Polk County sees major growth in taxable value of property - Axios Des MoinesLog InLog InAxios Des Moines is an Axios company.

Polk County sees major growth in taxable value of property

Bondurant had the highest percentage of growth in taxable property value among Polk County cities in the last 20 years, up more than 900% to almost $364 million. Photo: Ben Fuller via the city of Bondurant The taxable value of property among Polk County cities grew more than 160% in the past two decades, according to an analysis by Axios using data.It's now nearly $30 billion. Why it matters: Taxable value reflects the economic health of a community.The data can help metro planners assess what economic development incentives work. By the numbers: Des Moines added the most taxable value by dollar amount — more than $4 billion, an 83% increase.West Des Moines added $3.7 billion and Ankeny added $3.5 billion, increases of 172% and 371% respectively.Statewide, cities more than doubled their taxable values to about $117.4 billion. What's happening: New developments and soaring sales prices are behind the growth.Next year, residential properties will assess at 22% higher than in 2021, Polk County assessor earlier this month.Commercial property assessments will increase by an estimated 18%, he said. Of note: The DSM area's almost 19% between 2010 and last year, making it the fastest-growing metro by percentage in the Midwest, according to U.S. Census Bureau data. State of play: Economic development incentives play a role in the growth and there is debate among some groups about whether some are worth the investments.Tax Increment Financing (TIF), for example, adds hundreds of millions of dollars in value annually across the state, according to an report. Yes, but: Groups like Common Good Iowa have for years that TIFs can be overused and drive up property tax rates. Zoom in: Incentives are frequently adjusted to help meet development goals.Des Moines incentives last year for projects that don't meet enhanced efficiency standards.Meanwhile, were phased out in Bondurant as the city focuses more on growing industrial and commercial businesses, city administrator Marketa Oliver told Axios.Data: ; Note: Valuation includes gas and electric utilities; Residents counted using the 2000 and 2020 census; Chart: Kavya Beheraj/Axios Get more local stories in your inbox with .Subscribe Support local journalism by becoming a member.

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