2015 Polk County Assessor`s Office

2015
Polk County
Assessor’s Office
Ankeny Economic Development Corp.
October 15, 2015
2015 Rollback
• Commercial - 90%
• Industrial - 90%
• Multiresidential – 86.25%
• Residential – 55.1976% (Projected)
How is the residential rollback calculated?
Iowa Code Section 441.21 (4). For valuations established as of January 1, 1979, the percentage of actual value at which
agricultural and residential property shall be assessed shall be the quotient of the dividend and divisor as defined in this
section. The dividend for each class of property shall be the dividend as determined for each class of property for valuations
established as of January 1, 1978, adjusted by the product obtained by multiplying the percentage determined for that year by
the amount of any additions or deletions to actual value, excluding those resulting from the revaluation of existing properties,
as reported by the assessors on the abstracts of assessment for 1978, plus six percent of the amount so determined. However, if
the difference between the dividend so determined for either class of property and the dividend for that class of property for
valuations established as of January 1, 1978, adjusted by the product obtained by multiplying the percentage determined for
that year by the amount of any additions or deletions to actual value, excluding those resulting from the revaluation of existing
properties, as reported by the assessors on the abstracts of assessment for 1978, is less than six percent, the 1979 dividend for
the other class of property shall be the dividend as determined for that class of property for valuations established as of January
1, 1978, adjusted by the product obtained by multiplying the percentage determined for that year by the amount of any
additions or deletions to actual value, excluding those resulting from the revaluation of existing properties, as reported by the
assessors on the abstracts of assessment for 1978, plus a percentage of the amount so determined which is equal to the
percentage by which the dividend as determined for the other class of property for valuations established as of January 1, 1978,
adjusted by the product obtained by multiplying the percentage determined for that year by the amount of any additions or
deletions to actual value, excluding those resulting from the revaluation of existing properties, as reported by the assessors on
the abstracts of assessment for 1978, is increased in arriving at the 1979 dividend for the other class of property. The divisor for
each class of property shall be the total actual value of all such property in the state in the preceding year, as reported by the
assessors on the abstracts of assessment submitted for 1978, plus the amount of value added to said total actual value by the
revaluation of existing properties in 1979 as equalized by the director of revenue pursuant to section 441.49 . The director shall
utilize information reported on abstracts of assessment submitted pursuant to section 441.45 in determining such percentage.
For valuations established as of January 1, 1980, and each year thereafter, the percentage of actual value as equalized by the
director of revenue as provided in section 441.49 at which agricultural and residential property shall be assessed shall be
calculated in accordance with the methods provided herein including the limitation of increases in agricultural and residential
assessed values to the percentage increase of the other class of property if the other class increases less than the allowable
limit adjusted to include the applicable and current values as equalized by the director of revenue, except that any references
to six percent in this subsection shall be four percent. ( 561 words )
Business Property Tax Credit
Credit Against Tax
• Commercial, Industrial & Railroad units
• Applications due March 15th for current year assessment
•
No reapplication necessary unless:
–
Transfer or ownership changes
–
Parcel consolidation or division
–
Classification change
–
Other changes to the parcels
Business Property Tax Credit
How much?
•
AY 2013 - FY 2014/15:
AY 2014 - FY 2015/16:
AY 2015 - FY 2016/17:
Ongoing capped at:
$50 Million
$100 Million
$125 Million
$125 Million
How much for each unit?
Polk County BPTC by Jurisdiction
Multiresidential Classification
Beginning 2015 Assessment
•
New Multiresidential Class includes:
– mobile home parks
– manufactured home communities
– land-leased communities
– assisted living facilities
– property primarily used or intended for human
habitation containing three or more separate
dwelling units
Multiresidential Classification
Beginning 2015 Assessment New Class
Excludes:
•
•
•
•
•
Section 42 housing
Hotels
Motels
Inns
Other buildings where rooms or dwelling units
are typically rented for less than one month
Multiresidential Classification
Beginning 2015 Assessment
•
New Class Includes:
–Portions of non-residential properties
used or intended to be used for human
habitation (and a portion of the land)
regardless of the number of units and that
is not otherwise classed residential
Dual Classification
Multiresidential is to be used or intended to be
used for human habitation, even if there is also
commercial or industrial use
Dwelling units:
• Apartment
• Group of rooms
• Single room
• Occupied as separate living quarters or
• If vacant, is intended for occupancy as a separate living
quarters
• Where a tenant can live and sleep separately
Multiresidential Classification
• 2015 Assessment 86.25%
• 2019 Assessment 71.25%
• 2016 Assessment 82.5%
• 2020 Assessment 67.5%
• 2017 Assessment 78.75%
• 2021 Assessment 63.75%
• 2018 Assessment 75%
• 2022 Assessment = residential
rollback (projected 56.4%)
Sales Ratio Study
Arm’s length sales only
Excludes Sales Condition Codes
• Sufficient sample size
• Use Median Sales Ratio (AV/SP)
• Mandatory 95% to 105% ratio
• Adjust inventory values to comply
• If no compliance adjustment - Equalization
2015 Revaluation
§
§
§
§
§
General Commercial
+6.7%
Warehouse / Industrial
+17.2%
Office
+2.2%
Multiresidential
+12.4%
Hotel / Motel
+12.4%
Executive Summary Reports
Appeal Process
Assessment Roll
Mailed no later - April 1
Informal Hearings
April 2 – April 25
File appeals to BOR
April 2 – April 30
BOR Hearings
May 1 – no later than July 15
PAAB or District Court 20 days after BOR adjourns
Appeal process
Questions?
Contact Info
Mark Patterson
[email protected]
286-3148
Bryon Tack
[email protected]
286-2013