Shelby, Iowa Property Taxes
The median property tax rate in Shelby, Iowa is 1.04%, 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 Shelby at $246,575, the typical annual property tax bill amounts to $2,448, which is just below the national median of $2,690. Property taxes in Shelby are calculated based on the tax assessed value, which is usually lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Shelby'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 Shelby 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
Shelby, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$2,564
Ownwell’s Shelby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shelby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shelby 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 Shelby, Iowa
Property taxes in Shelby, Iowa, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelby is 1.29%, higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Shelby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelby 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 Shelby's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51570 zip code has the highest median property tax rate of 1.29%, while the same zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Shelby provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shelby Tax Rate
1.04%
Average Harrison County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shelby, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51570 | 0.97% | 1.00% | 1.04% | 1.13% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Shelby, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Shelby, Iowa. 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 Harrison 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 Shelby, 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. The median home price in Shelby is $246,575, and the median tax bill ranges from $2,200 at the 25th percentile to $3,704 at the 90th percentile. 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 Shelby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shelby Assessed Value
$246,575
Average Harrison County Assessed Value
$150,125
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shelby, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51570 | $156,806 | $211,292 | $246,575 | $304,558 | $364,241 |
Source: Ownwell
Property Tax Bills Across Shelby, Iowa
In Shelby, located in Harrison County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $246,575, homeowners can expect varying tax bills depending on their property's assessed value and the applicable tax rates. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For example, tax bills in Shelby range significantly, with the 25th percentile at $2,200 and the 75th percentile at $3,107. At the higher end, the 90th percentile tax bill can reach up to $3,704. Homeowners in Shelby face property tax rates that may be higher or lower than the national median rate of 0.99%. Understanding these factors helps residents anticipate their financial obligations and plan accordingly, ensuring they are well-prepared for their annual property tax payments.
Average Shelby Tax Bill
$2,448
Average Harrison County Tax Bill
$1,959
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelby, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51570 | $1,568 | $2,200 | $2,448 | $3,107 | $3,704 |
Source: Ownwell