Last week, the Iowa Department of Revenue issued an Assessment Limitations Order, or "rollback," on property values in Iowa. The order adjusts the property values used by local governments to compute property taxes for agricultural, residential, commercial, and industrial property. The taxable value for residential property will be 50.7518 percent of the assessed value. This is an increase from the 2010 level of 48.5299 percent.
This will result in an increase to your residental property tax next September 1 if your assessment stays the same or increases if the levy rates for the various taxing authorities (city, county, schools, community college, etc.) are not lowered.
