New property assessments are being mailed today and the average homeowner in Polk County can expect to see an increase in property value of about 7.5%, according to data from the Polk County Assessor obtained by Axios.
Why it matters: Assessments are one of the main factors in determining how much property tax you pay.
- And give insight into what metro markets are the hottest.
Details: Assessments are based on current market value.
- Areas outside city limits gained the most value, by almost 9.3%. (Assessments in Four Mile, Douglas and Union townships all grew by more than 12%.)
Driving the increases: Housing demand has far outpaced supply due to more buyers than homes for sale and low interest rates.
Assessments of other types of properties:
- Multi-residential: Up 22%
- Warehouses: Up 35%
- Hotels, bars and restaurants: Down 30% (A result of the pandemic that we told you about last month).
What’s next: Open your mail.
- April 2-25: People who disagree with their assessments can request formal reviews, which can result in adjustments without going through a formal appeal.
- April 2 -30: Appeals can be filed to the Board of Review.
The review board is in session during May but that can be extended to as late as July 15.
- There are typically between 7,000 to 9,000 protests in reassessment years.
Of note: The assessor’s office is closed to the public because of the pandemic. Review requests and appeals must be done electronically or by mail.
This story first appeared in the Axios Des Moines newsletter, designed to help readers get smarter, faster on the most consequential news unfolding in their own backyard.
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