On May 4, 2023, Governor Reynolds signed House File 718, establishing a homestead tax exemption for claimants 65 years of age or older.
In addition to the homestead tax credit, eligible claimants who own the home they live in and are 65 years of age or older on or before January 1 of the assessment year are now eligible for a homestead tax exemption. For the assessment year beginning on January 1, 2023, the exemption is for $3,250 of taxable value. For assessment years beginning on or after January 1, 2024, the exemption is for $6,500 of taxable value. An exemption is a reduction in the taxable value of the property rather than a direct reduction in the amount of property tax you pay.
Please stop into the Assessor's Office, Hancock County Courthouse, 855 State St, Garner to apply for this new exemption if you were 65 on or before January 1, 2023 and live in the home. For questions, you may call the office at 641-923-2269. The exemption will be applied to the property tax for the 2024/25 taxes. The filing deadline is July 1st, 2023. Any applications received after that date will be valld for the next year. The exemption is a one time application with the exemption being in effect as long as the property owner is eligible.
January 1, 2023 Equalization Notes
Each odd numbered year is an equalization year, meaning assessed values should be at 100% of market value using sales analysis tools. If the assessor doesn't perform accordingly, the Iowa Department of Revenue (IDR) will issue orders to apply the increase or decrease countywide. However, agricultural land and buildings are valued by the productivity formula. IDR tells assessors what the average acre value is for this purpose. The per acre value for Hancock County is $1,972.34 which is applied using CSRs. The CSR rate for Hancock County this year is $23.40 per point which is a 38% increase from last year.
The average increase for residential parcels is 12% and commercial parcel's average increase is 11%. There are several variables involved in individual increases such as location, new construction and condition changes.
The good news is that the rollback percentage will lower the assessed value to the taxable value. Since there were signifcant value changes statewide, the rollback % will be quite favorable to taxpayers.
If you believe your home's assessed value is above your possible sale price of the property, please call and visit with someone in the assessor's office at 641-923-2269.
All real estate is assessed annually according to its condition January 1st. Please inofrm the assessor's office if any property has sustained damage that isn't repaired by January 1st. Also, all new construction should be reported. New construction isn't just a new structure. It also includes exterior and interior remodeling and basement finish.
There was a 7% decrease in agricultural land values for Hancock County from State Equalization Orders. The prior year's values reflect two entries for 2021 for agricultural land. The top figure is the current assessed value.
The Iowa State Association of Assessors hosts a website with assessment information, board of review information and several links to pertinent websites. Click the link to access the website: https://www.iowa-assessors.org
Credit and exemption applications are availabe on the Iowa Department of Revenue websit. Click on the following link. https://tax.iowa.gov/tax-credits-and-exemptions
The use of CSR2 and non-crop adjustments for agricultural land was implemented in the 2015 valuations.