Floyd, Iowa Property Taxes
The median property tax rate in Floyd, IA is 1.19%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Floyd at $136,100, the typical annual property tax bill reaches $1,706, which is below the national median of $2,690. Property taxes in Floyd 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 Floyd'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 Floyd 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
Floyd, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$1,620
Ownwell’s Floyd Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Floyd with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floyd 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 Floyd, Iowa
Property taxes in Floyd, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Floyd is 1.19%, significantly higher than the U.S. national median of 0.99%. Local government entities within Floyd set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floyd 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 Floyd's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50435 zip code has both the highest and lowest median property tax rate of 1.19%. Understanding how these cities compare with Floyd provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Floyd Tax Rate
1.19%
Average Floyd County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Floyd, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50435 | 0.98% | 1.07% | 1.19% | 1.31% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Floyd, Iowa
In Floyd, Iowa, understanding the difference between "market value" and "assessed value" is essential 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 county's appraisal district 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 Floyd, 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 Floyd helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 50435 at $1,706, which also happens to be the lowest, offering a consistent benchmark for property owners in the area.
Average Floyd Assessed Value
$136,100
Average Floyd County Assessed Value
$118,220
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Floyd, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50435 | $30,268 | $76,500 | $136,100 | $237,065 | $356,922 |
Source: Ownwell
Property Tax Bills Across Floyd, Iowa
In Floyd, 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 the county assessor and reflects the market value of the property. Homeowners in Floyd typically see a median home price of $136,100. The property tax rate in Floyd County plays a crucial role in determining the final tax bill. For instance, a homeowner at the 25th percentile might pay around $1,036, while those at the 75th percentile could see bills as high as $2,664. At the 90th percentile level, tax bills can reach up to $4,091. Notably, the highest and lowest median tax bill in Floyd County is $1,706, both occurring in the zip code 50435. Compared to the national median property tax rate of 0.99%, Floyd's property taxes can significantly impact homeowners, influencing their financial planning and overall housing costs.
Average Floyd Tax Bill
$1,706
Average Floyd County Tax Bill
$1,659
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Floyd, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50435 | $453 | $1,036 | $1,706 | $2,664 | $4,091 |
Source: Ownwell