Allamakee County Corner

How to interpret your tax statement
My tax statement came in the mail today & my taxes went up! Why did the tax increase? How can I find out?  
Under the heading “Valuations and Taxes” you will find two columns. One column lists the 2013 year assessed value and taxable value. The second column lists the 2012 year assessed value and taxable value. If you compare the 2012 and 2013 assessed value and they are the same figure, your tax increase has not been caused by a change in your assessment. If the assessed value has increased or decreased, you have discovered the first reason for change in the amount of tax due. Contact the Allamakee County Assessor’s office if you have questions regarding changes to your assessment.
The second column shows taxable value. Why is taxable value different than the assessed value? In Iowa, a person may or may not pay taxes on 100% of their assessment depending on the classification. This is called a rollback and is figured each year by the Iowa Department of Revenue based on calculations established in Iowa Code 441.21.
My “Total Value” is different than my “Net Taxable Value.”  
If there is a difference between these two figures you are a qualifying military veteran and have applied for a military exemption. A military exemption reduces an individual’s taxable value by the amount set in Iowa Code 426A, the most common reduction being $1852 of valuation.  
Next we see the last year and current year levy per 1000. This figure is the number of dollars of tax calculated for every thousand dollars of taxable value.
Is the “levy” amount different this year than last years? What causes this?  
The levy is calculated based on the budgets of all entities receiving tax dollars.  Some of these include the county, city school, township, assessor, etc. Public hearings are held by all taxing bodies prior to establishing their portion of the total levy. Questions regarding budgeting and levies may be directed to the Allamakee County Auditor’s Office.
You’ll also see that gross taxes have been calculated. Is the amount different than last year? The gross tax amount is based on assessment, taxable value, levy rate and military exemption.
Do I have any credits and am I receiving all credits I could qualify for?
• Homestead Credit: You must be an Iowa resident, this must be your primary residence and you must live there six months out of the year. Only one homestead credit per qualifying individual is allowed in the State of Iowa.  Applications must be filed with the County Assessor.
• Ag Land Credit: Property must be classified agricultural, tract must be 10 acres, no application is necessary.
• Family Farm Credit:  Property must be classified agricultural, tract must be 10 acres, a qualifying person must be participating in  farming and application must be filed with your County Assessor.
• Business Property Tax Credit: Property must be classified commercial, industrial or railroad and application must be filed with the County Assessor.
• Low Income/Elderly Credit: Application must be filed annually with the County Treasurer. This year to be eligible you must have a total household income of less than $21,698.00. Questions regarding this may be directed to the County Treasurer.
Finally, you’ll see the Net Annual Taxes with first half being due and collectable September 30, 2014 and second half due March 31, 2015. Questions regarding amount of tax due, penalty, and if payments have been made can be directed to your County Treasurer.