Property assessments ongoing in Cedar Rapids - KWWL - Eastern Iowa Breaking News, Weather, Closings

Property assessments ongoing in Cedar Rapids

Posted:
CEDAR RAPIDS (KWWL, Press Release)-- The city of Cedar Rapids begin its annual property value assessment, with a special focus on flood-impacted parts of the city

Appraisers began inspecting the Time Check neighborhood Monday.

They will spend the next two months inspecting and taking pictures of some 830 residential and 1,000 commercial properties hit by June's flooding disaster.

The purpose of this property valuation assessment process is to reevaluate the value of flood-impacted properties, and in most cases reduce property owners' taxes, for the July 2010 through March 2011 tax season.

It's part of a three phase process that should be finished in March:

Phase I: September-November 2008 - Appraisers inspect all properties in person to adjust assessments.

Phase II: November-December 2008 - City Assessor makes property valuation adjustments based on market sales and other data.

Phase III: January-March 2009 - Final valuation estimates of each flood-affected property are determined.

If a property's assessed value changes, the City Assessor's Office will send a notice to property owners on the first Friday in April 2009.

Online Producer:Michelle Caldwell

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