2013 property assessment notices will be mailed to all Grundy County property owners on or before April 15th as stated by Grundy County Assessor John Freese. Even if there was no change in value, property owners will still receive a notice in an effort to keep them informed of what their assessed value is. The 2013 assessed value will be the basis for property taxes paid in the fall of 2014 and the spring of 2015.
While there will not be much change to the residential, commercial, or industrial properties, the assessed value of the farmland will be increasing by an average of 41.8%. By Iowa law, the assessed value of farmland is determined by using a 5 year productivity formula. The net operating income from those 5 years is capitalized at 7%. The data used in this formula is obtained from Iowa State University, the United States Department of Agriculture (USDA), National Agricultural Statistics Service (NASS), the USDA Farm Service Agency (FSA), Iowa Department of Revenue and other sources. The years used in the 2013 assessed values are 2007, 2008, 2009, 2010 and 2011. The 2011 assessed value for an average acre of farmland in Grundy County is $1,897 per acre, the 2013 assessed value will be $2,690 per acre, an increase of $793 per acre.
If there are any questions when the notice is received, please feel free to call the Assessor's office at 319-824-6216. Changes can be made by the office until April 15th, after that the property owner must appeal to the Board of Review.