Iowa HF563 establishes property assessment standards and litigation procedures.

Iowa HF563 mandates the use of the International Association of Assessing Officers (IAAO) standards for property assessments, including the use of coefficient of dispersion (COD) and price-related differentials (PRD). Assessors must maintain a COD of less than 15.99% and a PRD between.98 and 1.03 unless there is good cause for a variance. The bill requires quarterly reports on real estate sales and assessments, and annual summaries of assessment equity. It also limits the use of special counsel in assessment litigation to cases involving legal business entities.

Iowa HF563 establishes property assessment standards and litigation procedures.

Iowa HF563 mandates the use of the International Association of Assessing Officers (IAAO) standards for property assessments, including the use of coefficient of dispersion (COD) and price-related differentials (PRD). Assessors must maintain a COD of less than 15.99% and a PRD between.98 and 1.03 unless there is good cause for a variance. The bill requires quarterly reports on real estate sales and assessments, and annual summaries of assessment equity. It also limits the use of special counsel in assessment litigation to cases involving legal business entities.