Des Moines faces a historic home value hike
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Polk County home assessments will increase around 22% next year. Polk County assessor Randy Ripperger projected the hike during a meeting last week with the Taxpayers Association of Central Iowa.
- He estimates commercial properties will increase about 18%.
Why it matters: Assessed value is one of the main factors in determining how much property owners pay in taxes.
- It would mark the steepest hike in residential values in the county's history, Ripperger said.
Catch up fast: Iowa assessors are required to reappraise property in odd-numbered years. The next new values are due in April 2023.
- Sales prices keep increasing and current market value is a key factor of an assessment.
- The median sales price of a single-family home in Polk County was around $286,000 in July, up more than 12% in the last year, according to a report by the Iowa Association of Realtors.
Flashback: The assessed values of Polk County homes increased an average of 8% in the 2021 reassessments.
Be smart: Larger assessments do not automatically mean that tax bills will jump by the same percentages, Art Wittmack, president of the taxpayers association said in last week’s meeting.
- State policies intended to help limit taxpayer pain and rates set by local governments are big factors in what is ultimately owed, Wittmack noted.
Reminder: Iowa property owners who pay their taxes in installments have until Sept. 30 to avoid late interest on their bill that was due Sept. 1.