Winneshiek County taxpayers are getting notices their homes have been revalued

The amount of property tax you pay is calculated based on two figures--the tax rate, or "mill rate," and the value of your property, or "assessed value."  Local governments are working on 2017-2018 budgets that will hold steady the mill rates or have a small increase.  But some assessed valuations will be going up sharply, meaning higher property tax bills for many people.

County Assessor Jim Alstad says his office has completed a complete re-valuation of every residential property in Winneshiek County.  They concluded that assessed property values of homes in Winneshiek County were 14 percent lower than the actual prices paid for homes sold in 2016.

Letters are being mailed out in the next week or two with the new assessed valuations.  People owning residential property will see the biggest increases--from 10 to 15 percent for many homeowners.  People owning commercial property will probably not see any major changes, although Alstad says it's "too early to tell" exactly what formula will be used.

Farmers and other owners of agricultural land will be getting some good news.  The valuation of farmland is based on a formula that looks at figures over a 5-year period and includes not only the prices of ag land that has been sold, but figures about the profitability of farming.  Alstad says many Winneshiek County farmers should see a 15 to 20 percent reduction in the assessed value of their farmland.

Anyone who receives their valuation notice and wants to discuss their figures should contact the Assessor's Office in the courthouse to make an appointment to come in during early March for an informal hearing.