Property Taxes - Polk County
- Thread starter AgronAlum
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^this^
The state also tracks ratios of sale price to assessed value. If you are in a jurisdiction that gets more than something like 5% out of whack, high or low, the state comes in with an equalization order to move all the assessments (in the out of whack property type) up or down accordingly.
And locals may want the state to step in and again be the reasoning for increased property taxes.
I respectfully disagree. Locals need to fire the elected officials setting the tax rates. Keep the State out of it. My opinion only.
The state is directly involved. They are squeezing the locals. The locals are trying to fund what they need, and the state has removed funding. It has to come somewhere.
And to be clear, those that enjoy what the state is doing here want locals to ‘fire’ (you mean fire?) their elected officials … a person could say this is a version of ‘3d’ chess to get local people out of govt.
After the 20ish % increase mine honestly is still below what it would sell for.
The crazy thing for me is, the $ amount this one time jump is more than the previous 16 total years.
The crazy thing for me is, the $ amount this one time jump is more than the previous 16 total years.
Its not so much the assessment being wrong. What makes the assessment suck is Iowas Property tax rate.
Iowas tax rate on homes is ridiculous and one of the higher states in the country. Land gets minimal taxes, then they push it all on the homes. And while some counties are cheaper, than others they all are skyrocketing.
Years ago, assessed values were significantly lower and than actual value. The was the trade off for such high tax rates. Now they have increased assessed values to be close the the actual value, but the tax rate still remains high, so in turn instead of having normal increases we are getting huge jumps.
My assessed value is up over $100k since I bought my house new in 2020. It is ridiculous, it will have made 2 $50k+ jumps in value now from 2020 to 2023, not including the initial jump from bare land to built house.
Iowas tax rate on homes is ridiculous and one of the higher states in the country. Land gets minimal taxes, then they push it all on the homes. And while some counties are cheaper, than others they all are skyrocketing.
Years ago, assessed values were significantly lower and than actual value. The was the trade off for such high tax rates. Now they have increased assessed values to be close the the actual value, but the tax rate still remains high, so in turn instead of having normal increases we are getting huge jumps.
My assessed value is up over $100k since I bought my house new in 2020. It is ridiculous, it will have made 2 $50k+ jumps in value now from 2020 to 2023, not including the initial jump from bare land to built house.
Farm taxes/rates are still ridiculously low in comparison. What a farmer pays on a $mil piece of land that earns him money is tiny compared to what home taxes are.
A piece of land that is worth 4 times what my house is worth will pay less than 1/4 the amount of taxes as my house.
I am not saying that raising taxes on land should be done either but what has happened is land taxes are ridiculously cheap while home taxes are ridiculously expensive. Probably could be a balance, but never will in Iowa. I hate all taxes, but understand some is needed, but at some point its just gouging.
Land taxes are cheap, as they should be, for everyone not just farmers. If you raise taxes on land for farmers then everyone else is going to have their property taxes go up as well since we are all taxed on both the land and dwelling Structure.
Pfft that's not what Kim says. Iowa needs no property taxes or income taxes. I believe they want to cut everything to the bare bones than use sales tax to make up the difference. As they say sales tax is the fairest if you don't want to pay as much in taxes don't buy anything.
Farmland assessments are based on an earnings scale. They use a 5 year rolling average that is about 2 years in arrears. It is not tied to value one but at all. The years that is was using before this last one had several years of money losing years, therefore assessments were low.
Even with that in mind, the supervisors will set the rate to keep farmland taxes on a steady incline. The rate on farmland today is much higher than it was 5 years ago when assessed values were 2.5X what they are now.
Another thing to remember is that your house is roughly 40% municipal taxes. You have water, sewer, all paved streets, storm sewer and other amenities (maybe a swimming pool, golf course, Rec center) that was agreed to via a public measure. So that increases your house taxes plenty also.
The WalletHub report, released March 28, assessed the “tax burden,” or the proportion of total personal income residents pay toward state and local taxes. The report compared the states’ sales and excise taxes, property taxes and individual income taxes as a share of the states’ total personal income. The report pulled data from the Tax Policy Center.
Minnesota ranked eighth (9.41% overall tax burden), and Iowa ranked 10th (9.15% overall tax burden). Minnesota has the sixth-highest individual income tax burden (3.11%). Iowa has the 14th highest property tax burden (3.49%) and the 16th highest individual income tax burden (2.41%).
Minnesota ranked eighth (9.41% overall tax burden), and Iowa ranked 10th (9.15% overall tax burden). Minnesota has the sixth-highest individual income tax burden (3.11%). Iowa has the 14th highest property tax burden (3.49%) and the 16th highest individual income tax burden (2.41%).
In fairness, taxes are almost definitionally a political topic. They're how we fund government.
Not apples to apples but seeing that study reminded me a client recently sold her condo in Hawaii. On top of realtor commission will be forking out over 62,000 of sales tax to the state. Condo sold in the 800K range. Outrageous!!
Disagree. Taxes are a reality. They can be made political by partisans.
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