Property Tax Assessment

0 Flares Filament.io 0 Flares ×

You should be receiving your property assessment in the mail this week.

What does this mean to you?

Your property assessment is likely increasing as property values increased across the board in Polk County for the first time in six years.  Residential property values grew 4.1% on average and 79% of the county’s residential parcels saw an increase this year. 

Property assessments are used to calculate property taxes but homeowners won’t actually know whether their taxes will go up until all local governments set their tax rates.  So if local governments raise rates too, your tax bill will go up even more.   This will happen later this spring.

Are assessments and appraisals the same thing?

The assessed value of your property is not related to the appraised value of your home.  This is a common misconception, but they are not directly related.  Your assessment is the assessor’s estimate of the fair market value of your home.  Your appraised value is the value determined by an appraiser based on actual sales of similar homes in the area.  Generally both values will track each other.

How to appeal?

You can appeal your assessment if you disagree with the assessor’s estimate using an informal review or a formal review.  The last day to appeal your assessment is May 4.  Be prepared to provide comparable properties in your immediate neighborhood that support your reasoning for a lower value.  The good news is that the Review Board revised about 60% of all appealed assessments last year, though not for the full amount requested.

Go to the Polk Co Assessor for information about your assessment and for tools to you prepare an appeal, if necessary.