The Iowa Department of Revenue has set the value that’s used to determine the property tax values for the state. The department’s Julie Roisen, says the “rollback” value as it is known is mandated by state law.
“The rollback calculations are designed to keep aggregate taxable values across the state for residential, agricultural and commercial properties, if they qualify, to keep them from growing more than four-percent statewide,” Roisen says. The taxable value was raised to 52.81-percent, compared to the previous rate of 50.75-percent in 2011 to show the changes in property value.
“The aggregate taxable value has grown, and so therefore, the local governments may see a higher collection depending on what they did with their (tax) levees,” Roisen says. County auditors use the figure set by the department to each property to compute the tax value that’s used for property taxes.
“The whole idea is to keep the statewide taxable value from shooting up dramatically,” Roisen explains. “Now it does not speak to an individual particular property at a parcel level. If the assessed value of an individual property grew dramatically for whatever reason, they would see an increase in their tax burden, because their assessed value grew, and then you apply the rollback.”
The tax values based on 2012 will be paid by property owners in fiscal year 2013-14 will not be determined until local taxing bodies establish their property tax needs early next year.