Assessments for residential properties expected to increase over 20% statewide

CEDAR RAPIDS, Iowa (KCRG) - The 2023 average increase in valuation for residential property throughout the state of Iowa is estimated to be about 22%, according to the Linn County Assessor’s Office.

The increase in assessment value will affect how tax bills are calculated throughout the state, which can’t be calculated until the assessment limitation and levy rate are finalized. Those three factors can vary by county, city, township or neighborhood.

Jerry Witt, who is the Linn County Assessor, said the increase is driven by lower interest rates over the last two years and a supply of houses not meeting demand. He said this is increasing the prices houses sell at, which affects the property assessment at a significant rate.

“I’ve never seen it,” Witt said. “I guess, I’ve been here for 15 years. But, I’ve never seen anything like it.”

He said other factors like the high price of lumber have also affected the assessment rates, which jumped 25% in Linn County.

Julie Carson, who is the Cedar Rapids City Assessor, said the average residential property within the city saw an increase in its assessment at about 15%. She said those assessment notices are scheduled to be mailed on March 30 because they are still finalizing values in an email to TV9.

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