparing sales information to assessed values. Over the past few years, residential sales have consistently been higher than our assessed values. This year, the Iowa Department of Revenue notified our offices with a tentative notice of a 7% decrease on Agricultural property, a 14% increase on Residential property, and a 65% increase on Multi-Residential property. I, as the Adams County Assessor, appealed both the 14% Residential and 65% Multi-Residential value increases. Following this appeal, the Iowa Department of Revenue reduced the Residential increase to 11% and removed the Multi-Residential increase entirely.
Assessed values should reflect market value. If you believe the 11% increase to exceed the market value for your residential property, you are able to appeal said increase to the Board of Review by filing a Petition to Local Board of Review Equalization Session form by October 31st. Understand that an 11% increase to value does not mean an 11% increase on taxes, as other factors such as the state rollback percentage and levy rates also affect those calculations. Also remember that the current taxes being paid in the Fall of 2021 & Spring of 2022 are based on the January 1, 2020, assessed values. The equalization order affects the 2021 values which are used in the calculation of taxes for the Fall 2022 & Spring 2023.
As for the 2022 Revaluation Project, our data collectors finished their initial project in late September. Currently we have a team of 3 reviewers in the area following up on properties. When we complete our revaluation project this winter, it will include removing the 11% equalization order when we re-calculate values. During this process we are making a number of improvements to the valuation process, including updating our county to use the new Iowa Real Estate Appraisal Manual, new depreciation tables, land tables, etc. Assessment notices for 2022 will be sent out no later than April 1st, 2022. Please review these documents when you receive them to ensure your property is equitably valued. The revaluation project affects the 2022 values, which are used in the calculation of taxes for the Fall of 2023 & Spring of 2024.
Please feel free to contact the Adams County Assessors office with any questions regarding assessed values, equalization, or the revaluation project! You can also review your property value and information on our website. We currently have a Beacon website that just went live – https://beacon.schneidercorp.com/ as well as our Vanguard site – https://adams.iowaassessors.com/
Ben Mullen, Adams County Assessor