Property values stay flat in Johnson County

IOWA CITY – With the effects of the recession still being felt, property valuations will once again remain mostly flat in Johnson County.

Assessments should be in the mail by the beginning of April, but most people and businesses won't see any changes in the value of their property.

“Everything is pretty static, not very exciting, to be honest with you,” said Johnson County Assessor Bill Greazel. “Things are just not moving.”

The same is true in Iowa City, Assessor Denny Baldridge said. His office covers Iowa City, while Greazel's takes the rural areas and other towns in Johnson County.

Every two years, assessors estimate the market value of properties in their jurisdictions. Traditionally, Johnson County property increases in value. But because of the recession, that has not been the case since 2007, although there haven't been significant decreases as experienced in other parts of the nation.

Greazel said one exception is homes valued at $800,000 and more, where the market is strong.

“Those that can afford those really expensive homes seem to have not backed off their desire for a million-dollar house,” he said.

The bottom-end of the market also is doing fine, but if there's a weak part, it's homes in the $300,000 to $400,000 range, he said. Vacant commercial land also is struggling, he said.

Baldridge said despite some people warning that the 21-only bar law would be the ruin of downtown Iowa City, values there also are flat, rather than decreasing. However, there haven't been many sales downtown in recent months to help his office determine values.

In addition to property owners, assessments also have an effect on local governments, which derive much of their revenue from property taxes.

“That's kind of how government keeps up with inflation, is by values increasing,” Baldridge said. “And there just haven't been any increases that way in the last few years. They've kind of had to tighten their belts.”

Property owners won't pay taxes based on the new assessments until 18 months from now.

The filing period for protesting an assessment is April 16 through May 5.