(Atlantic) Cass County Assessor Mary Anstey recently stated residential properties showed significant value increases. Those assessment letters will be mailed out to property owners this afternoon.
Anstey says Iowa is a market value-based state, and the market is determined by the prices buyers pay for houses. She says new construction or significant remodeling on individual properties will affect the percentage of change differently than market-indicated adjustments. For instance, if you added a new two-stall garage, your rate of increase in assessed value will be higher than your neighbor that did not add anything new.
The question in property owners’ minds is, will their property taxes increase by the same percentage that the assessment increased?
Anstey says there are two substantial drivers for these valuation increases. The first is the conversion to the state-mandated 2020 Iowa Cost Manual, and the second is increased property sales prices. Remember, your property taxes will NOT increase by the same percentage as your property assessment.
She says The Iowa Department of Revenue requires every Assessor to use the Iowa Cost Manual. This manual had not been updated since 2008 until 2020. Cass County implemented the 2020 Iowa Cost Manual beginning January 1, 2023. As you all know, construction costs have steeply increased over those 12 years.
The second reason goes back to Iowa being a market value-based state. Currently, the residential sales ratios in Cass County indicate that there needs to be an increase in value of 26%. Based on current commercial sales, those properties classified as commercial will not see a drastic increase. Anstey says if assessors do not increase values when the data shows they should have, the Iowa Department of Revenue will raise them in the fall of 2023. If the Iowa Department of Revenue increases the values instead of the Assessor, all properties will receive the same percentage increase. This is not fair to those areas that did not need that same high-level increase. It would also lead to much higher growth in the future for those that need a higher gain.
Anstey says property owners will not pay taxes on your new value until September 2024 and March 2025. You can research your property value by visiting the Assessor’s website at: beacon.schneidercorp.com.
If you have any questions, please stop in or call the Assessor’s office. Office hours are 8:00 a.m. – 4:30 p.m., Monday through Friday. The phone number is 712-243-2005.
