Last week our clocks were turned back, this week State officials set the property tax “rollback.”The rollback was put into Iowa law in 1978 to try to control the impact of inflation on the cost of real estate. Dick Stradley of the Iowa Department of Revenue and Finance says, under the rollback provision, the taxable value of residential property for 2001 has been limited to just over 51-percent. So, the value of your property is “rolled back” about 49-percent for tax purposes.You would see a slight increase in the taxable value of your home if its assessed grew more than the statewide average of 10-point-two percent. Otherwise, you’ll see a decrease. Stradley says residential values vary widely across the state. Even if your assessment goes up, Stradley says that doesn’t mean you’ll pay more taxes, as that’s still left up to local governments. He says there was no rollback on agricultural land, and just three percent on commercial property.
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