2007 FINAL EQUALIZATION ORDER

 

Pursuant to Iowa Code Section 441.49, the Director of Revenue and Finance of the State of Iowa has ordered the following final percentage adjustment to be made to the 2007 valuations of real property in Benton County.

 

CLASS OF PROPERTY                                                                            Percentage Adjustment to

                                                                                                                reported 2007 actual value

 

 

Agricultural Land and Structures excluding

Residential Dwellings on Agricultural Realty                                   *INCREASE 19%

Outside and Within Incorporated Cities

 

Residential Realty including Residential

Dwellings on Agricultural Realty, Outside                                                     *INCREASE 9%

and Within Incorporated Cities

 

Commercial Realty Excluding Machinery and

Equipment referred to in Chapter 427A                                                  INCREASE 20%

Outside and Within Incorporated Cities

 

*The County Assessor requested to use an alternative method in complying with the equalization order for this type of property and the Department of Revenue and Finance approved the request.

 

The alternative method for Agricultural Land and Structures excluding Residential Dwellings on Agricultural Realty Outside and Within Incorporated Cities which is a 19% overall increase is as follows:

                Land                        21%                                         Buildings                  0%

 

The alternative method for Residential Property including Residential Dwellings on Agricultural Realty Outside and Within Incorporated Cities which is a   9% overall increase is as follows:

                Atkins                      7%                                          Newhall                    10%

                Belle Plaine      7%                                          Norway                    10%

                Blairstown                              3%                                           Shellsburg                   6%

                Garrison                   5%                                          Urbana                       6%

                Keystone                 5%                                          Van Horne                        8%

                Luzerne                    10%                                         Vinton                       7%

                Mt. Auburn       0%                                         Walford                     4%

                Rural Agricultural Dwellings                 12%

Rural Improvement/Dwellings                           12%

                Rural Land                                        12%

 

THE COUNTY AUDITOR SHALL ADJUST THE VARIOUS CLASSES OF PROPERTY IN THE COUNTY ACCORDING TO THE ABOVE FORMULA AS DIRECTED BY THE DIRECTOR OF REVENUE AND FINANCE OF THE STATE OF IOWA FOR THE 2007 VALUATIONS.

 

ASSESSED VALUES ARE EQUALIZED BY THE DEPARTMENT OF REVENUE AND FINANCE EVERY TWO YEARS.  LOCAL TAXING AUTHORITIES DETERMINE THE FINAL TAX LEVIES AND MAY REDUCE PROPERTY TAX RATES TO COMPENSATE FOR ANY INCREASE IN VALUATION DUE TO EQUALIZATION.

 

PROTESTS MUST BE FILED WITH THE EQUALIZATION BOARD OF REVIEW FROM OCTOBER 15, 2007 THROUGH NOVEMBER 5, 2007.  ALL PROTESTS MUST BE FILED ON FORMS IN THE BENTON COUNTY ASSESSOR’S OFFICE.

 

JILL MARLOW

BENTON COUNTY AUDITOR