Story City, Iowa Property Taxes
The median property tax rate in Story City, Iowa is 1.21%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Story City at $231,985, the typical annual property tax bill reaches $2,741, slightly above the national median of $2,690. Property taxes in Story City are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Story City'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 Story City 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
Story City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$2,807
Ownwell’s Story City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Story City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Story City 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 Story City, Iowa
Property taxes in Story City, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Story City is 1.21%, which is significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Story City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Story City 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 Story City's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50248 has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Story City provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Story City Tax Rate
1.21%
Average Hamilton County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Story City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50248 | 1.10% | 1.16% | 1.21% | 1.28% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Story City, Iowa
In Story City, 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 Hamilton 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 Story City, 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 Story City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Story City is $231,985, with median tax bills ranging from $2,152 at the 25th percentile to $5,365 at the 90th percentile. The highest and lowest median tax bills are both $2,741 in the 50248 zip code.
Average Story City Assessed Value
$231,985
Average Hamilton County Assessed Value
$127,340
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Story City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50248 | $124,410 | $179,640 | $231,985 | $373,312 | $500,982 |
Source: Ownwell
Property Tax Bills Across Story City, Iowa
In Story City, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Story City is $231,985. Property taxes are then applied to this assessed value using the local tax rate. The tax bill can vary significantly depending on the specific characteristics and value of the property. For example, the 25th percentile tax bill is $2,152, while the 75th percentile tax bill is $3,950, and at the 90th percentile, it reaches $5,365. These figures reflect the range of property values and the corresponding tax obligations within the community. The highest and lowest median tax bills in the area both amount to $2,741, indicating a relatively consistent property tax environment. Compared to the national median property tax rate of 0.99%, homeowners in Story City might experience a different tax impact based on the assessed value of their homes and the local tax rate applied.
Average Story City Tax Bill
$2,741
Average Hamilton County Tax Bill
$1,946
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Story City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50248 | $1,390 | $2,152 | $2,741 | $3,950 | $5,365 |
Source: Ownwell