Meservey, Iowa Property Taxes
The median property tax rate in Meservey, IA, is 0.99%, which aligns with the national median of 0.99% but is significantly lower than the Iowa state median of 1.54%. With a median home value of $155,660 in Meservey, the typical annual property tax bill amounts to $1,486, falling below the national median of $2,690. Property taxes in Meservey are calculated based on the tax assessed value, which often is lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Meservey'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 Meservey or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Meservey, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,541
Ownwell’s Meservey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meservey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meservey 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 Meservey, Iowa
Property taxes in Meservey, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Meservey is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Meservey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meservey 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 Meservey's effective property tax rate to other areas in Iowa and the national median. For comparison, the 50457 zip code has the highest median property tax rate of 0.99%, while the same zip code also has the lowest median tax rate of 0.99%. Understanding how these cities compare with Meservey provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Meservey Tax Rate
0.99%
Average Hancock County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Meservey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50457 | 0.84% | 0.93% | 0.99% | 1.05% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Meservey, Iowa
In Meservey, 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 Hancock 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 Meservey, 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 Meservey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50457 has the highest and lowest median tax bill, both at $1486, reflecting a consistent property tax environment in the area.
Average Meservey Assessed Value
$155,660
Average Hancock County Assessed Value
$129,985
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Meservey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50457 | $66,033 | $110,192 | $155,660 | $200,090 | $251,073 |
Source: Ownwell
Property Tax Bills Across Meservey, Iowa
In Meservey, located in Hancock County, IA, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Once the market value is established, it is multiplied by an assessment ratio to arrive at the assessed value. The property tax rate in Meservey is then applied to this assessed value to calculate the annual tax bill. For example, with a median home price of $155,660, homeowners in Meservey can expect their property tax bills to vary. At the 25th percentile, the tax bill is around $990, while at the 75th percentile, it rises to approximately $2,098. For those at the 90th percentile, the tax bill can reach up to $2,699. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in Meservey should be aware of these factors as they significantly affect the overall cost of owning property in the area.
Average Meservey Tax Bill
$1,486
Average Hancock County Tax Bill
$1,680
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Meservey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50457 | $580 | $990 | $1,486 | $2,098 | $2,699 |
Source: Ownwell