Miles, Iowa Property Taxes
The median property tax rate in MILES, IA is 1.40%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in MILES at $218,250, the typical annual property tax bill reaches $3,054, surpassing the national median of $2,690. Property taxes in MILES are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding MILES's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of MILES or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Miles, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$3,055
Ownwell’s MILES Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MILES with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MILES to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Miles, Iowa
Property taxes in MILES, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MILES is 1.40%, notably higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within MILES set these rates annually, and they can vary significantly across different neighborhoods. Each year, MILES estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares MILES's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52064 zip code has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these areas compare with MILES provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Miles Tax Rate
1.40%
Average Clinton County Tax Rate
1.59%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Miles, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52064 | 1.24% | 1.32% | 1.40% | 1.47% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Miles, Iowa
In Miles, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Clinton County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Miles, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Miles is $218,250, with tax bills varying significantly. The 25th percentile tax bill is $2,192, while the 75th percentile reaches $4,227, and the 90th percentile climbs to $6,562. The highest and lowest median tax bills are both $3,054, found in zip code 52064. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Miles Assessed Value
$218,250
Average Clinton County Assessed Value
$133,420
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Miles, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52064 | $117,556 | $148,520 | $218,250 | $321,730 | $453,568 |
Source: Ownwell
Property Tax Bills Across Miles, Iowa
In MILES, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations made to the property. Homeowners in MILES can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is $2,192, while the 75th percentile tax bill rises to $4,227. For those at the 90th percentile, the tax bill can reach up to $6,562. These figures highlight the range of property tax obligations homeowners might face. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in MILES to understand how their local rates compare. The highest and lowest median tax bills in the area are both $3,054, indicating a significant variance in individual tax responsibilities. Understanding these elements can help homeowners better anticipate and manage their property tax obligations.
Average Miles Tax Bill
$3,054
Average Clinton County Tax Bill
$2,178
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Miles, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52064 | $1,736 | $2,192 | $3,054 | $4,227 | $6,562 |
Source: Ownwell