No one likes to pay taxes, especially property taxes.  Even worse, however, is if you could have appealed the increase but you didn't find out until it was too late.

In Iowa, your property taxes are based on the assessed value of your property; the tax rate cities, counties and schools set; and a final equalization order set by the state.  If your property is reassessed, the county assessor must let you know in the spring and then give you time to appeal.

However, if the property is not reassessed, you may or may not receive a notice. Equalization does not occur on individual property, but on an entire class of property, such as all residential property in an assessing jurisdiction.

Does it make any difference?  It could.  When the state issues the equalization order in the fall, your property taxes could go up and you may not find out until you actually get your bill. By then, it is too late to make any appeals.

To solve this problem, the Iowa House has passed legislation to provide property owners with more information.  Starting in 2010, the Director of the Department of Revenue will issue a preliminary estimate on the equalization order in February.  In the spring, the county assessor will notify you of your assessment and the possible equalization order.  This will give you plenty of time to appeal the assessment in the spring or equalization order in the fall.

Many county assessors are already providing this information to property owners.  However, up to half of the county assessors are not.  Senate file 266 will make sure all Iowa property owners have the information they need and in a timely fashion.

SF 266 now goes back to the Senate to consider the changes made by the House.