Assessment limit set for property taxes

The Iowa Department of Revenue and Finance has raised the assessment limit for residential property by just over two-percent. Department spokesman Dick Stradley says this allows local governments to assess taxes based on 56-percent of the value of your home. Stradley says this doesn’t necessarily mean your taxes will go up. as he says it all depends on how much local bodies decided to tax. Stradley says state law caps the increase on assessments at four-percent.