State issues assessment limitations
The Iowa Department of Revenue has issued assessment limitations on Iowa property values, according to a statement by the department Friday.
State law limits property tax increases to 4 percent on agricultural, residential, commercial and industrial property. Utility property is limited to 8 percent yearly growth while railroad property is adjusted by the lowest percentage applies to commercial, industrial and utility property.
According to Emmet County Assessor Jill Burgeson, residential property taxable value is 46.9094 of assessed value while taxable value for ag land is 66.2715 of assessed value which is based on productivity rate. Commercial property is taxed at full value.
Burgeson said with a drastic increase in ag land last year, a larger rollback will apply this year.
County auditors apply the adjustments to each property class to compute the taxable values used for property taxes. Tax liabilities based on 2009 taxable values and payable in fiscal year 2010-2011 will not be determined until counties set their revenue requirements early 2010.
No adjustments were ordered for commercial, industrial, railroad and utility classes because their assessed values did not increase enough to qualify for reductions.