The Story County Board of Review is a 3-member citizen board appointed by the Story County Conference Board which is composed of individuals from various areas of the county who are familiar with the local real estate market; construction materials, techniques, and cost; or has an agricultural background.

The board of review reviews all petitions and has the power to confirm or to adjust upward or downward any assessment. The Board operates independently of the Assessor's office.

The local board of review may be composed of either three or five members who are familiar with local market conditions and trends. As nearly as possible, the board shall include:

• one licensed real estate broker
• one registered architect or person with experience in the building and construction field. 
• In the case of a county, at least one member of the board of review shall be a farmer.
• Not more than two members of the board of review shall be of the same profession or occupation and members must be residents of the jurisdiction.

The terms of the board of review members shall be for six years and shall be staggered.

Any property owner or aggrieved taxpayer who is dissatisfied with the property assessment may file a protest against such assessment with the Board of Review on or after April 16, to and including May 5, of the year of the assessment. Said protest shall be in writing and signed by the one protesting or by the protester's duly authorized agent. The taxpayer may have an oral hearing thereon if request therefore in writing is made at the time of the filing the protest.