A state review shows county and city auditors are doing a good job of setting property values in Iowa. The Iowa Department of Revenue and Finance reviews assessed values every other year in a process called “equalization.”Dick Stradley, the department’s property tax administrator, says the assessed values have to meet two state requirements. Agricultural realty is based on its productivity, while residential and commercial real estate is based on fair market value. Stradley says there were very few areas where the assessments didn’t add up. Monroe and Ida County each saw a big increase. He says farmland values haven’t change much, up 1.6 percent.Stradley says commercial property increased by 6.4 percent and residential increased in value by 10.2 percent.
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