A limitation on growth in assessed value of 4% (8% for utilities) has been in effect since the 1980 assessment year. As a result of this, the value of your property subject to taxation may be a percentage of the original assessed value. In November, the Director of Revenue certifies limitation percentages to the County Auditor
. This rollback percentage is multiplied by the value originally assessed to come up with the taxable value of the property.
Increases in assessments of residential and agricultural property are tied to each other. What this means is that if residential property valuation increases by 4% and the increase for agricultural property was only 3%, the residential increase would be reduced to 3%.