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ASSESSED VALUE EXPLAINED AND APPEAL DATES EXTENDED
Recently, the Mitchell County Assessor’s office mailed assessment notices to property owners who had changes to their 2020 assessed valuations. Vanguard Appraisals, Inc. was contracted to reappraise all residential and ag dwelling property in Mitchell County for the 2020 assessment year. There has not been a residential reappraisal in Mitchell County since 1990.
Assessors statewide use what is commonly referred to as “Mass Appraisal Techniques” to value property. It differs from the appraisal techniques utilized by fee appraisers, who are concerned with the valuation of one specific property only. A CAMA system (Computer Aided Mass Appraisal) is used to develop an appraisal model to replicate the fair market value of properties by using local sales data, cost data, sales ratio studies and economic trends. This model can then be used with confidence to apply value to all properties within the county and ensure compliance with state assessment requirements.
The goal is to achieve fair and equitable values countywide and, with the CAMA system, approximate what a property would sell for. This is not to be confused with the TAXABLE valuation of a property, from which property taxes are computed. The State of Iowa calculates the percentage of assessed value that is taxable each year. This is called the “rollback” and is applied to each class of property uniformly statewide. For example, the rollback on residential property for the 2018 assessment year was 56.9180. In other words, roughly 57% of the assessed value was taxable. Again, this changes each year.
On another note, due to the COVID-19 outbreak, the Director of the Iowa Department of Revenue has issued an extension of the Board of Review period. Property owners now have until June 5th, 2020 to file a petition with the local Board of Review. The appeal forms can be found online at https://tax.iowa.gov/iowa-property-tax-board-review. Select the Disaster Counties Petition. A form can also be mailed upon request. Please call 641-832-3945 with questions regarding your assessment.