Melvin, Iowa Property Taxes
The median property tax rate in Melvin, IA is 1.05%, slightly higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With the median home value in Melvin at $77,690, the typical annual property tax bill amounts to $775, which is below the national median of $2,690. Property taxes in Melvin are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Melvin'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 Melvin 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
Melvin, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$816
Ownwell’s Melvin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melvin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melvin 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 Melvin, Iowa
Property taxes in Melvin, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Melvin is 1.05%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Melvin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melvin 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 Melvin's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51350 zip code has both the highest and the lowest median property tax rate of 1.05%. Understanding how these cities compare with Melvin provides valuable insights into the varying tax landscape across Osceola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melvin Tax Rate
1.05%
Average Osceola County Tax Rate
1.21%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melvin, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51350 | 0.76% | 0.88% | 1.05% | 1.24% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Melvin, Iowa
In Melvin, 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 Osceola 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 Melvin, 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 Melvin is $77,690, with tax bills ranging from $386 at the 25th percentile to $2,166 at the 90th percentile. The zip code 51350 has both the highest and lowest median tax bill of $775. 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 Melvin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Melvin Assessed Value
$77,690
Average Osceola County Assessed Value
$99,340
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Melvin, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51350 | $14,720 | $43,380 | $77,690 | $129,628 | $204,460 |
Source: Ownwell
Property Tax Bills Across Melvin, Iowa
In Melvin, Osceola County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $77,690, homeowners can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $386, while at the 75th percentile, it rises to approximately $1,281. The 90th percentile sees even higher tax bills, reaching up to $2,166. These taxes fund essential community services like schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Melvin's tax rates reflect the local economic conditions and municipal budget needs. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Melvin Tax Bill
$775
Average Osceola County Tax Bill
$1,157
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Melvin, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51350 | $174 | $386 | $775 | $1,281 | $2,166 |
Source: Ownwell