Sioux City, Iowa — New property tax valuations are starting to go out and some people may suffer sticker shock when they see the increase.
Sioux City Assessor, Tyler Erickson, says they have to do the valuations every two years to ensure valuations are within five percent of market value.
He tells us how they determine a property’s value.
He says the market adjustment ensures your home is being valued based on the sale of homes in your neighborhood that are comparable in cost. Erickson says your taxes don’t automatically go up the same amount as the assessed value because there is a state rollback.
Erickson says they are already getting calls from upset homeowners after assessments went out. He says you can appeal and should look at the comparable home sales in your neighborhood to see how much difference there is between the valuation and area sales.
