A polk county property appraiser determines the market value of a home by analyzing historical information about the price and selling prices for similar homes in the area. Market values are discounted from the actual purchase cost to determine an estimated fair market value. Appraisers also consider the amount of improvements that have been made to a home and how long it will take the potential buyers to pay for them.
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The two types of market value are based on taxes paid to the county and the appraised market value. Market value is based on the assessed value at the tax year tax rate, which is the same as the current market value for properties in Polk County. Tax year tax rates are based on an estimate of property tax collections. All property appraised within a county must be submitted to a countywide property valuation review in order to meet this requirement.
An exception to this requirement is if the home has been newly constructed or renovated. In this case, the sales price does not include any adjustment for these new construction or renovation expenses. Also, in the case of older homes, it is required that the owners complete a non-appraisal survey. This survey is used in determining the market value of the home but it is not considered in the setting of final market values. This is why a Polk County property appraiser will often request a certified appraisal that is completed by a certified public accountant.
Applying Polk County Property Taxes Based on the Market Value of Your Home
The homestead exemption is a type of inattentive property appraisal that is usually required for home appraisals. Polk County has two homestead exemptions; the first is equal to the combined homestead value of the homesteads of the marital home owners of both the sexes. The second is equal to the combined homestead value of the homesteads of the owner-children of the homestead owners if they are married. These exemptions were put in place to protect the children of unmarried parents from the dangers of an unlivable home. This homestead exemption is not allowed in all counties.
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The second type of homestead exemption is based on a rebating formula. In order for this type of appraisal to be completed, one of two things must happen. First, a homestead exemption must be applied to the market value of the home and the second, the appraiser must apply a rebate to the market value of the property. If the homestead exemption was applied to the market value, the homestead credit amount would be reduced by the rebate percentage that was applied. If the appraiser applied for the rebate, the process would be reversed and the rebate amount would be applied to the market value.
If a homestead exemption is applied to the current market value of the property, the appraiser will create an accurate value for the property. If a rebated amount is applied to the market value, the appraiser may create a value that is much lower than what the homestead exemption should be. If the appraiser has made an error, he or she may notify the homestead owner about this error. The problem with this is that the error will not be reported to the county property appraiser until after the homestead exemption has been applied to the property.
If the property taxes have increased in the recent past, the appraiser will ask you if you want to reapply for the homestead exemption. If you agree, the homestead tax office will re-assess your property for its market value. If the new market value is higher, you will be required to pay additional property taxes. This means that the new assessed value will be higher than the prior year's assessment. If the previous year's value was lower, you will not be required to pay additional property taxes.
To learn more about the process of how your Polk county assessor values and classifies your home, you should speak with your county clerk who will be able to answer any of your questions. A certified appraisal is one of the most important tools that you have in order to make sure that you are paying your home taxes based on your home's current market value. The last thing you want to do is to let your property taxes get out of control. You can learn more about your rights by speaking with a professional appraisal agent, but in the end you must follow the law. Applying the correct homestead exemption and making sure that you are paying your Polk county property taxes based on the current market value of your home can ensure that you do not become delinquent.
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