Each year, local governments in Iowa raise millions of dollars through various taxes on real and personal property. Many property owners, while aware of the tax consequences, are unaware of the manner in which the determination is made of the value of their property for purposes of taxation. Many are also unaware of the method to change the assessment of their property and the requirements that must be met to ensure any appeal of an assessment is properly presented to the various authorities with the power to revise the assessment.
By gaining a better understanding of the property taxation process, business property owners can make a more informed decision of whether an appeal of an assessment makes sense and can more fully comprehend the necessary steps to challenge an assessment.
- Major exemptions and credits
- Shortfunding of credits from the state
- New legislation and current issues
- What is happening with the square foot approach
- Latest issues with the tax study committee
8:30 a.m. - 9:15 a.m.
I. Introduction And Overview Of Iowa Property Taxes
A. History Of The Iowa Property Tax System
B. Structure Of The System
C. Types Of Taxes Collected
D. Personal Liability
9:15 a.m. - 10:00 a.m.
II. How The Property Tax System In Iowa Works
A. Overview Of Assessment Procedure
B. Nature Of Property Subject To Tax
C. Real Property vs. Personal Property
D. Persons And Entities Subject To Tax
E. Taxpayer Reporting Requirements
10:00 a.m. - 10:10 a.m.
10:10 a.m. - 11:15 a.m.
III. Major Exemptions And Credits
B. Where Applications Are Needed
C. Urban Revitalization
E. Religious, Educational, Charitable
F. Current Issues
11:15 a.m. - 12:00 p.m.
IV. Assessment Limitation Factor
A. Purpose Of The 'Rollback'
B. How It Works
C. Expected Changes
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 1:45 p.m.
V. Methods Of Valuation
A. Statutory Requirements
B. Mass Appraisal Methods For Business Properties – The Iowa Real Estate Appraisal Manual
C. Application Of Market, Income And Cost Methods
D. The Case Law
1. Industrial Property
2. Commercial Property
3. Franchise/And Percentage Rents
E. Recent Developments
1:45 p.m. - 2:50 p.m.
VI. Procedures To Contest Local Property Tax Assessments
A. Informal Discussions With The Assessor
B. Protest To The Board Of Review
C. Appeal To The District Court
D. Appeal To The Iowa Supreme Court And Iowa Court Of Appeals
2:50 p.m. - 3:00 p.m.
3:00 p.m. - 4:00 p.m.
VII. New Legislation And Current Issues
4:00 p.m. - 4:30 p.m.