(Des Moines)– State revenue officials have issued an equalization order.
The order sends residential valuations up by an average of seven-point-three percent statewide.
Under the order, commercial assessments will increase by an average of five-point-one percent, while farmland assessments will rise by an average of three-point-three percent.
State revenue officials are required to review statewide assessments every two years to ensure that property is being assessed properly.
State officials examine the housing and commercial markets in various counties to come up with their assessment level, typically slightly below market value.
The order is not the final word on the issue. Hearings will be held throughout September to allow local assessors to present information which might alter the equalization.
A final order is scheduled on October 1st.
It will affect assessments in the next round of property tax bills in 2006.
(Story from the Associated Press.).
