The City of Riverdale was notified today (10/02) that the State of Iowa has ordered the Scott County Assessor to increase valuations on multiresidential and dual-classified properties by more than 20%. Three properties in Riverdale are effected by the order.
The notification from the Tom McManus, the Scott County Assessor read as follows:
I want to inform you that Scott County received an assessment equalization order from the Iowa Department of Revenue. Multiresidential and Dual-Classified (multiresidential portion only) properties in Scott County will have their assessed values increased +21%. No other class of property received an equalization order. You may start hearing some feedback from multiresidential property owners in the community. Please feel free to direct all questions to the County Assessor’s Office 563-326-8635 or email@example.com. We will answer all questions property owners have and also inform them of their right to appeal the new assessment and explain the process to them. Only multiresidential property owners affected by the equalization order will have the right to appeal their new assessment.
With this VERY LARGE INCREASE IN VALUE there will likely be some very confused and very upset property owners calling and coming in. The Scott County Assessor’s Office is prepared. If answering questions, our standard office answer will be as follows: This is a new classification of property in Iowa (only since 2015), and this is the very first year the IDOR has equalized this class of property, and recent sales are showing that rental properties in Scott Co are selling on average for WAY more than we currently have them assessed. If you disagree, you can appeal your assessment increase. We will then explain the appeal process, and how to do it, and how they can run their own sales comps, and look at similar assessments for equity, etc.
The County Auditor will be posing a public notice in the local newspaper(s) this week or next, and will then also be sending individual equalization assessment adjustment notices to all MR & D/C property owners on or before next Tuesday Oct 8th, a total of about 325 property owners in Scott County.
The County Assessor’s Office is still in the process of protesting this +21% MR Equalization order with the IDOR, and there is a very, very small chance that it could still be removed or reduced before year end, but, in the meantime, we are required by law to apply the equalization order, mail new assessment notices to effected property owners, and start prepping for a Fall Board of Review session. The good news, if any, is that there are only about 325 total MR & D/C parcels affected, or about 1% of the all properties in Scott County and less than 2% of total assessed value. During the appeal process, property owners can ONLY protest the equalization order increase in value and can ONLY request to have it reduced or removed, and will still have to prove why this new assessed value is truly not representative of current fair market value. By law, the during equalization sessions, BOR is not allowed to remove any more value than what was added due to the order increase.
In the spring of 2019, the Scott County Assessor’s Office adjusted MR values in different parts of the county by different percentages as needed. See attached sheet for total value adjustments from 2018 to the newly equalized values for these types properties in each city. Overall, the County Assessor increased MR values in Scott Co an average 11.5% in the spring of 2019. The main point being that the County Assessor did what he felt was needed, and allocated MR value adjustments around Scott Co, market by market, as data indicated. We feel we did our job. The neighboring and similar jurisdiction, Davenport Assessor’s Office reported they also increased Davenport, Iowa MR property values by an average of 11% for 2019. Therefore, Scott County feels our MR assessment increases were in line with the neighboring assessing jurisdiction are therefore justified. But, based on market sales, the IDOR feels we need to add more value to MR properties for 2019, and an equalization order was given.
A summary report prepared by the assessor’s office can be found here.
If there is interest in learning more about this valuation increase, we are happy to facilitate a meeting with the assessor’s office. Just let us know in the comments section below.