General Instructions Regarding Content
All entries are to reflect locally-assessed values after board of review action and before the application of any partial exemption, special valuation, or credit. Do not include valuations of properties that are centrally assessed by the Iowa Department of Revenue or subject to Utility Replacement Tax (“URT”).
- Example: An industrial building is valued for the current by the assessor at $100,000. This building is subject to a partial exemption under Chapter 427B of 75%. The assessor is to report the full $100,000 value on the industrial page of the abstract.
On the partial exempt portion of your abstract, you are to report the partial exemption amounts, which in the preceding example, would be the $75,000 not subject to levy.
Properties that are 100% exempt should only be reported on the exempt property upload. Portions of 100% exempt property that are taxable due to use should not be reported on the abstract or reconciliation (except as transfers).
Reconciliation Instructions
Each page is divided into a section for townships and unincorporated areas and a section for incorporated cities and towns. Be certain to complete both sections of each page if applicable.
All values reported are to be after board of review action. Do not make separate entries on the reconciliation report for additions or deletions to value made by the board of review.
Section I of the Reconciliation
- Line A. Enter the total actual value after board of review action for the appropriate class of realty for the current year.
- Line B. Enter the prior year’s ending balance, which will reflect changes due to omitted parcels, judicial or PAAB rulings, or auditor corrections. In an even-numbered year the prior year’s ending balance will include application of any equalization orders and adjustments made by the board during the special equalization session.
IMPORTANT: All values reported on the Reconciliation Report are to be values before application of the assessment limitations (the 100% value). - Line C. Subtract the current year’s valuation from the prior year’s ending balance. Enter the difference at line “C”. The amount on line C should agree with the difference between the Total Additions and Total Deletions.
Section II Additions to Value
This section is to reflect increases in actual value from the prior year’s assessment.
- Line A. From Revaluation -Enter the total amount of increase in actual value which resulted from revaluation of existing properties.
IMPORTANT: Do not include new construction or improvements made to existing property as increases in actual value from revaluation. - Line B. Annexation -Enter the amount of additional actual value of properties resulting from annexation. These amounts are to balance with losses to annexation reported elsewhere on the reconciliation report unless such properties were annexed from another assessing jurisdiction.
- Line C. New Construction -Enter the additional amount of actual value resulting from new construction or improvements made to existing structures. The actual value of buildings removed should not be subtracted from this amount.
- Line D. Transferred from -Enter the amount of actual value added as a result of reclassification. Be sure to indicate the classes from which properties have been transferred. Except for exempt property, the amount added by the transfer must balance with the amount deleted through transfer elsewhere in the report. There is no need to report transfers between townships or cities in the same classification.
- Line E. Other -Enter any increases in actual value which are not the result of revaluation, annexation, new construction, or reclassification (for example, the value of property omitted from the prior year’s assessment). Any amounts entered here should be explained at the bottom of the page or with an attached note.
- Line F. Total Additions to Value -Enter the sum of Additions to Value, A through E.
Section III Deletions from Value
This section is to reflect reductions in actual value from the prior year’s assessment.
- Line A. From Revaluation -Enter the amount of decrease in actual value which resulted from revaluation of existing properties.
- Line B. Lost to Annexation -Enter the amount of actual value lost as a result of annexation. These amounts are to balance with additions from annexation reported elsewhere on the reconciliation report unless such properties were annexed by another assessing jurisdiction.
- Line C. Buildings Removed -Enter the total actual value of buildings which have been removed since the prior year’s assessment.
- Line D. Transferred to -Enter the amount of actual value deleted as a result of reclassification. Be sure to indicate the classes to which such properties have been transferred. With the exception of exempt property, the amount reported here is to appear elsewhere in the reconciliation report as an addition. There is no need to report transfers between townships or cities in the same classification.
- Line E. Other -Enter any decreases in actual value which do not fit into one of the four categories listed above. Any amounts entered here should be explained at the bottom of the page or with an attached note.
- Line F. Total Deletions From Value -Enter the sum of Deletions from Value, A through E.
About Dual Classification Valuation
Dual class counts are by unit; a unit is not a dwelling but is an operating unit as defined by the International Association of Assessing Officers (“IAAO”).
Valuation for dual class property should be reported in the classification to which it belongs, for example, a commercial property with one residential apartment would have the commercial value reported on the commercial abstract and the residential value reported on the residential abstract.
Section 42 Reporting
Section 42 value should be included in valuation reported on the abstract and reconciliation for the classification to which it belongs. Any changes in valuation to Section 42 property should be reported as revaluation in the classification to which the property belongs.
Wind Energy subject to Iowa Code section 427B.26
All wind energy subject to Iowa Code section 427B.26 will be reported on the Wind Energy report and should be excluded from your industrial valuation. Wind towers not subject to special valuation under Iowa Code section 427B.26 should be included in your industrial valuation, unless they are centrally assessed or subject to utility replacement tax.