By Michael Schaffer - Managing editor
The Iowa Department of Revenue announced a rollback on property values. The announcement was made in a press release issued in October.
The rollback order, which adjusts the property values used by local governments to compute property taxes for agricultural, residential, commercial and industrial property, was approximately 2 percent lower than state law allows.
"State law allows no more than a 4 percent increase in taxable values for these property classes from year to year in order to cushion the impact of inflation," states the press release.
Residential property's taxable value is assessed at 52.8166 percent, an increase from the 2011 level of 50.7518 percent and it does include farm dwellings. Iowa's residential property assessed value is $137.5 billion with a taxable value of $72.6 billion.
Agricultural property's taxable value is assessed at 59.9334 percent, an increase from the 2011 level of 57.5411 percent. Iowa's agricultural property assessed value is $47.7 billion with a taxable value of $28.6 billion. Agricultural property is assessed at its productivity value.
Commercial, industrial, railroad and utility classes had no adjustments because their "assessed values did not increase enough to qualify for reductions."