2008 Iowa Real Property Appraisal Manual, May 2008

********NOTE: There are nine sections to this manual, all in separate files.************* **********NOTE: Large files may take longer to open******** The basis of real property assessment in Iowa is market value as defined in Iowa Code §441.21. Iowa Code §§ 421.17(17) and 441.21(h) provide that assessment jurisdictions follow the guidelines and rules in this manual to help achieve uniformity in assessments. Assessors are encouraged to use the International Association of Assessing Officers’ Standard on Mass Appraisal of Real Property in their mass appraisal practices. Estimating market value in mass appraisal involves accurately listing properties, developing a sales file that includes the primary influences on market value, and developing models for subsets of properties that share common market influences using recognized mass appraisal techniques. The assessment of an individual property should not be based solely on the sale price. The Uniform Standards of Professional Appraisal Practice (USPAP) standard 6 says “In developing a mass appraisal, an appraiser must be aware of, understand, and correctly employ those recognized methods and techniques necessary to produce and communicate credible mass appraisals.” Accurate listing of property is the basis of a good mass appraisal program. On-site inspection and listing of property is essential in developing a good data base for revaluation. A physical review, including an on-site verification of property characteristics, should be conducted at least every four to six years. Land values should be reviewed every two years. Factors influencing the market of each property type should be identified and collected so that these factors can be considered in the mass appraisal model. It is equally important to maintain the data once it is collected. Accessing local government permit systems should be a part of a good data maintenance program along with an inspection program. Current cadastral maps and geographical information systems (GIS) are tools that are integral in checking accuracy of listings and maintaining a comprehensive data base.

Issue review : income surtaxes.

School districts can use income surtax as a replacement for local property taxes to fund specific, discretionary education programs. This issue review provides an overview of the local income surtax and the potential impact of allowing other local governments to replace property tax with income surtax.

Iowa Highway Programs, Finances, and Progress, 1951

(a) Iowa has a total of 101,620 miles of rural roads, both primary and secondary. (b) On January 1, 1951, a total of 68,869 miles of these rural roads were surfaced - mostly with gravel and crushed stone. (c) Additional roads are being surfaced at the rate of 2676 miles per year. (d) Iowa's highway program provides for a surfaced road to every reasonably located rural home and a paved or other type of dustless surface on all primary roads. (e) Iowa's highway funds come 26.0 per cent from property taxes, 63.5 per cent from road use taxes, 10.5 per cent from Federal aid. (f) Annual income under present laws, available for highway construction, is approximately For primary roads ----------------- $24,000,000 For secondary roads---------------- $41,967,000 (g) Iowa's highway improvements are being paid for as built. No new bonds are being issued. (h) Unobligated available farm to market road funds are rapidly being placed under contract. (i) The letting of highway contracts is increasing rapidly. (j)- Iowa's highway program is estimated to cost $945,000,000 and will require twenty years to build. These are the highlights of Iowa's highway program. The details will follow in succeeding paragraphs.

Iowa Highway Programs, Finances, and Progress, 1952

(a) Iowa has a total of 101,620 miles of rural roads, both primary and secondary. (b) On January 1, 1952, a total of 71,493 miles of these rural roads were surfaced - mostly with gravel and crushed stone. (c) Additional roads are being surfaced at the rate of 2662 miles per year. (d) Iowa's highway program provides for a surfaced road to every reasonably located rural home and a paved or other type of dustless surface on all primary roads. (e) Iowa's highway funds come 26.0 per cent from property taxes, 63.5 per cent from road use taxes, 10.5 per cent from Federal aid. (f) Annual income under present laws, available for highway construction, is approximately For primary roads------------------$23,000,000 For secondary roads---------------- 41,967,000 (g) Iowa's highway improvements are being paid for as built. No new bonds are being issued. (h) The surplus of farm to market road funds created during and immediately following the War have now been placed under contract, with only a minimum working balance remaining in the fund. (i) Iowa's highway program was estimated to cost $945,000,000 and to require twenty years to build, by the 1948 Legislative Committee. This estimate would now have to be increased due to price increases and higher required standards. These are the highlights of Iowa's highway program. The details will follow in succeeding paragraphs.

Iowa Highway Program, Finances and Progress, 1954

(a) Iowa has a total of 101,451 miles of rural roads, both primary and secondary. (b) On January 1, l954, a total of 77,024 miles of these rural roads were surfaced - mostly with gravel and crushed stone. This is 5,53l miles greater than on January l, 1952. (c) Additional roads are being surfaced at the rate of 2766 miles per year. (d) Iowa's highway program provides for a surfaced road to every reasonably located rural home and a paved or other type of dustless surface on all primary roads. (e) Iowa's highway funds come 25.4 per cent from property taxes and special taxes......................................$29,708,546.67 63.7 per cent from road use taxes.......... 74,581,080.30 10.6 per cent from Federal Aid (1952 Act).. 12,424,000.00 0.3 per cent from miscellaneous receipts.. 287,922.86 ---- ------------- 100.0 $117,001,549.83 (f) Annual income under present laws, available for highway construction, is approximately, For primary roads $29,420,000.00 For secondary roads $44,328,000.00 In 19_3, $7,299,000 of secondary road construction funds was transferred to the maintenance fund. (g) Iowa's highway improvements are being paid for as built. No new bonds are being issued.

Final Report: Legislative Property Tax Study Committee, January 2009

The Committee was authorized to meet three days during the 2007 Legislative Interim and two days during the 2008 Legislative Interim. The Committee met on September 12, 2007; November 7, 2007; December 5, 2007; November 14, 2008; and January 7, 2009, at the State Capitol, Des Moines, Iowa. In 2008, the Committee retained consultants from the Institute for Public Policy at George Washington University to study property taxation and other forms of revenue generation used by local governments in Iowa and other states.

Issue review : city property tax for fiscal year 2009.

This issue review provides fiscal year 2009 city taxable value, tax rate and property tax revenue statistics, with comparisons to FY 2008 and to FY 2001. A discussion of the impact of the residential rollback on the tax base of cities and the growth in tax increment financing, or TIF, is also included.

Parallel Research, Multiple Intellectual Property Right Protection Instruments, and the Correlation among R&D Projects, September 2005

The choice of a research path in attacking scientific and technological problems is a significant component of firms’ R&D strategy. One of the findings of the patent races literature is that, in a competitive market setting, firms’ noncooperative choices of research projects display an excessive degree of correlation, as compared to the socially optimal level. The paper revisits this question in a context in which firms have access to trade secrets, in addition to patents, to assert intellectual property rights (IPR) over their discoveries. We find that the availability of multiple IPR protection instruments can move the paths chosen by firms engaged in an R&D race toward the social optimum.

Production and Abatement Distortions under Noisy Green Taxes, October 2005

Pigouvian taxes are typically imposed in situations where there is imperfect knowledge on the extent of damage caused by a producing firm. A regulator imposing imperfectly informed Pigouvian taxes may cause the firms that should (should not) produce to shut down (produce). In this paper we use a Bayesian information framework to identify optimal signal-conditioned taxes in the presence of such losses. The tax system involves reducing (increasing) taxes on firms identified as causing high (low) damage. Unfortunately, when an abatement decision has to be made, the tax system that minimizes production distortions also dampens the incentive to abate. In the absence of wrong-firm concerns, a regulator can solve the problem by not adjusting taxes for signal noise. When wrong-firm losses are a concern, the regulator has to trade off losses from distorted production incentives with losses from distorted abatement incentives. The most appropriate policy may involve a combination of instruments.

Uniform Manual Real Property Acquisition and Relocation Assistance Section II - Chapter 111 Uniform Rules and Procedures April, 2006

The purpose of this chapter is to implement Iowa Code chapter 316 and sections 6B.42, 6B.45, 6B.54 and 6B.55, as required by the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, Pub. L. 91-646, as amended by the Uniform Relocation Act Amendments of 1987, Title IV, Pub. L. No. 100-17 , Sec. 104, Pub. L. 105-117, and federal regulations adopted pursuant thereto.

Intellectual Property Rights and Crop-Improving R&D under Adaptive Destruction, June 2007

This paper studies how the strength of intellectual property rights (IPRs) affects investments in biological innovations when the value of an innovation is stochastically reduced to zero because of the evolution of pest resistance. We frame the problem as a research and development (R&D) investment game in a duopoly model of sequential innovation. We characterize the incentives to invest in R&D under two competing IPR regimes, which differ in their treatment of the follow-on innovations that become necessary because of pest adaptation. Depending on the magnitude of the R&D cost, ex ante firms might prefer an intellectual property regime with or without a “research exemption” provision. The study of the welfare function that also accounts for benefit spillovers to consumers—which is possible analytically under some parametric conditions, and numerically otherwise—shows that the ranking of the two IPR regimes depends critically on the extent of the R&D cost.

Property Valuation Report, 2007

Iowa law requires every city and county assessor to submit to the Iowa Department of Revenue an annual Abstract of Assessment reflecting assessed values of real property. The Iowa Department of Revenue has received and reviewed each 2007 Abstract of Assessment and summarized the valuation data. The values reported on the Abstracts of Assessment are one hundred percent (100%) of the actual value of property as established by the assessors and approved by local boards of review.

Property Valuation Report, 2008

Iowa law requires every city and county assessor to submit to the Iowa Department of Revenue an annual Abstract of Assessment reflecting assessed values of real property. The Iowa Department of Revenue has received and reviewed each 2008 Abstract of Assessment and summarized the valuation data. The values reported on the Abstracts of Assessment are one hundred percent (100%) of the actual value of property as established by the assessors and approved by local boards of review.

Property Valuation Report, 2009

Iowa law requires every city and county assessor to submit to the Iowa Department of Revenue an annual Abstract of Assessment reflecting assessed values of real property. The Iowa Department of Revenue has received and reviewed each 2009 Abstract of Assessment and summarized the valuation data. The values reported on the Abstracts of Assessment are one hundred percent (100%) of the actual value of property as established by the assessors and approved by local boards of review.

Tax Exempt Property Report, 2008

Iowa law requires each assessor in the state to value tax exempt property within his or her jurisdiction, and report such values to the Director of Revenue each year. The following report lists the 2009 actual valuations of tax exempt property for the following types of property: religious institutions, literary societies and educational institutions, low rent housing, associations of war veterans, charitable and benevolent societies, libraries and art galleries, dwelling unit property, homes for soldiers, and racetracks. Also presented in this report are comparative 2008 exempt property values.