Galva, Iowa Property Taxes
The median property tax rate in Galva, IA, is 1.52%, slightly lower than the Iowa state median of 1.54% but still higher than the national median of 0.99%. With the median home value in Galva at $72,450, the typical annual property tax bill amounts to $1,094, which is below the national median of $2,690. Property taxes in Galva are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Galva'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 Galva 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
Galva, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$1,101
Ownwell’s Galva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galva 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 Galva, Iowa
Property taxes in Galva, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galva is 1.52%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Galva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galva 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 Galva's effective property tax rate to other areas in Iowa and the national median. For comparison, the 51020 zip code has the highest median property tax rate of 1.52%, while the same zip code also has the lowest median tax rate of 1.52%. Understanding how these areas compare with Galva provides valuable insights into the varying tax landscape across Ida County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galva Tax Rate
1.52%
Average Ida County Tax Rate
1.68%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galva, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51020 | 1.13% | 1.37% | 1.52% | 1.61% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Galva, Iowa
In Galva, 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 Ida County Assessor 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 Galva, 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 Galva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Galva stands at $72,450, with tax bills ranging widely. The 25th percentile tax bill is $652, while the 75th percentile tax bill is $1,866. Notably, the highest and lowest median tax bills are both $1,094, occurring in the 51020 zip code.
Average Galva Assessed Value
$72,450
Average Ida County Assessed Value
$93,540
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galva, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51020 | $29,622 | $47,060 | $72,450 | $117,710 | $207,420 |
Source: Ownwell
Property Tax Bills Across Galva, Iowa
Property tax bills in Galva, located in Ida County, IA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. This value is then multiplied by the local property tax rate to arrive at the annual tax bill. For instance, with a median home price of $72,450, homeowners in Galva can expect varying tax bills. At the 25th percentile, the tax bill is around $652, while at the 75th percentile, it rises to $1,866. For those at the 90th percentile, the tax bill can be as high as $3,294. These figures indicate that property taxes in Galva can significantly impact homeowners, depending on the assessed value of their property. Compared to the national median property tax rate of 0.99%, Galva's rates reflect local economic conditions and funding needs for public services.
Average Galva Tax Bill
$1,094
Average Ida County Tax Bill
$1,560
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Galva, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51020 | $379 | $652 | $1,094 | $1,866 | $3,294 |
Source: Ownwell