Tax Example

Things to Remember

  • Assessed/Appraised value and taxable value are not synonymous terms.
  • Property is assessed/appraised as of January 1.
  • Property reassessed/equalized every odd numbered year.
  • Agricultural land and agricultural buildings are valued in odd numbered years based on the formula described in the Code of Iowa capitalizing a 5 year average of the landlord share of income and expenses. The agricultural dwelling is assessed/appraised at market value.
  • Taxes are levied on a taxable value determined by the auditor by applying a "roll back" percentage to the assessed/appraised value and deducting any applicable exemptions or credits. The "roll back" percentages vary each year and are established by the Department of Revenue.

Residential Example:

  • 2016 Assessed Value (Residential classification) $200,000
  • 2016 Roll Back Factor x 56.9391%
  • Roll Back Value (Taxable Value) $113,878
  • Tax Rate** = $40.65482 per $1,000
  • Gross Taxes (Rounded)= $4,630
  • Less Homestead Credit $197 ($4,850 x tax rate)*
  • Annual Property Tax (Taxes are rounded to nearest even whole dollar) $4,432
  • Taxes will be due and payable September of 2017 and March of 2018
* Homestead Credit is subject to adjustment based upon replacement funding from the State of Iowa.
** Levy rate varies by taxing district.