2015 Polk County Assessor s Office. Ankeny Economic Development Corp. October 15, 2015

Transcription

1 2015 Polk County Assessor s Office Ankeny Economic Development Corp. October 15, 2015

2 2015 Rollback Commercial - 90% Industrial - 90% Multiresidential 86.25% Residential % (Projected)

3 How is the residential rollback calculated? Iowa Code Section (4). For valuations established as of January 1, 1979, the percentage of actual value at which agricultural and residential property shall be assessed shall be the quotient of the dividend and divisor as defined in this section. The dividend for each class of property shall be the dividend as determined for each class of property for valuations established as of January 1, 1978, adjusted by the product obtained by multiplying the percentage determined for that year by the amount of any additions or deletions to actual value, excluding those resulting from the revaluation of existing properties, as reported by the assessors on the abstracts of assessment for 1978, plus six percent of the amount so determined. However, if the difference between the dividend so determined for either class of property and the dividend for that class of property for valuations established as of January 1, 1978, adjusted by the product obtained by multiplying the percentage determined for that year by the amount of any additions or deletions to actual value, excluding those resulting from the revaluation of existing properties, as reported by the assessors on the abstracts of assessment for 1978, is less than six percent, the 1979 dividend for the other class of property shall be the dividend as determined for that class of property for valuations established as of January 1, 1978, adjusted by the product obtained by multiplying the percentage determined for that year by the amount of any additions or deletions to actual value, excluding those resulting from the revaluation of existing properties, as reported by the assessors on the abstracts of assessment for 1978, plus a percentage of the amount so determined which is equal to the percentage by which the dividend as determined for the other class of property for valuations established as of January 1, 1978, adjusted by the product obtained by multiplying the percentage determined for that year by the amount of any additions or deletions to actual value, excluding those resulting from the revaluation of existing properties, as reported by the assessors on the abstracts of assessment for 1978, is increased in arriving at the 1979 dividend for the other class of property. The divisor for each class of property shall be the total actual value of all such property in the state in the preceding year, as reported by the assessors on the abstracts of assessment submitted for 1978, plus the amount of value added to said total actual value by the revaluation of existing properties in 1979 as equalized by the director of revenue pursuant to section The director shall utilize information reported on abstracts of assessment submitted pursuant to section in determining such percentage. For valuations established as of January 1, 1980, and each year thereafter, the percentage of actual value as equalized by the director of revenue as provided in section at which agricultural and residential property shall be assessed shall be calculated in accordance with the methods provided herein including the limitation of increases in agricultural and residential assessed values to the percentage increase of the other class of property if the other class increases less than the allowable limit adjusted to include the applicable and current values as equalized by the director of revenue, except that any references to six percent in this subsection shall be four percent. ( 561 words )

4 Business Property Tax Credit Credit Against Tax Commercial, Industrial & Railroad units Applications due March 15 th for current year assessment No reapplication necessary unless: Transfer or ownership changes Parcel consolidation or division Classification change Other changes to the parcels

5 Business Property Tax Credit How much? AY FY 2014/15: AY FY 2015/16: AY FY 2016/17: Ongoing capped at: How much for each unit? $50 Million $100 Million $125 Million $125 Million Polk County BPTC by Jurisdiction

6 Multiresidential Classification Beginning 2015 Assessment New Multiresidential Class includes: mobile home parks manufactured home communities land-leased communities assisted living facilities property primarily used or intended for human habitation containing three or more separate dwelling units

7 Multiresidential Classification Beginning 2015 Assessment New Class Excludes: Section 42 housing Hotels Motels Inns Other buildings where rooms or dwelling units are typically rented for less than one month

8 Multiresidential Classification Beginning 2015 Assessment New Class Includes: Portions of non-residential properties used or intended to be used for human habitation (and a portion of the land) regardless of the number of units and that is not otherwise classed residential

9 Dual Classification Multiresidential is to be used or intended to be used for human habitation, even if there is also commercial or industrial use Dwelling units: Apartment Group of rooms Single room Occupied as separate living quarters or If vacant, is intended for occupancy as a separate living quarters Where a tenant can live and sleep separately

10 Multiresidential Classification 2015 Assessment 86.25% 2016 Assessment 82.5% 2017 Assessment 78.75% 2018 Assessment 75% 2019 Assessment 71.25% 2020 Assessment 67.5% 2021 Assessment 63.75% 2022 Assessment = residential rollback (projected 56.4%)

11 Sales Ratio Study Arm s length sales only Excludes Sales Condition Codes Sufficient sample size Use Median Sales Ratio (AV/SP) Mandatory 95% to 105% ratio Adjust inventory values to comply If no compliance adjustment - Equalization

12 2015 Revaluation General Commercial +6.7% Warehouse / Industrial +17.2% Office +2.2% Multiresidential +12.4% Hotel / Motel +12.4% Executive Summary Reports

13 Appeal Process Assessment Roll Mailed no later - April 1 Informal Hearings April 2 April 25 File appeals to BOR April 2 April 30 BOR Hearings May 1 no later than July 15 PAAB or District Court 20 days after BOR adjourns Appeal process

14 Questions?

15 Contact Info Mark Patterson Bryon Tack