Milford, Iowa Property Taxes
The median property tax rate in Milford, IA is 0.94%, slightly below the national median of 0.99% and significantly lower than the Iowa state median of 1.54%. With a median home value of $247,600 in Milford, the typical annual property tax bill is approximately $2,545, which is just under the national median of $2,690. Property taxes in Milford are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Navigating Milford's property tax system, exploring available exemptions, and identifying potential reductions can result in substantial annual savings. Whether you're a homeowner or a real estate investor in Milford, understanding the local property tax system is crucial for managing expenses effectively.
Last Updated June 14, 2024
Milford, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$2,327
Ownwell’s Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford, Iowa
Property taxes in Milford, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51351 zip code has both the highest and lowest median property tax rate of 0.94%. Understanding how these areas compare with Milford provides valuable insights into the varying tax landscape across Dickinson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
0.94%
Average Dickinson County Tax Rate
0.82%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51351 | 0.67% | 0.75% | 0.94% | 1.26% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Iowa
In Milford, 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 Dickinson 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 Milford, 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 Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 51351, with an average tax bill of $2,545.
Average Milford Assessed Value
$247,600
Average Dickinson County Assessed Value
$263,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51351 | $72,580 | $157,200 | $247,600 | $433,400 | $1,069,100 |
Source: Ownwell
Property Tax Bills Across Milford, Iowa
In Milford, located in Dickinson County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by county assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Milford experience a range of property tax bills, influenced by factors such as the property's location, size, and market trends. For instance, the median home price in Milford is $247,600, which can lead to varying tax bills. The 25th percentile of tax bills is around $1,646, while the 75th percentile reaches $4,294. At the 90th percentile, tax bills can go up to $9,197. Comparatively, the national median property tax rate is 0.99%, making Milford's rates competitive. These property taxes fund local services such as schools, public safety, and infrastructure, impacting homeowners by contributing to the community's overall quality of life.
Average Milford Tax Bill
$2,545
Average Dickinson County Tax Bill
$2,470
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51351 | $652 | $1,646 | $2,545 | $4,294 | $9,197 |
Source: Ownwell