Find out what market value is, how the Page County Assessor estimates market value, why values change; included here are dates to remember regarding assessments.


  Page County, Iowa Assessor - Market Value, Tax Levies and
                                                                    Assessed Values

Market Value
Residential, commercial and industrial real property are assessed at 100% market value. Market value of a property is an estimate of the price that it would sell for on the open market on the first day of January of the year of assessment. This is often referred to as the “arms length transaction” or “willing buyer/willing seller” concept. The Assessor must determine the fair market value of real property. To do this, the Assessor generally uses three approaches to value.

Market Approach
The first approach is to find properties that are comparable to the subject property and that have recently sold. Local conditions peculiar to the subject property are then considered. In order to adjust for local conditions, the Assessor also uses sales ratio studies to determine the general level of assessment in a community. This method is generally referred to as the MARKET APPROACH and is usually considered the most important in determining the value of residential property.

Cost Approach
The second approach to value is the COST APPROACH, which is an estimate of how many dollars at current labor and material prices it would take to replace a property with one similar to it. In the event the improvement is not new, appropriate amounts of depreciation and obsolescence are deducted from replacement value. Value of the land is added to arrive at an estimate of total property value.

Income Approach
The INCOME APPROACH is the third method used. If the property is an income producing property, it could be valued according to its ability to produce income under prudent management; in other words, what another investor would give for a property in order to gain its income. The income approach is the most complex of the three approaches because of the research, information and analysis necessary for an accurate of value.

Agricultural property is assessed at 100% of productivity and net earning capacity. Iowa law requires using a five year average of income and expense data from Iowa State University, the Iowa Crop and Livestock Reporting Service, the Department of Revenue, or other reliable sources. In order to determine the value of individual parcels, the assessor will consider the results of a modern soil survey. Agricultural values are calculated on a county by county basis.

Why Values Change, Notification and Appeal
Iowa law requires that all real property be reassessed every two years. The current law requires the reassessment to occur in odd numbered years. Changes in market value as indicated by research, sales ratio studies and analysis of local conditions as well as economic trends both in and outside the construction industry are used in determining property assessments.

The assessor does not create value. People create value by their transactions in the market place. The assessor has the legal responsibility to study those transactions and appraise property accordingly.

If you disagree with the Assessor’s estimate of value, please consider these two questions:

1. What is the actual market value of my property?

2. How does the value compare to similar properties in the neighborhood?

If you have any questions about the assessment of your property, please contact the assessor’s office.

A written protest may be filed with the Page County Board of Review. The Board operates independently of the Assessor’s office and has the power to confirm or to adjust upward or downward any assessment. An individual may petition the Iowa Property Assessment Appeal Board or the district court if they are not satisfied with the Board of Review’s decision.

Tax Levies and Assessed Values
There are a number of different taxing districts in a jurisdiction, each with a different levy. Each year the County Auditor determines for each district a levy that will yield enough money to pay for schools, police and fire protection, road maintenance and other services budgeted for in the area. The tax levy is applied to each $1,000 of a property's taxable value.

The value determined by the assessor is the assessed value and is the value indicated on the assessment roll.

The taxable value is the value determined by the auditor after application of state ordered "rollback" percentages for the various classes of property and is the value indicated on the tax statement.

When comparing the value of your property with other properties always compare with the value on the assessment roll or the assessor's property record cards and not the value indicated on the tax statement.

General Information About Property Taxation
On values determined as of January First, one does not start to pay taxes until eighteen months later.

The "roll back" is the percentage of actual value that is determined by the Director of Revenue each year on the several classes of property where the total value increase STATEWIDE, exceeds four percent for each class of property. The percentage so determined by the Director of Revenue is certified to and applied by the local county auditor to all property in each class affected throughout the State. Percentages determined by the Director of Revenue are the same for all the assessing jurisdictions in the State.

Increases in assessed value of individual parcels of property as determined by the Assessor, may exceed four percent within a jurisdiction.

Tentative and final equalization orders are issued by the Director of Revenue in odd numbered years on or about August 15th, and October 1st respectively. The orders are sent to the various county auditors who apply them to the classes of property affected, if any.



*If you desire further information, questions concerning PROPERTY VALUES or other information relating to values should be addressed to the Assessor's office in the respective jurisdiction and not the Board of Supervisors or Treasurer.
 
             

Glenn Miller House in Spring

Commemorative Picture inside the Page County Courthouse

Commemorative block set in the Page County Courthouse

Symbol of Iowa found inside Page County Courthouse