Melrose, Iowa Property Taxes
The median property tax rate in Melrose, Iowa is 1.30%, 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 Melrose at $157,150, the typical annual property tax bill reaches $1,677, falling below the national median of $2,690. Property taxes in Melrose are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Melrose'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 Melrose 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
Melrose, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$2,043
Ownwell’s Melrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melrose 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 Melrose, Iowa
Property taxes in Melrose, Iowa, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melrose is 1.30%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Melrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melrose 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 Melrose's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52569 has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these cities compare with Melrose provides valuable insights into the varying tax landscape across Lucas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melrose Tax Rate
1.30%
Average Lucas County Tax Rate
1.47%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melrose, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52569 | 0.52% | 0.71% | 1.30% | 1.56% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Melrose, Iowa
In Melrose, 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 Lucas County Appraisal District 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 Melrose, 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 Melrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1677 in the 52569 zip code.
Average Melrose Assessed Value
$157,150
Average Lucas County Assessed Value
$94,795
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Melrose, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52569 | $65,695 | $94,468 | $157,150 | $181,658 | $220,704 |
Source: Ownwell
Property Tax Bills Across Melrose, Iowa
In Melrose, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Melrose, the median home price is $157,150. Property tax bills can vary significantly, with the 25th percentile paying around $910 annually, while those in the 75th percentile pay approximately $2,660. At the higher end, the 90th percentile faces tax bills of about $3,262. The highest median tax bill in the area is $1,677, located in the 52569 zip code. These tax rates and bills are influenced by several factors, including local government budgets, school funding requirements, and other municipal needs. For homeowners, understanding these factors is crucial as they directly impact the affordability and overall cost of owning property in Melrose. Comparing these figures to the national median property tax rate of 0.99%, it's clear that local variations can significantly affect financial planning for homeowners.
Average Melrose Tax Bill
$1,677
Average Lucas County Tax Bill
$1,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Melrose, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52569 | $429 | $910 | $1,677 | $2,660 | $3,262 |
Source: Ownwell