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CHAPTER 22 <br /> <br />to the full property tax plus the property <br />tax on the property at the time the defer- <br />raj took effect, times the number of years <br />of the deferral. <br /> <br />Equalization Procedures <br /> <br /> Once the assessors have completed <br />their work, the city, county, and state <br />levels of government review and modify, <br />with limitations, the assessments. During <br />this review, two kinds of corrections are <br />possible: the governing body may check <br />the assessor's lists for accuracy, hear <br />individual complaints, and make any <br />necessary adjustments; and it may equal- <br />Ize the ratio of market to assessed market <br />values. The first function is the sole <br />concern of the city board of review, while <br />the county and state boards devote more <br />time to the latter task. <br /> When the entire procedure is complete, <br />the county auditor puts the valuations in <br />the records to use when making up the <br />tax rate figures. Only when all three levels <br />of government have reviewed and equal- <br />ized the assessments, do they become the <br />official assessed values. <br /> <br /> CITY BOARD OF REVIEW <br /> The city council may serve as the board <br /> of review in cities which have been sepa- <br /> rated from the town.~ In cities which have <br /> not been separated from the town for <br /> assessment and election purposes, the <br /> town board serves as the board of review. <br /> The city council may appoint a special <br />board of review. It may delegate to the <br />board all of the powers and duties the <br />council would have If it acted as the board <br />of review. The members of the special <br />board of review serve at the direction and <br />discretion of the council. The council <br />determines the number of members, the <br />compensation and expense payments, and <br />the term of office. At least one member of <br />the board must be an appraiser, realtor, <br />or other person familiar with property <br />valuations in the assessment district. <br /> The board of review meets in the city <br />clerk's office. The city assessor and the <br />county assessor must attend this meeting <br />with their assessment books and papers. <br />These officials may take part in the pro- <br />ceedings, but may not vote. <br /> <br /> The meeting date of the board of review, <br /> which must be between April 1 and May <br /> 31. is fixed by the county assessor on or <br /> before April 1 of each year by giving <br /> written notice to the city clerk. After <br /> receiving the notice, the clerk must give <br /> published and posted notice of the meet- <br /> lnl at least 10 days before the date of the <br /> meeting. <br /> A majority of the members may take <br /> action at the board of review meeting and <br /> may adjourn the meeting from day to day <br /> for a period of 20 days until they complete <br /> their work. After 20 days, the board has <br /> no authority and any action it takes is <br /> invalid unless the commissioner of rev- <br /> enue has granted an extension. <br /> In fulfilling its role, the board of review <br /> has three main functions. <br /> · It must review the assessor's list, <br /> making sure that all taxable property <br /> in the city has been properly placed on <br /> the list. <br /> · It must review the assessor's <br /> valuations, striving to standardize the <br /> ratio between market value and <br /> adjusted market value for each <br /> individual piece of property. To <br /> accomplish this, the board may raise <br /> or lower valuations on individual <br /> properties, but it cannot Increase <br /> valuations without notifying the <br /> property owner and giving that person <br /> an opportunity to be heard. <br /> · The board must hear and settle the <br /> complaints of individual property <br /> owners regarding the valuations on <br /> their property. <br /> If a person fails to appear in person or <br />through counsel or written communica- <br />tion before the board of review after <br />receiving notice of Intent to raise the <br />assessment, or if a person fails to apply <br />for a review of the assessment, that <br />person may not appear before the county <br />board of equalization for a review of the <br />assessment. An exception is when the <br />assessment takes place after the meeting <br />of the board of review or when aggrieved <br />individuals can establish that they did not <br />receive notice at least five days before the <br />local board of review meeting. <br /> The local board of review may not <br />reduce the total or aggregate amount of <br />the county assessor's assessment by more <br />than one percent. This means that the <br /> <br />325 <br /> <br /> <br />