Marble Rock, Iowa Property Taxes
The median property tax rate in Marble Rock, IA is 1.17%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $114,710 in Marble Rock, the typical annual property tax bill amounts to $1,348, which is below the national median of $2,690. Property taxes in Marble Rock are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Marble Rock'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 Marble Rock or another part of Floyd County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marble Rock, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,342
Ownwell’s Marble Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marble Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marble Rock 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 Floyd County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Marble Rock, Iowa
Property taxes in Marble Rock, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marble Rock is 1.17%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Marble Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marble Rock 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 Marble Rock's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50653 has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Marble Rock 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 Marble Rock Tax Rate
1.17%
Average Floyd County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marble Rock, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50653 | 0.93% | 1.00% | 1.17% | 1.35% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Marble Rock, Iowa
In Marble Rock, 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 Floyd 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 Marble Rock, 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 Marble Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Marble Rock is $114,710, with tax bills ranging from $688 at the 25th percentile to $3,773 at the 90th percentile. The highest and lowest median tax bills are both $1,348, found in the 50653 zip code.
Average Marble Rock Assessed Value
$114,710
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 Marble Rock, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50653 | $17,796 | $52,980 | $114,710 | $220,160 | $328,106 |
Source: Ownwell
Property Tax Bills Across Marble Rock, Iowa
In Marble Rock, located in Floyd County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. The property tax rate is then applied to this assessed value to calculate the tax bill. For homeowners in Marble Rock, the median home price is $114,710. The tax bill varies significantly across different percentiles. At the 25th percentile, homeowners can expect a tax bill of around $688, while those at the 75th percentile might see a bill of approximately $2,312. For those at the 90th percentile, the tax bill can be as high as $3,773. These property tax bills can have a substantial impact on homeowners, influencing their overall cost of living and financial planning. Comparing this to the national median property tax rate of 0.99%, it becomes evident that property taxes in Marble Rock can vary widely, affecting homeowners differently based on their property's assessed value.
Average Marble Rock Tax Bill
$1,348
Average Floyd County Tax Bill
$1,659
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Marble Rock, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50653 | $253 | $688 | $1,348 | $2,312 | $3,773 |
Source: Ownwell