Account Creation - Manage profile settings
random image
service-image

Back To: Hardin County | Your Government | Assessor | Property Values

Property Values

The value of a property determined by the assessor is the assessed value and is the value indicated on the assessment roll. The taxable value is 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.

What is Market Value?

Market value of a property is an estimate of the price that it would sell for on the open market on January 1st of the year of assessment. This is sometimes referred to as the "arm's length transaction" or "willing buyer/willing seller" concept.

How Does the Assessor Estimate Market Value?

To estimate market value of your property, the Assessor generally uses three approaches.

1. Market Approach

The first approach is to find properties that are comparable to yours which have sold recently. Local conditions peculiar to your property are taken into consideration. The assessor also uses sales ration studies to determine the general level of assessment in a community, in order to adjust for local conditions. This method is generally referred to as the MARKET APPROACH and usually considered the most important in determining the value of a residential property.

2.Cost Approach

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

3.Income Approach

The INCOME APPROACH is the third method used if your property produces income such as an apartment or office building. In that case, your property 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 estimate of value. This method requires thorough knowledge of local and national financial conditions, as well as any developmental trends in the area of the subject property being appraised since errors or inaccurate information can seriously affect the final estimate of value.

Why Values Change

State law requires that all real property be reassessed every two years. The current law requires the reassessment to occur in odd number 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 your assessment.

If you disagree with the assessor's estimate of value, please consider these two questions before proceeding, as outlined below:
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, feel free to come in and discuss it with the assessor.

Protesting Your Assessment

You may file a written protest with the Board of Review which is composed of three or five members from areas of the assessing jurisdiction. The Board operates independently of the Assessor's Office, and has the power to confirm or adjust either upward or downward in any assessment.

If you are not satisfied with the decision of the Board of Review you may appeal to district court in Hardin County within twenty days after adjournment of said Board, or twenty days after May 31st, whichever is later.

The value of a property determined by the assessor is the assessed value and is the value indicated on the assessment roll. The taxable value is 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.

What is Market Value?

Market value of a property is an estimate of the price that it would sell for on the open market on January 1st of the year of assessment. This is sometimes referred to as the "arm's length transaction" or "willing buyer/willing seller" concept.

How Does the Assessor Estimate Market Value?

To estimate market value of your property, the Assessor generally uses three approaches.

1. Market Approach

The first approach is to find properties that are comparable to yours which have sold recently. Local conditions peculiar to your property are taken into consideration. The assessor also uses sales ration studies to determine the general level of assessment in a community, in order to adjust for local conditions. This method is generally referred to as the MARKET APPROACH and usually considered the most important in determining the value of a residential property.

2.Cost Approach

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

3.Income Approach

The INCOME APPROACH is the third method used if your property produces income such as an apartment or office building. In that case, your property 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 estimate of value. This method requires thorough knowledge of local and national financial conditions, as well as any developmental trends in the area of the subject property being appraised since errors or inaccurate information can seriously affect the final estimate of value.

Why Values Change

State law requires that all real property be reassessed every two years. The current law requires the reassessment to occur in odd number 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 your assessment.

If you disagree with the assessor's estimate of value, please consider these two questions before proceeding, as outlined below:
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, feel free to come in and discuss it with the assessor.

Protesting Your Assessment

You may file a written protest with the Board of Review which is composed of three or five members from areas of the assessing jurisdiction. The Board operates independently of the Assessor's Office, and has the power to confirm or adjust either upward or downward in any assessment.

If you are not satisfied with the decision of the Board of Review you may appeal to district court in Hardin County within twenty days after adjournment of said Board, or twenty days after May 31st, whichever is later.

Navigation Assessor
Banner Banner-Images/Document.jpg
Property Values
Department Assessor
Parent Page Assessor
Internal Department Assessor

FAQs

When are assessment notices mailed?

Assessment notices are mailed on or before April 1st whenever there is a change in assessment to a property.

How is my property value determined?

Depending on the classification of the property, the assessment is to represent the market value of the property unless otherwise provided by the Iowa Code. Residential, agricultural dwellings, commercial, and industrial classed properties are to be assessed at market value. 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 your assessment. Agricultural land and buildings are valued on productivity and net earning capacity.

What if I disagree with the assessed value of my property?

Property owners who would like to challenge their assessment may file a written appeal with the local Board of Review between April 2nd and April 30th. In odd numbered years when an equalization order is issued by the Department of Revenue, property owners may file a written appeal between October 9th and October 31st. Petition forms to the Board of Review are available at the Assessor’s Office.

My assessment has not changed, so why have my property taxes increased?

Each year, assessed values are subject to a rollback factor determined by the Director of Revenue creating a taxable value. Property tax is calculated by applying a levy rate to the taxable value. Levy rates and rollbacks change from year to year therefore adjusting the amount of property tax.

What is taxable value?

Taxable value is the value determined by the county auditor after the application of a rollback factor to the assessed value. Taxable value is calculated by multiplying the rollback rate for the correct property class by the equalized 100% value.

What is a rollback?

The rollback rate is a statewide rate set annually for each property class by the Iowa Department of Revenue. More than 20 years ago, residential property values were rising quickly. To help cushion the impact of the high inflation, the Legislature passed an assessment limitation law called “Rollback.” Increases in assessed values for residential and agricultural property are subject to this assessment limitation formula. If the statewide increases in values of homes and farms exceeds 4% due to revaluation, their values are “rolled back” so that the total increase statewide is 4%.

Rollback is also available for commercial and industrial property when necessary. This does not mean that the assessment on your home will increase by only 4%. The rollback is applied on a class of property, not an individual property. This means that the statewide total taxable value can increase only 4% due to revaluation.

What is a Levy Rate?

There are a number of different taxing districts in a jurisdiction, each with a different levy rate. Each year the county auditor determines for that district, a levy rate that will yield enough money to fund the different entities in that district. The entities include local schools, counties, cities, townships, community colleges, local assessors, and others. Since more than one taxing authority is calculating a tax rate for the property, all the rates are added together, resulting in a single tax levy called a consolidated levy. This consolidated levy is always the result of two or more tax rates established by different government entities.

What is classification?

Real Estate parcels are annually assigned a property classification by the assessor. This classification is to be consistent with the primary use of the property. There are four classifications of property in Iowa. These classes are agricultural, residential, commercial, and industrial. Classification may not necessarily be the same as the zoning of the property.

Contact Us

Assessor Office

Physical Address

1215 Edgington Avenue, Suite 2
Eldora, IA 50627

Directions

Phone: 641-939-8100

Fax: 641-939-8245

Hours

Monday - Friday
08:00 AM - 04:30 PM

Quick Links

View All Links