Iowa Abstract of Assessment (Instructions)

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Abstract of Assessment (Instructions)
Microsoft Word - 2022 Abstract of Assessment Instructions2022 Abstract of Assessment Instructions
You are to report the assessed valuations for January 1, 2022, according to the different
classes of property designated. When there is no property assessed for a class, enter
zeroes.
All 2022 entries are to reflect values after 2022 board of review action. Do not include
valuations of properties that are centrally assessed by the Iowa Department of Revenue.
It is essential that the abstract reflect the assessor’s 2022 full actual value for properties
normally classified as agricultural, residential (reported in three categories: agricultural
dwelling, residential and residential 3+ units), commercial, and industrial. Dual class counts
are by unit; a unit is not a dwelling but is an operating unit as defined by IAAO.
Valuation for dual class property should be reported in the classification to which it belongs,
for example, a commercial property with one residential apartment would have the
commercial value reported on the commercial abstract and the residential value reported on
the residential abstract.
The reported valuations on Pages 1-9 are to include the 100% actual value of
properties subject to the exemptions or partial exemptions listed on Page 10.
Example:
An industrial building is valued for 2022 by the assessor at $100,000. This building is
subject to a Chapter 427B exemption of 75%. The assessor is to report the full
$100,000 value on Page 6 of the abstract.
On Page 10 of the abstract, you are to report the partial exemption amounts, which
in the preceding example, would be the $75,000 not subject to levy.
Page 11 is to report the 100% fully exempt property. Do not include the value for the taxable
portion of property owned by an exempt organization. The values reported on this page
are not included in Pages 1-9.
At the bottom of Page 11, you are asked to explain any large value changes from last year’s
report (Lines A – K). You are also asked to report the 2021 total exempt property value. If
the percent of change is over 5%, please explain why. If the percent of change is 0%,
please note the last time exempt properties were revalued.
Page 12 is to report Section 42 Housing only.

Iowa Department of Revenue

Extracted from PDF file 2022-iowa-form-57-005-instructions.pdf, last modified January 2022

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More about the Iowa Form 57-005 (Instructions) Estate Tax

Used for assessed valuations of different classes of the property designated, if there are no properties to be assessed, enter zeros

We last updated the Abstract of Assessment (Instructions) in June 2022, and the latest form we have available is for tax year 2022. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Iowa Department of Revenue. You can print other Iowa tax forms here.

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Other Iowa Estate Tax Forms:

TaxFormFinder has an additional 43 Iowa income tax forms that you may need, plus all federal income tax forms.

Form Code	Form Name
Form 57-005 (Instructions)	Abstract of Assessment (Instructions)
Form 57-009 (Instructions)	Reconciliation Report (Instructions)
Form IA 8801	Credit for Prior-Year Minimum Tax for Individuals, Estates, and Trusts 41-009 Tax Credit

Download all IA tax forms View all 44 Iowa Income Tax Forms

Form Sources:

Iowa usually releases forms for the current tax year between January and April. We last updated Iowa Form 57-005 (Instructions) from the Department of Revenue in June 2022.

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About the Estate Tax

The IRS, and many states, impose an estate tax on the transfer of cash and property between a decedent and their beneficiaries. These taxes generally only apply to estates over a certain size threshold, generally several million dollars, and therefore only affects the largest few percent of estates in the United States.

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