2023 Property Assessments Mailed
The Boone County Assessor's Office mailed just under 25,000 2023 assessment rolls over the weekend.
Boone County Assessor, Paul Overton, reports that residential value changes will vary based on location, but the average increase county wide will be 30.7%. Based on 410 residential sales that occured in 2022, the median assessment level was 76.5%. The law requires assessors to maintain a 5% margin (from 95% to 105% median assessment level). For the 8th year in a row, residential market values continue to increase in Boone County. With the continued growth in market values, the Assessor must revalue properties. The proper assessment level is 100%. land values were reviewed and updated in the city of Boone following the house to house revaluation that was completed in 2021.
This year the Commercial market is experiencing growth, as well. Commercial assessments were increased by 9.4% on average, while Industrial assessments increased by 7.8%. Multi-residential properties saw the most significant increase with a average county wide change of 56.8%. The Assessor's Office is directed to track market activity and adjust property values (revalue) ever odd year, according to Iowa Code (441).
Agricultural land increased by 23.5%. Agricultural out buildings (not dwellings) increased as the building factor determined by the Department of Revenue increased from 18% to 21%. The overall increase of value to Agricultural land and buildings was 25% in total. Agricultural land is assessed based upon a rolling productive valueation for the previous 5 years. For the current assessment, 2020 and 2021 income came on wile 2015 and 2016 were removed. Agricultural assessments are based upone CSR II points and soil types. The CSR II values changed from $18.75 to $23.15 per point for the 2023 assessment.
Please remember that your property assessment is not an indication of tax liability. It is an estimate of current market value, based upon sales of real estate from the previous year (2022). Tax liability is calculated by the respective levying authorities (i.e. county, school, city...) and applied to the rollback (taxable) valuation.
Property owners have the ability to protest their assessment before the Boone Count Board of Review. The filing dates for a protest are April 2 to April 30. The informal filing period is April 2 to April 25. Appeal forms are available in the Boone County Assessor Office or online at https://www.boonecounty.iowa.gov/assessor/2023_assessment_appeal_information/
Please contact the Boone County Assessor at (515) 433-0508 if you have any questions.