It should, however, be able to explain the basic principles and events involved in calculating the property tax rate. Typical improvements include a building, house or mobile home, fences, and paving. Home owners pay less than half of the property tax collected each year in Iowa. Farmers pay 21 percent, and businesses and industry, a total of 23 percent. Utility companies, including railroads, pay 10 percent.
State law requires that all real property be assessed every two years in odd-numbered years.
Railroads and public utilities, which are assessed by the Iowa Department of Revenue and Finance, are assessed every year. Cities, counties, school districts, and townships are the most common. Taxing authorities may also include community college districts, agricultural extension districts, assessor offices, hospital districts and sanitation districts. In addition, there are associations for fire protection, drainage, and other public needs that levy taxes. Iowa has more than 2,000 taxing authorities.