Iowa flood buyouts could cost millions extra
CEDAR RAPIDS (AP) — More than 100 victims of the 2008 Iowa floods could receive buyouts well above their property’s assessed value before the disaster struck.
Those buyouts — some more than $1 million above pre-flood assessments — are in line to cost taxpayers an extra $9.3 million in the city of Cedar Rapids alone. Property owners in Cedar Rapids received the higher payouts after appealing the city’s appraised values and paying for their own private assessment with a licensed appraiser.
Despite sometimes wide disparities in appraised values, the newspaper found that those private assessments were generally accepted by city and state officials without question or without an independent review.
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