2023 property assessment increases

   Jones County property owners will be receiving their 2023 assessment notices in the mail soon. In our county, and across the entire state, owners will be seeing large jumps in their property values.

Agricultural Buildings and Land:

   Assessed value is determined by a statewide productivity formula, not market value. The Iowa Department of Revenue sets the productivity per acre calculation and agricultural building factor for each county in Iowa.

Residential and Commercial Properties:

   Assessments reflect what recent sales data in your area has indicated is the most likely sale price for your property. Iowa Code mandates that assessors value property at market value every odd-numbered year. The market value is determined by what buyers are paying for residential or commercial property within our county. These 2023 assessment increases are a result of the market increases since Jan. 1, 2021.

   The Iowa Department of Revenue compares the ratio of assessed value versus sale price on normal sales throughout the year and then determines a median sales ratio for each county or city. Our median sales ratio is required to fall between 95 to 105 percent or adjustments must be made to property values. If county and city assessors do not adjust values as required by state law, the Iowa Department of Revenue would then equalize and make the necessary adjustments in the fall.

   The process of determining the taxes based off the assessment is an 18-month process working through multiple county offices, the Iowa Department of Revenue, and your local taxing bodies. Assessed value and the assessment limitation are two of the three factors used to determine what you pay in property taxes. The third factor is the levy rate set by your local taxing bodies (cities, county, school districts, townships, etc.) These 2023 assessments will be for taxes payable in the fall of 2024 and spring of 2025.

   It is a common misconception that the assessor calculates, determines, or collects taxes. The assessor solely focuses on property value. The assessed value is only one piece of calculating property taxes. The taxable value is calculated after the assessment limitation (rollback rate) is applied. As assessed values go up across the state, the assessment limitation will drop to limit the taxable value increases statewide. Therefore, an increase in assessed value will not equate to the same percentage of increase in property taxes payable.

   In summary, your new assessment means that research on recent sales has shown that you can likely sell your property for much more than you could at the beginning of 2021. Property taxes, payable in the fall of 2024 and spring of 2025, will certainly not increase at the same rate as assessments have for 2023. While understandably a concern for property owners, taxes are simply not part of the discussion when an assessor sets your value.

   We encourage you to use our website to research recent sale prices in your area using the comparable sales search at www.beacon.schneidercorp.com. Our office can be reached at 319-462-2671 or assessor@jonescountyiowa.gov. This is a complicated process, and we are here to answer any questions you may have regarding your new 2023 assessment.