Assessment Equity and Fairness
All properties should be assessed equally using the same standards to ensure Iowans are not paying more than their fair share in property taxes. Iowa has six different classifications of real property used for property tax purposes: agricultural, residential, commercial, industrial, public utility, and railroad. State law requires property subject to taxation to be assessed at 100% of its fair market value, with an exception for agricultural land, which is assessed using a five-year average productivity calculation.