The valuation of multifamily properties has increased an average of 7.9% in Polk County and 21% in Dallas County, assessors’ information shows.

In Dallas County, multifamily projects that were completed in 2023 and 2024 and are now full or nearly full saw some of the largest jumps in valuation, said Steve Helm, the county’s assessor. “We probably will see some softening of that when all of the new projects [under construction] come online.”

Waukee and Adel saw the biggest percentage jumps – over 47% – in multifamily revaluations, assessor information shows. Most other communities saw increases that ranged from 5% to 9%.
“We have a lot of multifamily units in the pipeline right now that haven’t been constructed yet but are scheduled to come online in the next couple years,” said Bryon Tack, Polk County’s deputy chief assessor. “That could be making some people more cautious” about buying properties.

According to CBRE Inc.’s recent multifamily market report, construction of 4,600 apartment units is expected to begin in the Des Moines area in the next two years. Twenty-five percent of the units are planned in Des Moines’ central business district, the report said.

Among the factors considered in determining a property’s assessed valuation are comparable sales, replacement costs and income produced by the property, according to the Polk County assessor.

Adam Kaduce, president of R&R Real Estate Advisors, a division of West Des Moines-based R&R Realty Group, said rent growth appears to be slowing in the multifamily sector, which explains the modest growth in valuations in most communities.

“We’ve seen a lot of product added in that Class A product type, so I think we’ve seen valuations top out in that space,” Kaduce said. “I think [investors] looking to buy in the multifamily market are looking more at the lower or middle end. You’ve got good, solid renters in that [market segment] and less competition.”

In Iowa, the valuations of all properties are reviewed every odd-numbered year. Property reassessment notices recently began arriving in property owners’ mailboxes. The new valuations are used to determine the property tax bill for payments due in September 2026 and March 2027.

Want to file a protest?

Protests over property tax valuations can be filed through April 30. For information on how to file a protest in Polk County, click here.

For information on how to file a protest in Dallas County, click here.

Coming up: An upcoming Business Record Daily newsletter will include information about revaluations for residential properties. To learn more about commercial revaluations, click here.

2025 Polk, Dallas county multifamily revaluations

The valuation of multifamily properties in Polk County rose an average of 7.9% during this year’s revaluation; in Dallas County, values rose an average of 21%, officials from the counties said. In Waukee and Adel, multifamily properties saw an average increase in value of over 47%, the highest percentage jumps among the two counties. To find out more, check out the Business Record’s interactive map and database that includes information about 2025’s total multifamily revaluations by city and township and the average increase from 2024 values. (Revaluations occurred in 2023 and were put in place in 2024.)

To view the spreadsheet, click here.

To learn more about revaluation of commercial properties, click here.