Melbourne, Iowa Property Taxes
The median property tax rate in Melbourne, IA is 1.31%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Melbourne at $234,230, the typical annual property tax bill reaches $3,074, surpassing the national median of $2,690. Property taxes in Melbourne are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Melbourne'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 Melbourne 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
Melbourne, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$3,068
Ownwell’s Melbourne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melbourne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melbourne 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 Melbourne, Iowa
Property taxes in Melbourne, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melbourne is 1.31%, significantly higher than the U.S. national median of 0.99%. Local government entities within Melbourne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melbourne 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. Understanding how these cities compare with Melbourne provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melbourne Tax Rate
1.31%
Average Jasper County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melbourne, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50162 | 1.29% | 1.29% | 1.31% | 1.33% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Melbourne, Iowa
In Melbourne, 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 Jasper 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 Melbourne, 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. For instance, the median home price in Melbourne is $234,230, with tax bills ranging from $2,692 at the 25th percentile to $4,237 at the 90th percentile. The highest median tax bill is $3,074 in the 50162 zip code, which also has the lowest median tax bill at the same value. 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 Melbourne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Melbourne Assessed Value
$234,230
Average Jasper County Assessed Value
$166,390
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Melbourne, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50162 | $162,982 | $201,940 | $234,230 | $297,410 | $314,108 |
Source: Ownwell
Property Tax Bills Across Melbourne, Iowa
In Melbourne, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the Jasper County Assessor's Office. The assessed value is a percentage of the property's market value, reflecting factors such as location, size, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Homeowners in Melbourne face varying tax bills, with the 25th percentile paying around $2,692 and the 75th percentile paying approximately $3,830 annually. For those in the 90th percentile, the tax bill can reach up to $4,237. Compared to the national median property tax rate of 0.99%, Melbourne's rates can significantly impact household budgets. The highest median tax bill in the area is $3,074, found in the 50162 zip code. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly affecting the quality of life for residents.
Average Melbourne Tax Bill
$3,074
Average Jasper County Tax Bill
$2,548
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Melbourne, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50162 | $2,135 | $2,692 | $3,074 | $3,830 | $4,237 |
Source: Ownwell