Iowa Code 441.47 – Adjusted valuations
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The department of revenue on or about August 15, 1977, and every two years thereafter shall order the equalization of the levels of assessment of each class of property in the several assessing jurisdictions by adding to or deducting from the valuation of each class of property such percentage in each case as may be necessary to bring the same to its taxable value as fixed in this chapter, chapters 427 through 440, and chapter 443. The department shall adjust to actual value the valuation of any class of property as set out in the abstract of assessment when the valuation is at least five percent above or below actual value as determined by the department. For purposes of such value adjustments and before such equalization the director shall adopt, in the manner prescribed by chapter 17A, such rules as may be necessary to determine the level of assessment for each class of property in each county. The rules shall cover:
1. The proposed use of the assessment-sales ratio study set out in section 421.17, subsection 6.
Terms Used In Iowa Code 441.47
- actual value: means the "actual value" as determined by subsections 1 through 3 without application of any percentage reduction and entered opposite each item, and as listed on the tax list as provided in section 443. See Iowa Code 441.21
- Director: means the director of the department of revenue. See Iowa Code 453A.42
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- property: includes personal and real property. See Iowa Code 4.1
- Use: means the exercise of any right or power incidental to the ownership of tobacco products. See Iowa Code 453A.42
2. The proposed use of any statewide income capitalization studies.
3. The proposed use of other methods that would assist the department in arriving at the accurate level of assessment of each class of property in each assessing jurisdiction.