Homes across Cedar Rapids see higher property assessments
CEDAR RAPIDS, Iowa (KCRG) - The median home in Cedar Rapids saw a 4.7% increase in value this year, according to the Cedar Rapids Assessor’s Office.
Many homeowners saw their property assessments increase by more than 4.7%, which could create a higher tax bill for Iowans during a period of high inflation.
Rebekah Mardis, who lives in the southeast side of Cedar Rapids, said aid her home has increased in value by around $25,000 in the last two years. She’s concerned about a higher tax bill with rising inflation.
“The cost of gas is going up again, food prices are increasing, so this is just one more stone in the bucket,” she said.
Mardis plans to appeal the assessment, which people can do by contacting the city assessor’s office for an appraiser to review the property.
Julie Carson, who is the Cedar Rapids Assessor, said the booming real estate market is fueling the increase on property values across the city. She said other factors like repairs from weather events, a low housing supply, low mortgage, and interest rates are factors too.
Copyright 2022 KCRG. All rights reserved.