SIOUX CITY, Iowa (KCAU) — New assessments for Sioux City property owners have started arriving in mailboxes across town, and in many cases, values are increasing.
Iowa state law requires that property be assessed in odd-numbered years. One of the factors that determines a home’s assessment is its fair market value. To determine market value, the county assessor uses comparable sales of similar homes in an area to establish the value, including the age, location and style of the home.
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When the value goes up, so do property taxes. That’s perhaps not good news for the homeowner, but realtors KCAU 9 talked with want people to know that seeing an increase on the assessment is a good thing, as it shows the housing market is in good shape.
“It is disappointing that your tax evaluation has gone up, but the market has still been climbing, and so that’s a reflection of what the assessor is doing right now,” said Jason Geary, a realtor with Century 21 ProLink. “I just recommend my clients check with the realtor as I’m helping my clients go through the same process.”
New assessments began arriving in local mailboxes a couple weeks ago, and others could still be in the mail. A property owner who disagrees with the assessment can appeal the county assessor’s calculations.
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