This bill amends various sections of the Iowa Code related to property assessment standards and litigation. It mandates that the director of the Department of Revenue require city and county assessors to prepare quarterly reports detailing real estate transactions, including property transfer tax, sale price, and assessed value. Additionally, the bill establishes that the department will prepare annual summaries of assessment ratios, which will be publicly available for inspection and on the department's website for a minimum of twenty years. The bill also introduces new standards for property assessments based on guidelines from the International Association of Assessing Officers (IAAO), specifically requiring the use of a coefficient of dispersion (COD) and price-related differential (PRD) to ensure equitable assessments.

Furthermore, the bill clarifies the definition of "like property" for assessment protests and limits the employment of special counsel in assessment litigation to cases involving legal business entities. It allows property owners to appeal assessments of properties located in the same taxing district and class as their own. The bill emphasizes the importance of maintaining specific COD and PRD thresholds unless a variance is justified, thereby aiming to enhance the fairness and accuracy of property assessments across the state.

Statutes affected:
Introduced: 421.17, 441.21, 441.37, 441.41, 441.42