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What does it mean that 100% Actual Value is “equalized”?

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What does it mean that 100% Actual Value is “equalized”?

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• The Iowa Department of Revenue imposes equalization orders in odd-numbered years against each property class for each local assessor. Sometimes called “the assessor’s report card”, the equalization order is used to increase or decrease 100% Actual Values when those values are not sufficiently accurate.

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