Average home values in Polk County rise 7.5%
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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.
- Protest information can be found here, or by calling 515-286-3014 or emailing [email protected].
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.