Nevada, Iowa Property Taxes
The median property tax rate in Nevada, IA, is 1.50%, which is considerably higher than the national median of 0.99% but slightly below the Iowa state median of 1.54%. With a median home value of $196,200 in Nevada, the typical annual property tax bill reaches $2,872, surpassing the national median of $2,690. Property taxes in Nevada are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Nevada'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 Nevada or another part of Story County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nevada, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$2,943
Ownwell’s Nevada Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nevada with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nevada 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 Nevada, Iowa
Property taxes in Nevada, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Nevada is 1.50%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Nevada set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nevada 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 Nevada's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50201 zip code has the highest median property tax rate of 1.50%, while the 50201 zip code also has the lowest median tax rate of 1.50%. Understanding how these cities compare with Nevada provides valuable insights into the varying tax landscape across Story County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nevada Tax Rate
1.50%
Average Story County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nevada, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50201 | 1.02% | 1.29% | 1.50% | 1.58% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Nevada, Iowa
In Nevada, 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 Story 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 Nevada, 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 Nevada is $196,200, with tax bills ranging from $2,222 at the 25th percentile to $5,067 at the 90th percentile. The highest and lowest median tax bills are both $2,872 in zip code 50201. 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 Nevada helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Nevada Assessed Value
$196,200
Average Story County Assessed Value
$219,000
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nevada, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50201 | $104,160 | $149,950 | $196,200 | $282,950 | $408,000 |
Source: Ownwell
Property Tax Bills Across Nevada, Iowa
In Nevada, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Nevada is $196,200, and the median property tax bill is approximately $2,872. This figure is notably higher than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, homeowners in the 25th percentile pay around $2,222, while those in the 75th percentile see bills closer to $3,801. At the 90th percentile, tax bills can reach up to $5,067. These variations significantly impact homeowners, with higher property values and tax rates leading to increased financial obligations. Understanding these factors can help homeowners better anticipate their annual property tax expenses.
Average Nevada Tax Bill
$2,872
Average Story County Tax Bill
$2,904
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Nevada, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50201 | $1,518 | $2,222 | $2,872 | $3,801 | $5,067 |
Source: Ownwell