- What is the actual market value of my property?
- How does the value compare to similar properties in the neighborhood?
Owners who are dissatisfied with the assessed value may file a written appeal annually between April 2 and April 30 to the Board of Review. The Franklin County Board of Review is a 5-member citizen board appointed by the Conference Board composed of individuals from various areas of the county who are familiar with the local real estate market; construction materials, techniques, and cost; or have an agricultural background. The policy of the Franklin County Board of Review is to conduct an on-site inspection of all properties for which a property owner has filed a petition. The Board operates independently of the Assessor's Office and has the power to confirm, adjust upward, or adjust downward, any assessment. A property owner may petition their assessment, not property taxes.
In the event an assessment is increased by way of an "Equalization Order" from the Iowa Department of Revenue, property owners are also able to petition the increase in value. If an equalization is ordered the property owner may file a written appeal between October 9 and October 31. Equalization orders only occur in odd numbered years and the notice is mailed to property owners. Petition forms are available at the Assessor's Office.
Franklin County Why Is My Property Tax So High? and Who are Assessors? Instructional Videos
What is an Equalization Order?
In odd numbered years, the Iowa Department of Revenue compares the Assessor's complete assessment roll, called an abstract, to a sales ratio study of properties sold within that county over the past year. All arms-length transactions are considered for this sales ratio study. If the assessment (by property class) is 3% or more above or below the sales ratio study's median value, the Department of Revenue will decrease or increase assessments to compensate for the difference. Equalization occurs on an entire class of property, not on an individual property. Residential and commercial classes of property are subject to equalization orders, agricultural and industrial classes are not. Equalization occurs on an assessing jurisdiction basis, not on a statewide basis.