PO Box 598 Spirit Lake, Iowa 51360

Determining Property Tax

The assessed value of the property is only one of three factors that determine the amount of the property tax. The other two are the rollback and the levy rate. In the fall the Iowa Department of Revenue will determine the rollback factor. Each classification of property (residential, commercial, industrial, multiresidential, and agricultural) will receive a statewide rollback factor. For the last five years the residential property rollback number has hovered around 55 percent. For commercial property there is a 90 percent rollback

During January, February, and March each taxing jurisdiction (city, county, school district, sewer system, community college, etc.) will determine its budget for fiscal year 2020 (begins July 1, 2019). In the spring of 2019 the County Auditor will apply the requested budget from each taxing jurisdiction to the property value for that entity. The result will be levy rate for that jurisdiction. The levy rate is the factor applied to each $1,000 of taxable valuation.

The County Treasurer takes that tax levy for each taxing jurisdiction and applies it to your taxable property value (assessed value less the rollback factor). The total tax from each taxing jurisdiction becomes the property tax bill you receive in August.