Market demand has made residential property more valuable, taxable
Franklin County residents recently received letters from the county assessor, indicating their property value assessment had gone up. The degree to which property values rose — between $7,000 - $15,000 for some properties — has many residents concerned not only about the tax implications, but also about the market value of their properties.
Gwana Wirtjes, county assessor said that it was her understanding that property values across the state have been on the rise. Many have seen the Des Moines Register article about property value assessments increasing dramatically in Polk County, especially West Des Moines. It’s the sudden rise however that has residents concerned, considering their personal opinions on market values and tax implications.
As part of the job of the county assessor, property revaluations must be conducted every two years, on the odd number year. The assessor is required by law to keep value assessment ratio at 100 percent of market value. While values are reassessed every year based on new construction, upgrades to property and proximity to businesses and valuable resources, property values have not been reassessed since prior to Wirtjes’ arrival to the position in 2013. This year, her ratio was 89 percent.
Read the full article in the April 12 edition of the Hampton Chronicle.