Grimes, Iowa Property Taxes
The median property tax rate in Grimes, IA is 1.27%, which is higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With a median home value of $359,390 in Grimes, the typical annual property tax bill amounts to $4,378, significantly surpassing the national median of $2,690. Property taxes in Grimes are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Grimes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Grimes 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
Grimes, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$4,564
Ownwell’s Grimes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grimes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grimes 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 Grimes, Iowa
Property taxes in Grimes, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grimes is 1.50%, significantly higher than both the Iowa state median of 1.43% and the U.S. national median of 0.99%. Local government entities within Grimes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grimes 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 Grimes's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50111 has the highest median property tax rate of 1.50%, while the lowest median tax rate is also 1.50%. Understanding how these cities compare with Grimes provides valuable insights into the varying tax landscape across Dallas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grimes Tax Rate
1.27%
Average Dallas County Tax Rate
1.62%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grimes, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50111 | 1.09% | 1.19% | 1.27% | 1.51% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Grimes, Iowa
In Grimes, 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 local assessment authority 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 Grimes, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Grimes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Grimes is $4,378 in the 50111 zip code, while the lowest median tax bill is also $4,378 in the same zip code.
Average Grimes Assessed Value
$359,390
Average Dallas County Assessed Value
$264,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grimes, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50111 | $213,052 | $267,220 | $359,390 | $601,490 | $757,768 |
Source: Ownwell
Property Tax Bills Across Grimes, Iowa
In Grimes, Dallas County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and then applies an assessment ratio. Homeowners in Grimes face property tax bills that can vary significantly, with the 25th percentile at $3,184 and the 75th percentile reaching $8,774. The highest median tax bill in the area is $4,378, which is also the lowest median tax bill, indicating a consistent tax rate across different properties. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These elements combined mean that homeowners in Grimes could face substantial annual property tax expenses. Compared to the national median property tax rate of 0.99%, Grimes homeowners may find their tax bills to be on the higher side, particularly those in higher-value homes. This can significantly impact the affordability and overall cost of homeownership in the area.
Average Grimes Tax Bill
$4,378
Average Dallas County Tax Bill
$3,638
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Grimes, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50111 | $2,659 | $3,184 | $4,378 | $8,774 | $11,057 |
Source: Ownwell