For the 2022 values, we know that approximately 55% of the assessed value will be taxable. Residential: Because the entire state has seen increases in the residential market, the amount of your value which can be taxed should decrease to offset much of the increase. There are a couple of things we can predict: Due to all of these unknows, neither the Assessor, the Treasurer, nor the Auditor can accurately predict an individual’s future tax bill on the 2023 assessments.Ĭan you just give me a rough idea of what we can expect when we pay taxes on these assessments in 2024/2025? Additionally, legislative changes can also affect the taxes payable in the fall of 2024/spring of 2025. your schools, cities, county, hospital, etc.) will not set their tax levies using these assessments until next year. In the fall of this year, the Iowa Department of Revenue will determine what percentage of the assessed value is taxable. Fortunately, the total taxable value for each classification, such as residential, ag or commercial, can only increase 3% statewide. As indicated by the market, in Iowa, 30% assessment increases since the last re-valuation year (2021) are not uncommon. The entire state and most of the United States have seen dramatic increases in the real estate market over the last two years. My house went up 30%, will my taxes go up 30%? We are not predicting the future, only responding to the prices that buyers paid to sellers. If the market becomes deflated, assessed values would decrease accordingly the following odd-numbered year. As the market inflates, assessed values increase. Those sales make up the market and dictate 2023 assessed values.
Buyers and sellers agreed upon fair prices for properties in Van Buren County throughout the year, and those sales were then recorded. The assessor must value according to the sales from the prior year, so 2023 assessments are based on 2022 sales. Every odd-numbered year, assessments must change to reflect each jurisdiction’s market transactions between buyer/sellers. Since 1975, by Iowa Code, assessed values of residential, commercial and industrial properties are to be at market value. FAQ’s Regarding 2023 Assessed Valuation Changes:
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