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 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 differentials (PRD) to ensure equitable assessments. The COD must remain below 15.99% and the PRD between 0.98 and 1.03 unless a variance is justified.

Furthermore, the bill clarifies the definition of "like property" for assessment protests and limits the circumstances under which special counsel can be employed in litigation related to assessments. It allows property owners to appeal assessments of properties located in the same taxing district and class as their own. The bill also stipulates that annual summaries of assessment ratios must be publicly available and accessible online for a minimum of twenty years. Overall, these changes aim to enhance the fairness and transparency of property assessments in Iowa.

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