real estate rebound - Polk County Assessor

REAL
TALK
FROM THE POLK COUNTY ASSESSOR
www.assess.co.polk.ia.us
SPRING 2015
managing director of the
brokerage arm of Hubbell Realty
Co., said the numbers show a
commercial real estate market in
the third stage of a growth cycle.
And investors and developers are
plunging into the market. Korey
Birkenholtz, a specialist in office
properties for CBRE/Hubbell, said
that empty office space in downtown Des Moines
is improving, and will continue to improve, especially if
companies can solve parking problems.
REAL ESTATE REBOUND
A variety of signs continue to point to a real
estate rebound — good news for both
residential and commercial property
owners as we look ahead to 2015.
Here are just a few of the positive
developments:
• Residential properties: The Jan. 8
Des Moines Business Record reported a reduction in the
number of residential properties underwater. Those that
are valued at less than their mortgages dropped to
7.2 percent — from 8,913 to 8,619 properties (through
third quarter of 2014). This is according to real estate
research firm CoreLogic Inc. Also, the number of properties
with negative equity dropped from 4,202 properties in
second quarter 2014 to 3,911 or 3.3 percent in third
quarter 2014. CoreLogic also reported that housing prices
in greater Des Moines rose two percent last year, and
foreclosure rates dropped to less than one percent.
• Hotels: The hotel market is also showing signs of
improvement with new hotels and renovations in the works
in downtown Des Moines — most notably, the $101 million
hotel near the Iowa Events Center — recently approved by
the City of Des Moines and the Polk County Board of
Supervisors.
• Office property and warehouses: Commercial properties
are also showing signs of improvement, according to a
recent survey by CBRE/Hubbell. The Des Moines Business
Record reported that Kyle Gamble, senior vice resident and
• Apartments: Finally, demand for apartments in the metro
continues to be strong. According to the most recent
apartment survey by CBRE, vacancies have dropped from
4.2 percent in 2011 to 2 percent in 2014. And rents
continued to increase for all types of units over the past
year. The increase in average rents ranged from 0.9 percent
for three-bedroom apartments to 5.6 percent for efficiency
units. This growing demand has prompted a number of
planned developments — with 3,048 units planned for
2015 — a 4 percent increase over the 2,943 units planned
in 2014. CBRE noted that while demand is expected to
remain healthy, the market will likely experience some
normalization to slight softening in occupancy levels and
rent growth.
Similar improvements are being reported nationwide as well
across property classifications.
We’ll continue to report on real estate trends and their
effect on the market in Polk County in future issues of
RealTalk.
UPDATE ON THE DISABLED
VETERANS HOMESTEAD
PROPERTY TAX CREDIT
BE ALERT FOR COMPANIES
OFFERING DEEDS AND
PROPERTY PROFILES
A property tax credit for disabled veterans first took
effect last year as a result of legislation passed in 2014.
We occasionally hear
reports of property
owners receiving
solicitations from third
party companies
offering people a copy
of their property profile
and deed for a fee.
Initially, veterans were required to submit an annual
application to qualify for the credit.
However, after much discussion with VA representatives,
an annual application is no longer required. Instead, a
notification to the Assessor is required if a veteran or
surviving spouse no longer qualifies for the credit.
Also, the Iowa legislature reevaluated the disability
requirements for veterans to qualify for the credit.
AN ANNUAL APPLICATION IS
NO LONGER REQUIRED.
INSTEAD, A NOTIFICATION TO
THE ASSESSOR IS REQUIRED IF
A VETERAN OR SURVIVING
SPOUSE NO LONGER QUALIFIES
FOR THE CREDIT.
Previously, if veterans were considered 100 percent
unemployable but had a disability rating of less than
100 percent, they wouldn’t qualify. House File 166,
recently passed by both chambers and signed into law
on March 5, 2015 by the Governor, changed that by
allowing the credit for all disabled veterans who are
100 percent unemployable.
Property profiles
include information
about a property’s makeup such as assessed value,
tax delinquency, legal description, current owner
information, property characteristics and parcel
ID number.
Deeds provide legal evidence of ownership/interest; show
evidence that a transfer or interest was recorded for the
subject property or entity; show evidence of the subject
property’s legal description; and show evidence to verify
that the recorded information is correct.
If you receive this type of notice — be aware that it’s a
marketing piece — and is not from the Polk County
Assessor, nor any other Polk County office.
What to do instead. If you would like a copy of your deed
or property assessment profile, simply contact the Polk
County Assessor’s Office. You can receive information
on your property from our office at no charge and from
other Polk County offices at no charge, or at a fraction
of the price that you’d pay to a third party.
EFILING = FASTER FILING... FASTER RETURNS
Simplify your taxes this year by filing
electronically.
You can eFile even if you’re not receiving
a refund.
Three good reasons to eFile:
• You’ll receive your refund in days, not
weeks
• It’s fast, safe and easy
• 89 percent of Iowans filed their income
tax returns electronically last year
And if you file your federal and Iowa
returns at the same time, you may be
able to eFile for free.
Learn more at the Iowa Department of
Revenue website.
POLK COUNTY ASSESSMENTS
2014 MEDIAN SALES RATIO BY CITY
97%
96%
MEDIAN SALES RATIO
95%
94%
93%
92%
91%
90%
89%
88%
87%
86%
2014 MEDIAN SALES RATIO BY CITY
Jurisdiction
Number Of Sales
Median Sales Ratio
Alleman
1
88.2
Altoona
248
94.8
Ankeny
1,080
92.8
85
91.7
143
93.1
1,919
95.0
Elkhart
11
92.1
Granger
8
85.3
Grimes
210
91.5
Johnston
308
92.3
Mitchellville
14
93.2
Pleasant Hill
136
96.9
Polk City
52
90.0
Runnells
4
91.3
Bondurant
Clive
Des Moines
Sheldahl
5
91.8
Urbandale
452
93.8
West Des Moines
621
92.9
Windsor Heights
81
93.5
Windsor Heights
Urbandale
Sheldahl
Runnells
Polk City
Pleasant Hill
West Des Moines
CITY
Mitchellville
Johnston
Grimes
Granger
Elkhart
Des Moines
Clive
Bondurant
Ankeny
Altoona
Alleman
85%
As shown in the charts above and at left,
the median sales ratios for homes in Polk
County fall below the required range of
95–105 percent — meaning that
assessments have generally been lower than
sales prices.
As a result, the Assessor must adjust home
values in aggregate to meet the legal
requirements. Otherwise an adjustment will
be ordered by the Director of Revenue later
this fall.
FIND IT ON THE POLK
COUNTY ASSESSOR’S SITE
The Polk County Assessor’s
site provides several resources
for property owners.
This includes information and
tools you’ll need if you decide
to appeal your assessment.
In a reassessment year, a
property owner may protest an
assessment for one or more of
the following reasons:
• The assessment is not comparable to others with similar properties.
• The property is assessed at more than its actual value.
• The property is exempt from taxation.
• There is an error in the assessment.
• The assessment is fraudulent.
INFORMATION AVAILABLE TO HELP YOU APPEAL
The information, forms, etc., you’ll need to appeal your assessment are
available from the homepage of the Polk County Assessor’s website.
• From the homepage at www.assess.co.polk.ia.us/, click on Appeals to Board
of Review and you’ll find instructions on how to protest your assessment.
• Click on “Protest Forms” on the right-hand side; forms are available for
residential, commercial and agricultural properties.
QUESTIONS?
We hope you’ve found this issue
of RealTalk to be informative.
We’d like to know what you
think. For more information on
any of these topics, please
contact us. We want to be your
resource for property assessment
issues.
Previous issues of RealTalk are
archived on the Polk County
Assessor’s website at
www.assess.co.polk.ia.us.
Randy Ripperger
Polk County Assessor
515-286-3158
[email protected]
Rod Hervey
Chief Deputy Assessor
515-286-3088
[email protected]
• You can print out the form or use a fillable form to complete it online.
• Forms must be signed.
• You can deliver your signed form multiple ways:
hand deliver or mail it to 111 Court Ave. #195,
Des Moines, Iowa, 50309-0904; fax it to the office at 515.286.2286;
or scan it to create a PDF and email it to [email protected].
TAKE NOTE!
• Assessments on some 170,000 parcels will
mail March 30.
• Property owners can request an informal
hearing regarding their assessment from
April 1– May 4.
• Appeals can be submitted from April 7– May 5.
OUR MISSION
The mission of the Polk County
Assessor is to estimate the fair
market value of residential and
commercial property. The
Assessor doesn’t determine tax
rates or calculate or collect taxes.
If you have questions or want
more information about what we
do, please let me know.
Randy Ripperger
Polk County Assessor