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Q. What is a rollback?

The rollback rate is a statewide rate set annually for each property class by the Iowa Department of Revenue. More than 20 years ago, residential property values were rising quickly. To help cushion the impact of high inflation, the Legislature passed an assessment limitation law called rollback. Increases in assessed values for residential and agricultural property are subject to this assessment limitation formula. If the statewide increase in values of homes and farms exceeds 3 percent due to revaluation, their values are "rolled back" so that the total increase statewide is 3 percent. Rollback is also available for industrial and commercial property when necessary. This does not mean that the assessment on your home will increase by only 3 percent. The rollback is applied on a class of property, not an individual property. This means that the statewide total taxable value can increase by only 3 percent due to revaluation.

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About Our Office

The Mason City Assessor's main responsibility is to list and value all real property within their jurisdiction. This includes residential, multi-residential, commercial, industrial, and agricultural classes of property. The City Assessor's Office exists by city ordinance and is governed by the City Conference Board. The Conference Board has three voting units and the Mayor is the chairperson.