The goal of the Tama County Assessor's Office is to be fair and equitable to property owners. This is done by looking at sales of similar properties. They are analyzed as a whole, and also broken into smaller segments, such as by year built, style, area, and size to see if they are being assessed similarly. In Iowa there is to be a revaluation done every odd year, as is the case this year.
Assessments Notices will be mailed in late March. If you feel our assessment is not at market value, contact our office with some evidence of why the assessment should be changed, such as a recent appraisal, market analysis, or research you have done yourself. This is not an appeal on taxes, our office only deals with assessments and does not have anything to do with taxes. Our office can make changes until April 15. After the 15th, a petition needs to be filled out and a hearing with the Board of Review will be set. Oftentimes differences can be solved before the Board of Review process starts.
During a revaluation year, assessments will change even if you did not do anything to your house. The revaluation is to reflect the market and in general, our values were below market last year.
Iowa agricultural land and buildings are assessed according to a productivity formula and not at market value. Commodity yields, prices, and expenses from the 2007 through 2011 crop years are used in the productivity formula to arrive at the assessed value. Productivity numbers are affected by flood, drought, and local demand for commodities.
The average increase in Iowa is 44 percent. These increases per county will range from 24 to 54 percent. Tama County will see an estimated increase of 33 percent.
Agricultural land and buildings are tied together for assessment purposes. The productivity formula is for the total assessed value of both agricultural land and buildings in Tama County. Because the total value of assessed agricultural building in the county is being lowered, the total agricultural land value will go up by the same dollar amount. There is not any value lost, but it is shifted to the other component. This shift will result in agricultural land in Tama County increasing by approximately 33 percent.
Iowa assessment law limits the increase of a class to four percent statewide. This increase is controlled with what is called a rollback. The rollback represents a percentage of the assessed value that is taxable. The agricultural rollback for 2012 was 59.9 percent. The rollback currently has not been projected for 2013.The overall taxable value changes are estimated to be as follows: Agricultural Land, 33.3%; Farm Buildings, 21.6%; Total Agricultural, 32.9%.
The final assessments and rollbacks will be known in November 2013. The tax rates will not be known until the spring of 2014.
The following are 2013 Tama County Agricultural Valuations:
2011 Value per acre was $1,561. 2013 Value per acre is $2,082. Increase of $521/acre or 33 percent based on five-year productivity average. Five-year market average is $5,245/acre. Average increase throughout the state was 44 percent. Iowa code limits value increase throughout the state to four percent, so there should be very little change in taxable value in Tama County Agland.