Matlock, Iowa Property Taxes
The median property tax rate in Matlock, IA is 1.16%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Matlock at $65,060, the typical annual property tax bill reaches $727, significantly below the national median of $2,690. Property taxes in Matlock are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Matlock'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 Matlock or another part of Sioux County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Matlock, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$755
Ownwell’s Matlock Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Matlock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Matlock 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 Matlock, Iowa
Property taxes in Matlock, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Matlock is 1.16%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Matlock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Matlock 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 Matlock's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51244 zip code has both the highest and lowest median property tax rate of 1.16%. Understanding how these cities compare with Matlock provides valuable insights into the varying tax landscape across Sioux County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Matlock Tax Rate
1.16%
Average Sioux County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Matlock, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51244 | 1.00% | 1.07% | 1.16% | 1.30% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Matlock, Iowa
In Matlock, 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 Sioux 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 Matlock, 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 Matlock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 51244, with a median tax bill of $727.
Average Matlock Assessed Value
$65,060
Average Sioux County Assessed Value
$218,070
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Matlock, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51244 | $19,342 | $36,695 | $65,060 | $94,612 | $108,514 |
Source: Ownwell
Property Tax Bills Across Matlock, Iowa
In Matlock, Sioux County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Matlock, the median home price stands at $65,060. Property tax bills can vary significantly, with the 25th percentile tax bill at $461 and the 75th percentile reaching $1,015. The 90th percentile tax bill goes up to $1,249. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Matlock's rates can provide a sense of how local taxes might compare. Homeowners in Matlock should be aware of these factors as they can significantly impact annual expenses, making it crucial to understand the local property tax system to manage finances effectively.
Average Matlock Tax Bill
$727
Average Sioux County Tax Bill
$2,736
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Matlock, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51244 | $242 | $461 | $727 | $1,015 | $1,249 |
Source: Ownwell