With the recent mailing of assessment notices, you have undoubtedly seen plenty of commentary in your communities in the traditional manner as well as social media. Legislators have taken notice and discussions about property tax relief have grown louder.
Fortunately, legislators and the public do have a better understanding now than in the past of assessments reflecting market value, and largely recognize that many factors have led to sharp increases in those market valuations in many jurisdictions. Unfortunately, many still think ahead to the property tax bill without considering the many steps along the way.
For example, the growth limitation on residential property will drive the rollback percentage lower and the taxable valuation will not increase at the same percentage as what a homeowner may have seen on the assessed value. And ultimately, it is the levy rates set by the local taxing jurisdictions that determine a property’s tax liability.
There are options available for reviewing and/or protesting property assessments.
Please see our post about Most Property Assessment Values to Rise in 2023 as Part of Nationwide Trend. On that post you will find the following: Local Board Of Review Petition. Property Tax Assessment Info. Taylor County Rollback Information.
You could also reach out to the Assessors’ Office. Use the download button above for some valuable information from The State on how Assessments Work and keep scrolling down the page to get an Example from Polk County Iowa showing some frequently asked questions that apply to Taylor County residents as well.