Last week 67 commercial property owners in Greene County formally protested the Iowa Department of Revenue’s order of a 19-percent increase in property assessment.

Greene County Assessor Adam Smith tells Raccoon Valley Radio the Department of Revenue reviewed the sales ratio study, where they examine Smith’s assessments and compare it to the property sales that took place in 2018. For the case of commercial properties, the Department of Revenue found there were six sales last year and thought Smith’s assessment was low and required him to do a 20-percent increase. Smith explains both sides of the issue.

“The other thing with commercial properties is that they are very unique because we don’t have enough sales. If we had more sales, they wouldn’t bring their own people in to do appraisals. So when you do an appraisal it’s basically the state’s appraisal and their opinion of what the building’s worth and my appraisal and what my opinion of what the building’s worth, and where’s the common ground on that? Yeah, I mean there’s definitely disagreements in each other’s numbers for sure, but who’s right?”

Smith appealed and the Department of Revenue lowered the increase to 19-percent. Sixty-seven property owners appealed the increase to the Board of Review, which is made up of a local real estate person, a farmer and a construction professional. Smith says the Board sided with 60-percent of the 67 protests. He adds, of those protests that were denied, they can either state their case to the Property Assessment Appeal Board or go to district court for a final determination.