![]() This method is generally referred to as the MARKET APPROACH and is usually considered the most important in determining the value of residential property. The Assessor also uses sales ratio studies to determine the general level of assessment in a community in order to adjust for local conditions. Local conditions peculiar to your property are taken into consideration. The first approach is to find properties that are comparable to yours which have sold recently. ![]() To estimate the market value of your property, the Assessor generally uses three approaches. How Does the Assessor Estimate Market Value? Changes in market value as indicated by research, sales ratio studies and analysis of local conditions as well as economic trends both in and outside the construction industry are used in determining your assessment. The current law requires the reassessment to occur in odd numbered years. State law requires that all real property be reassessed every two years. This is sometimes referred to as the "arms length transaction" or "willing buyer/willing seller" concept. Market value of a property is an estimate of the price that it would sell for on the open market on the first day of January of the year of assessment. To provide fair and equitable assessments to all property owners in Black Hawk County using mass appraisal methods. Understanding Your Property's Assessment (Printable Brochure) Understanding Iowa Property Tax System (Video) ![]() Homestead Law Change for 65 Years of Age or Older ![]()
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