Slater, Iowa Property Taxes
The median property tax rate in Slater, IA is 1.69%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Slater at $222,850, the typical annual property tax bill reaches $3,718, exceeding the national median of $2,690. Property taxes in Slater are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Slater'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 Slater 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
Slater, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.69%
Estimate Property Tax Bill
$3,766
Ownwell’s Slater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Slater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Slater 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 Slater, Iowa
Property taxes in Slater, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Slater is 1.69%, significantly higher than both the Iowa state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Slater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Slater 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 Slater's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50244 zip code has the highest median property tax rate of 1.69%, while the 50244 zip code also has the lowest median tax rate of 1.69%. Understanding how these cities compare with Slater 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 Slater Tax Rate
1.69%
Average Story County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Slater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50244 | 1.35% | 1.63% | 1.69% | 1.75% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Slater, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Slater, Iowa. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as 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 Slater, 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 Slater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Slater is $222,850, with the highest and lowest median tax bills both at $3,718 in the 50244 zip code.
Average Slater Assessed Value
$222,850
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 Slater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50244 | $132,410 | $181,425 | $222,850 | $296,300 | $388,470 |
Source: Ownwell
Property Tax Bills Across Slater, Iowa
Property tax bills in Slater, IA, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Story County, where Slater is located, the median home price is $222,850. Homeowners can expect their tax bills to vary, with the 25th percentile paying around $3,004 and the 75th percentile facing bills as high as $4,856. At the 90th percentile, tax bills can reach up to $6,334, significantly impacting household budgets. The highest and lowest median tax bills in the area are both $3,718, which is notably higher than the national median property tax rate of 0.99%. These figures highlight the importance of understanding property tax obligations, as they can significantly affect the overall cost of homeownership in Slater. Factors such as property improvements, neighborhood developments, and changes in local tax rates can also influence the assessed value and, consequently, the tax bill.
Average Slater Tax Bill
$3,718
Average Story County Tax Bill
$2,904
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Slater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50244 | $2,027 | $3,004 | $3,718 | $4,856 | $6,334 |
Source: Ownwell