The entire state and most of the United States have seen dramatic increases in the real estate market over the last two years. My house went up 30%, will my taxes go up 30%? We are not predicting the future, only responding to the prices that buyers paid to sellers. If the market becomes deflated, assessed values would decrease accordingly the following odd-numbered year. As the market inflates, assessed values increase.

Those sales make up the market and dictate 2023 assessed values. Buyers and sellers agreed upon fair prices for properties in Van Buren County throughout the year, and those sales were then recorded. The assessor must value according to the sales from the prior year, so 2023 assessments are based on 2022 sales. Every odd-numbered year, assessments must change to reflect each jurisdiction’s market transactions between buyer/sellers. Since 1975, by Iowa Code, assessed values of residential, commercial and industrial properties are to be at market value. FAQ’s Regarding 2023 Assessed Valuation Changes:

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